Need more and more of Raoul speaking....

thanks for your views. would you be able to bring someone who can give overview of the space e.g. industries, like platforms, store of value, social networks, privacy coins. would be good to hear expert view about most promising players in each category. I am mostly interested about file storage, computing power, payment networks etc. maybe santiago can do 30min expert view. thanks

Y'all should snag Parker Lewis of Unchained Capital. His online essay series "Gradually, then Suddenly" is an incredible resource available for everyone.

Please more of this! I love to hear Raoul speak.

I'm not sure the allusion to Goldman hiring scientists to produce Derivatives is a plus or minus?

For those interested in GBTC, here is a live tracker of the price premium of GBTC relative to the actual amount of BTC the trust holds: https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

I thought that Raoul was rather rude to Ash.

Does Raoul have a big enough following, through his media network, to move the btc market? I find him so charismatic and likeable I sometimes think I’m not critical enough when thinking about his framework....

Fantastic intro by Jack Farley. Good research! I like that style/content.

I appreciate learning the term, Fuckwit. Thanks! Question: What sites do you suggest buying Bitcoin on?

I love silvergate the stock. Huge leverage to bitcoin.

Bitwise has an index product about to be approved, will be on Schwab available to RIAs, to RP's point on RIAs

There are two beliefs which don't appear compatible. (1) That crypto currency technology is moving ahead in leaps and bounds, and (2) Bitcoin, arguably with the oldest technology, will continue to be the leader. Perhaps both can work together, but as far as I know, it hasn't in any other industry. I wouldn't give you a dollar for a TRS-80 computer or a Nokia 3210 phone.

CLO ETF - Is there a way for the average investor who does not have a home office to short these sacks of shit?

I totally agree with Raoul, that the fact that the real number of infections in Spain might be 3 million. I have just left Madrid to the countryside in Andalusia, where I don´t have to pay rent in a small town where only 90 case have been registered. A lot of people are doing the same in order to protect their money and their health.

About the ETF's, isn't GBTC already available for investment adviser portfolios?

Here is a counterargument to your recession expectation and bullish bonds argument: Direct fiscal stimulus can buy growth. We aren't used to this paradigm, because monetary stimulus cannot buy growth. But fiscal is different, because it puts money directly into the pockets of consumers and businesses. Note, too, that Japan never did direct fiscal. Imagine if Japan had put money directly into consumer pockets, small business pockets, with direct fiscal stimulus, in mass amounts. Maybe they could have generated recovery a long time ago, at the cost of inflation. The trade-off is that direct fiscal stimulus can only buy growth at the cost of inflation. So attempts to buy growth with massive fiscal stimulus run into the inflation brick wall. Inflation is also the "brake" that MMTers talk about. Ah, but we don't have to worry so much about inflation now -- do we? -- because if the deflationary counterpressures from tech that Jeff Booth talks about, and the demographics stuff. This means that, just as balance sheet recession creates "fiscal space," deflationary macro pressures create fiscal space on the inflation side. That means they can go nuts with direct stimulus, and buy growth. Ah, but small businesses are wrecked you say. And they are. But guess who that favors? The publicly traded companies that benefit from small business armageddon. When thousands of restaurants go out of business, the profits for McDonalds and Chipotle go up. When thousands of mom and pop retailers go out of business, the profits for Target and Walmart and Amazon go up. Now what does this mean for bonds? It means there is actual room for bonds to fall in price, and yields to rise, at least to point. Here is why: -- Dems are likely to win it all (f you don't see this, you are fooling yourself, or else looking at bad data). -- Direct fiscal stimulus in large amounts can, actually, buy growth. This is "helicopter money." -- The normal brake on fiscally bought growth is inflation. That will be countered by deflationary effects. -- Armageddon among SMEs (small-medium biz) can actually improve the profit outlook for winner-take-all companies. We know fiscal can buy growth. It's money in people's pockets. We also know inflation is a wet noodle, for reasons you've articulated. And we know the stock market bids up winners, who are happy to eat the losers (SMEs). If Dems come again and spray trillions around, which they likely will, this is a recipe for more stock market gains in 2021, and surprisingly high yields on the long side, up until the point where higher yields cause something to break.

I was convinced from 2013 but bought small. Opened a Coinbase account when they started. Bought and sold my btc holdings along way. Now ready to make a big plunge after some asset sales. Where is safest wallet? Is Coinbase ok for long haul. I’m an early boomer wanting to create some future security for my kids.

I can only afford to be subscribed to RV Essential at the moment and I'm very grateful that it includes CRYPTO!!!!!! Please don't make it a separate tier that I have to pay extra for. At least not for a year while I try to survive this sad economy. I wish I had more hours in a day to binge watch all the amazing interviews!! Yeah Netflix got cancelled a long time ago lol.

I appreciate this discussion. I own gold and BTC already. Acquired a lump sum and have been wavering between gold and BTC for this last purchase. Gold had a 24x from 1971 to 1980. I lived it, and can see it happening again. But you are correct, the electronic nature will attract all of the fund money to BTC. Only Central Banks will collect gold. Individuals, maybe 50/50.

Great conversation but one key question. Raoul keep saying that a) economy looks bad and deflation is coming and b) the dollar is going to get stronger before it gets weaker. How does this contribute to the bitcoin narrative as I would think both are not necessarily inherently good for tail winds.

Roaul is starting to sound like a less abrasive Peter Schiff of Bitcoin. Is he saying it's buy and hold or a trade?

Another great interview.

Love listening to Raoul !! He makes it fun and understandable. Thanks Raoul !!

Great conversation. Please keep the crypto education coming. Fascinating.

I think message is buy BTC.

I think Raoul mentioned The Fourth Turning and I have head other RIA mention it. I would like to hear how the book has shaped Raoul and others thinking. It seems very macro to me.

We know that bitcoin is nice investment. But the question when to buy more, when will there be a pull back?

Anyone investing in crypto you need to DYOR about the Hedera Hashgraph network and hbar. A scarce supply, faster to finality than Etherium, more secure with stable fees and world class decentralized governance. The assymetric risk reward is insane.

I've been investing on my own now; my cash, my gains, my losses, for around 35 years now. I've been fortunate to have done well enough to still be doing it without going bankrupt, and well enough to the point of retiring and managing my own portfolio still. Although I heard about Bitcoin back in 2013 (when I thought it was a sham and tulip bubble forming), and did not take the plunge till 2016, but I still kept my mind open to its possibilities. Here's what I find interesting, indeed, perplexing. During my decades in the market, ( including the 87' crash which I was lucky to fare well on), I've studied what the pundits have said; and I've watched companies which should have gone bankrupt being bailed out and continuing on as "zombie" companies, continuously sucking up capital from the stock market and the uneducated public, i.e. Hertz and Kodak at the moment. Here's what is interesting. People will accept and not say anything about such companies, but today we have BTC, which on its own merits, has achieved, in spite of all the hate and naysayers out there, to have gone through several 4-year cycles as predicted in the "white paper" by Satoshi, and they will disrespect what it has achieved without having studied it thoroughly. Now mind you, I don't have anything against a person who studies something and dismisses it, that is their right, but to not study it thoroughly and dismiss it, that is the greatest of arrogance. If there is one thing I've learned in the markets, it's this: arrogance will always cost you; either in failure to recognize your mistakes by holding on to a losing trade far too long, or in missing out on what could have been the next Amazon, Apple, or Google, by never getting in because you missed the initial 500% rise in price. Question we all should ask ourselves: "Which one am I?".

At the risk of having rocks thrown at me, I will note the following - if one is looking at years in this "trade" like Raoul and not wanting to be cute, my comments are not pertinent. - but Paul Tudor Jones, Mike Novogratz, and the talking heads on CNBC were talking about bitcoin this week plus the Paypal news, IMF news, etc came out. IMO this is like when Buffett's Barrick Gold acquisition came out...what everyone knows isn't worth knowing and the hardest trade is the best trade. - Tommy Thorton's Demark 13 sell signal - in a sell off, assets esp liquid ones become highly correlated...bitcoin went down with equities in March. I think there's a higher than average chance for a selloff in the next few months...we'll see. -technically using a comparison to a risk free asset like a 10 year Treasury bond, bitcoin was an easy buy from the March low. Now it's at the top of the weekly range. The July, 2019 highs are looming...again IMO, it's going to take awhile to chew thru those price levels as people have been trapped for 18 months to get even. I do understand the giddiness...;) Full disclosure: I started trimming my bitcoin position with the items above in mind, still hold a substantial ethereum

Great analysis as always, guys. Would love to hear a follow-up with some other guests re: the CLO ETFs that Jack mentioned. That sounds like a recipe for disaster.

Yikes, CLO ETF's. Might as well just light your money on fire as a retail person trying to trade something that even people in the space have to do work on to even hope to understand. Nice work on the open Jack.

For those interested in GBTC, here is a live tracker of the price premium of GBTC relative to the actual amount of BTC the trust holds: https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

Great opening Mr. Farley. The rating agencies should have been raked over the coals in court with the mortgage debacle in 2008. Thanks for getting the word out. I prefer market information like this for the opening of the DB. Thanks again. DLS

There may be a finite number of Bitcoins on a single ledger, but there are an infinite number of potential ledgers based on the same protocol with a new Genesis block.

I'm decidedly ignorant on this topic, but I still don't understand how a government ban of BTC is a non-event or even feasibly circumvented. In another piece you (Raoul) mentioned how the ban of gold in the US was ineffective at deterring an asset that had a several millennia history. But it was clearly devastating for holders in the US who complied with FDR's order. Even if you didn't comply with the order, you were left with an asset that you couldn't use for four decades. I'm trying to play this out in my mind: suppose the G7 bans BTC and Russia openly embraces BTC. Given that BTC is traceable, one can't just sell BTC on a Russian website and receive USD to place in one's ...perhaps soon to be ...Federal Reserve bank account. If one flies to Saint Petersburg with a USB drive housing my BTC keys and exchange for a useable asset in the US, say gold for this thought experiment, I'm guessing the Feds are going to have a few questions as you arrive in the states with bars of gold in your suitcase. Unless one ups and moves to Vladivostok with said USB drive, exactly how is one going to extract the value in their BTC? ...I'm fine with the weather in Vladivostok, but I'm guessing that the folks in moderately more temperate climates like Little Cayman and NYC, might not be entirely enthralled by that prospect. :-) I also don't get the liquidating your position before a ban occurs argument. A federal ban on BTC, if by Presidential order, could be instantaneous, or at least the price move may be. Governments, unfortunately, have all the power. A competitor to a US digital coin (which surely will have debasement built in), ain't going to fare well in my, admittedly ignorant, position. Please enlighten me on these concerns.

Love this episode and keep the BTC talk coming. Would love to hear when might be an opportune time to take some profits when the bull run cools down in a year or two.

would GBTC be a good way to start investing ?

Really? Really? At the end of a week when markets have been focused on issues such as stimulus negotiations, the US elections, and a resurgence of Covid cases, all you can talk about is cryptocurrencies, which are, by and large, the equivalent of placing your chips on the roulette wheel at a casino??? How many of us do you think invest in that junk, or let alone have an interest???? I'm not paying membership fees to listen to you guys talk about gambling, I want REAL insights into the current state of the markets. If you're going to name this site 'Coronavirus update', then can you at least focus on real assets, like stocks, bonds and hard currencies??? This is, by far and away, your worst performance ever, Raoul!!!

Jack's info was the best today. Digital tulips talk is becoming repetitive and boring.

I luv hearing abiut BTC - all day - a session on cold storage would be good and multi-sig

Love it! Money nerver sleeps! For sure true in crypto space!

I'd be happy to have you extend Friday's with Raoul to 45-60 minutes. I really look forward to this. Thank you for explaining, expounding and pounding the table on bitcoin.

Goldman Sachs of course do not "get" Bitcoin. At the moment, I am struggling too. I'd be really interested in a level-headed debate which address their concerns: "The bank gave five reasons why investors should shy away from the cryptocurrency: 1. Bitcoin does not generate cash flow like bonds. 2. Bitcoin does not generate any earnings through exposure to global economic growth. 3. Bitcoin does not provide consistent diversification benefits given its unstable correlations. 4. Bitcoin does not dampen volatility given historical volatility of 76%. Goldman points to March 12 when bitcoin fell 37% in a single day as evidence that bitcoin's volatility is through the roof. 5. Bitcoin does not show evidence of hedging against inflation. Goldman said that "a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment...""

Raoul and Ash. This kid ( I say with respect) is growing leaps and bound. He should be doing more of these type of intros. Please don't waste his talent. Guys (and gals) like this don't come along that often.

Thanks for the show, I'm gonna keep dollar cost averaging into Bitcoin.

Death rates aren't going up in the US.

Raoul points out the fact that while he's bullish at a level that seems techno-fanatical to some, he comes from macro and that's the lens through which he evaluates opportunities. Coming more from tech myself and just diving into the financial world and macro this year, I would say that I felt bitcoin was a massive opportunity but perhaps I was overestimating it as I needed to understand the other side. Hearing Raoul's case for bitcoin really closes the loop.. HODL

How much is the crypto tier going to be?

Fascinating and I happen to completely agree with Raoul’s bullish stance. But as with all investments, one has to be aware of the time horizon, and agree that this is a hard one to trade around. The KISS principle certainly applies.

Geez, a CLO ETF is safe for retail, yet SEC still can't get their ass together to approve a BTC ETF?

I've said for a while now, Digital Currency and UBI with a Time Clock is the way its going to go from here...They the Criminal Bankers have no option. the USD is at the end of the 100 year debt cycle on top of the 7 to 10 year Cycle. They know this and Digital Time Clock UBI is the ONLY way they can keep this shit storm alive

Some guests to have on from the crypto space. Anthony Pompliano, Preston Pysh, Caitlin Long.

Great Friday wrap up. I agree on not being too cute, that being said Bitcoin won't have a straight line to $1m. There will be ups and downs as before. I held through the large 2017/18 cycle and should've cashed out. If I had done so my BTC position would be at least double what it is today. If we rush up to say $150k in the next year or so does anyone in the group plan to cash out or a percentage thereof, wait for the market to cool off and repurchase after a retrace via DCA or another method. As the market grows, in theory there will be less volatility so I also see this as a chance in a lifetime to create a large BTC position. I would love to hear others comments on their strategy with respect to BTC.

This BTC agnostic was most impressed w/ Raul's BTC enthusiasm today, enough so to then spend 2 hrs w/ "Bitcoin Infiltrates Corporate America (w/ Michael Saylor and Raoul Pal)", which was most entertaining. Unfortunately both of these segments were all fiat hyperbole and metaphor, and the swipes at gold were errant shots at straw men. Please recommend a reasoned, developed argument for BTC that can supplement the Just So stories presented here.

Can anyone confirm my thinking - with most trades one needs an exit stratedy but with bitcoin this is not the case?

Awesome! I am long GBTC;)

Very Bullish! One thing not addressed, unless I missed it, when talking about Governments and Crypto is that they don’t have to stop it just make it really hard to acquire and trade. Like Raoul says it’s open to us on the street now, but for how long?

Keiths top talent is talking smack about other people, making fun and ridiculing

Great show - crypto is the future! However bitcoin / crypto dropped in line with the March 2020 crash. If we have a bears market coming up due to the economic depression, which could last for a few years, could bitcoin drop below $10k for the duration? Or could it break away and keep going up as forecast?

So you just buy Bitcoin from a Bitcoin atm and if it goes up, your account just increases?

Super Jack!

Great content RV. Keep it up.

When will Bitwise launch that TOP 10 crypto ETF???

Jack is really pretty in this one. I like his combo of baby face + receding hairline keep it up

Any views on having exposure to Bitcoin through Bitcoin Tracker One ETN? Thanks

Since you ask Ash ;) i'd very much welcome an interview of Charles Hoskinson from Cardano

Why don't you change RealVision in CryptoVision? It seems that nothing else matters anymore...

Excellent conversation Raoul/Ash and thanks for an outstanding intro Jack. Raoul's explanation about assymetry for the retail investors is most pertinent and far more responsible than any crypto evangelist. The one thing that struck me as incoherent, is how Raoul thinks hedge funds are going to find alpha when he criticized Keith McCullough for his trading strategy. Please can Raoul develop his thoughts on this?

CLO ETF’s - I am surprised nobody quoted Mark Baum yet :-) so let me do that here : Mortgage bonds are dog shit, CDOs are dog shit wrapped in cat shit. I think CLO ETF’s are probably worse so I won’t expand on that narrative here ! :-) And the fact that rating agencies are rating this as triple A is another scene straight from the Big Short movie. This attempt to make this stuff available to all investors is beyond cynical in my view.

I can't imagine Raoul on a Peloton..... A Pelofarthing perhaps.

“That’s VERY bullish Raoul”. Haha.

Great discussion. How can we put bitcoin in an IRA? I know some brokerages are thinking about it, but mine (TDAmeritrade) has not taken the plunge. Who has? Thanks

crypto all the way . . . keep it coming . . thank you!

crypto all the way . . . keep it coming . . thank you!

RV is rockin it!! Well done team #21million

Jack Farley is a gem- kid has a great career ahead of him;)

Love the crypto/BTC coverage here on RV. I strongly recommend you have Alex Mashinsky, CEO of CelsiusNetwork on for an interview. Seeing BTC as the chance, finally, for main streeters to build wealth before wall streeters pocket the biggest gains is spot on. Education is key, as always 😎👍

Another excellent RVDB. Apologies for asking for freebies but given BTC is THE trade opportunity of the moment do you think there is any chance Raoul’s report might be also made available to Plus or all membership tiers?

Does anyone know who owns the bulk of Bitcoin? Is a lot of it is concentrated in to a few hands? It doesn't pay dividends, and It only has value when you sell it for something real. What is to stop paper billionaires from liquidating and becoming real billionaires. Even the gold bug can play with his yellow metal on weekends, but the crypto guy only has something when he sell it. I have always looked at bitcoin as a trade, a secular pump and dump. Make sure you can read a chart with this one. I can't see it as anything but speculation, one in which there is nothing to own if it fails to replace central currency. But a lot of money can be made in speculation. Make sure you are not the last one to leave the party. In other news, Roaul was in rare form today, cheers!

When COVID comes back this winter and the economy slows, should we expect a short to midterm drop on bitcoin and a opportunity to buy more?

So the SEC allows a CLO ETF based on wrong statistics / mathematics, but doesn’t allow a Bitcoin ETF?

One word FANTASTIC, Getting up early Saturday morning and listen to this is the best moment in the weekend. I getting more and more conformation that my way of thinking is right with crypto this is a great opportunity for younger people and also for us who will retire in 10 years because the money we give away to the state and expect to get back at 65 years old is not much in purchasing power. I am almost all in with crypto and Silver since 2017 and every crash in crypto is a buying opportunity.

Look to the Spanish flu - it went around 3 times and each time it was worse, all pandemics are the same - so we all just have to wait for it to pass and hold on. Don't be surprized when the death toll rises, it is all part of the pandemic. Sorry to post bad news - but reality is a hard pill to swollow.

Tone Vays please

You knocked it out of the park, Jack. Spectacular work

Been trying to open a corporate account for my private office with BTC Markets in Australia (thinking opening an account with a business governed by Australian law offers more protection....maybe incorrectly). Its been a nightmare. A month later and the account is still not open ffs.

Really great CLO piece by Jack especially the piece on rating agency gaps! 2008 tranche redux...really liked the Ashe / Raoul crypto discussion and learn a lot from the macro disruptive narratives. I enjoy how Ashe & Ed ask questions and discuss with Daily guests. Raoul's insightful comment about investing when you have enough personal evidence for strong investment but the mass narrative isn't 100% there yet is so true for best risk/reward opportunities. Cathy Wood would be an interesting person for an upcoming Real Vision crypto interview as ARK put forth several interesting narrative growth use cases in whitepapers for future bitcoin value in September if you haven't seen them.

Jack on fire. More of that and oh by the way Crypto is a great trade. Thanks. Great show. Next week can we start an official drinking game for RVDB? 2 shots if Ash says "amid" a little sip if Raoul says crypto...just so we can all make it through it.

When I hear someone say that crypto is a fad, or its the same as conventional money so what's the point etc. A decent reference is to ask them if they've ever seen an eGaming tournament? Or aware that eGaming has more viewers than NFL, or looked into the size and rate of growth of the virtual goods economy? (What's it estimated at now? $22bn?) And then ask, how much of this they think will be paid for in "conventional" money in 20 years time time (5 years time?).

To respond to the video... IMO it's about isolating the best opportunities. If it's crypto, it's crypto, if its something else, then it's something else. This convergence is just potentially opening so many more doors it's incredible. In all markets knowledge is key, keep up the good work.

Thank you, I now see the light -bitcoin for the next 5 years and wealth.

Best interview I’ve seen on the Daily Briefing. It’s almost as if I got a front page seat to read Global Macro Insider on bitcoin by Raoul. Thanks for the vision of the future of crypto.

Hot DAMN, Jack hits hard. Love the open today.

Great stuff. Keep going please

Thanks Raoul and Ash! I don't care if it's bonds, currencies, commodities, equities, BTC, or golden dog shit, if it's a good trade, it's a good trade. Let's get away from this discrimination against new assets we don't understand or are too closed minded against, and talk about what is the best trade at the moment. That's what we are here at RV for all your viewpoints and advice.

I said it before ... every time I hear Rauol speak I end up buying more bitcoin. This time I can’t because I moved the money I set aside for the dip that never happened back into my trading account to get into a covered call play on OSTK paying me a 13% premium to hold it for a month. The one reason I’m not kicking myself is because I already got 8% of my portfolio in bitcoin over the last 3 months (with another 1.5% in etherium). Still, I’ve got over 50% in gold miners and 14% in silver, and I see no reason to have bitcoin at such a lower level than those at this point. I am getting a serious FOMO with bitcoin, that it might jump straight to resistance at $16k and never see this level again, but I don’t want to trade on emotions too much either. The only way I’ve found to deal with FOMO is to space out buying over time, and remember the trades that didn’t go so well where jumping in too much would’ve really hurt. It’s good to have some serious optimism on something though.

Love the crypto talk! Can't wait for the G. Verdian interview next week! Quant will be huge!!

Great discussion. I agree w/ Raoul that the BTC investment opportunity is worth highlighting and should continue to be covered as it goes mainstream.

Hahaha great ending K.I.S.S.!!!

What is on Jack's bookshelf? I can make out Ghost Wars, From Good to Great, the China Price, The Dictionary, The Help. and I what could to be Security Analysis by Graham. Whenever someone does a video in front of their bookshelf, I always get curious as to what is on it. I've be looking at his for months.

Who on earth is stupid enough to invest in these AAA CLOs which are investing in sub BB investments?

Let's all hug and get rich together 🤗

For my part, I want to hear from Mr. Pal every Friday. And I also believe crypto is the future. I’m just not sure if I should buy several bitcoin or simply stack sats and forget about it? Either way, I’m all in. Suggestions?

Another great Daily Briefing Ash & Raoul. I've been following the Bitcoin story for a long time and this is a "must see" for people new to the bitcoin space...Bravo, and please keep up the analysis! I found Jack's data on the CLO ETF as truly new data for me. I have not seen this anywhere else (yet). Great work Jack and RV. Something to keep an eye on. Is this market large enough to be a catalyst for another 2008 type deflationary shock if it blows up? Can you give some more context to this market in the larger scale of things? Thanks Team!

Kudos to Raoul for not giving a damn and focus on what he considers to be a generational opportunity; that's integrity!

Thanks Raoul and Ash. Millennial here. Dabbled in Bitcoin and Crypto since mid 2017. I am very happy to see greater coverage on this macro asset on this channel.

Great video guys, covered a bunch of aspects!

Thank you for this passionate discussion on my favorite topic, a very appropriate end to another good week in crypto! I’ve been addicted since 2013, and the anxiety to NOT be “irresponsibly long” in BTC and ETH is continuously growing, quarter by quarter, milestone by milestone. One of the big opportunities I see is the appearance of multiple staking options (the big one being Ethereum’s Beacon-chain within a couple of months) and see the gradual development of a kind of yield curve.

Naval would be my dream guest

I am that gen-xer little guy and am fully loaded in btc. Something I never would’ve done if not for democratization of financial intel. Boomers have no idea how badly we got screwed.

Today's show was a home run. Jack set the table and Raoul knocked it out of the park. I am one of those early retail guys 3 years in crypto and it is refreshing to see the larger financial world leaning in hard. Exciting times ahead. Keeping it simple in Costa Rica - Pura Vida all

I love the interviews with Raoul. Even when he is talking about crypto, he still drops a lot of macro nuggets to force one to think.

Great discussion. Love the passion, and after the recent crypto news, entirely appropriate focus this week.