Real Vision’s New President on the Dollar, Bonds, Bitcoin, and Tether

Published on
January 14th, 2021
40 minutes

Real Vision’s New President on the Dollar, Bonds, Bitcoin, and Tether

Daily Briefing ·
Featuring Haley Draznin, Ed Harrison, and Travis Kimmel

Published on: January 14th, 2021 • Duration: 40 minutes

Managing editor Ed Harrison welcomes Real Vision’s new president, Travis Kimmel, to the Daily Briefing. Travis shares his Real Vision journey from an entrepreneur to a self-taught investor and outlines his macro framework for thinking inflation, credit creation, and currency flows. Travis explains why he isn’t fully convinced by the reflation narrative and why he believes that fiscal aid is more likely papering over the cracks than truly providing economic stimulus. Travis shares his view of Bitcoin, which he calls “a curious beast” and “a tabula rasa for narratives.” Lastly, Travis tells Ed about his concerns about the stable coin Tether. In the intro, Real Vision’s Haley Draznin examines the markets reacting ahead of President-elect Biden’s stimulus speech this evening, and the implications of the jobless claims rising.



  • SR
    Steven R.
    21 January 2021 @ 21:15
    I would love some expert (way more than me) rebuttal (or not) of this article which has me concerned. Thanks in advance.
    • QG
      Quentin G.
      24 January 2021 @ 05:34
      Not an expert Steven but my view to hopefully kick off discussion: This is short term noise and if Tether collapses rather than pay fines (like most major banks who have been found guilty of fraud) then yes it will create a temporary big drop in prices... which will be a great buying opp to lower averages 😀 Also investors have already started and will continue migrating to USDC which is properly audited. Tether is simply another way to buy crypto and doesn’t impact the fundamentals of good crypto assets. So whilst it may affect short term prices the strong cryptos will recover and BTC certainly will. As a long term holder I can’t see how this will impact BTC / ETH & Blockchain’s value and significance going forwards. How and why would it? Can’t blame the author of this article for selling as he made such a huge gain in 9 months and he may have been looking for an excuse to justify his gut instinct to sell, so he doesn’t look silly to his community when the price reaches $50,000 and beyond later this year 🤣 My hunch is he’ll be back if BTC prices drops significantly since the use case as a store of monetary value is only going to get more relevant to the global economy.
  • MG
    Malcolm G.
    23 January 2021 @ 13:09
    @Ed @Travis, just wanna say, I tee'd this up for a while before I got to it and boy you did not disappoint. @ed love your interviews always. @Travis, as a 20 year market participant, I just loved your variant perspective, truly novel approaches to thinking about the various markets. Look forward to further interviews and will hit you up on Twitter. The most enjoyable and challenging interview I have listened to in years, thanks!
  • TH
    Trung H.
    20 January 2021 @ 06:08
    Great conversation! Even the odds with all the Bitcoin permabulls and Tether. I look forward to hearing more in the future to balance my views. Kudos Travis and Ed.
  • LM
    Lorin M.
    19 January 2021 @ 17:39
    Interesting flavor to the larger crypto narrative. Ultimately I believe the value prop of bitcoin dwarfs the types of issues Travis raises, but I appreciate the willingness of RV to not only bring in but also elevate counter-narrative views.
  • cw
    chris w.
    19 January 2021 @ 15:20
    It's an odd interview. Here we have RV, who is perhaps the biggest evangelizer of crypto and BTC on the internet, with a new president who kind of thinks that it's a scam because of some regurgitated old news? While I respect the fact that Raoul likes to point out this his views are separate from RV, you nonetheless have built a business around crypto and Travis seems like he is killing the golden goose here. It just strikes me as an odd business decision.
  • JA
    Joseph A.
    19 January 2021 @ 12:25
    What has been hypothesised about what will happen at the point where all bitcoins are mined? Mining infrastructure becomes useless for the purpose of mining but then what? Presumably we would have something close to the perfect expression of demand vs supply dynamics although by design even with unmined bitcoins I think that bitcoin is close to perfect by design philosophy currently. I like that Travis laid out a theory about owners of bitcoin needing to sell to eat and at some point they will have to sell but I think those traders represent the short term traders / market noise. The majority of people with HODL mentality aren't in need of selling their bitcoin urgently to eat and anyone who is doing that is a very small player and even if there are a lot of those people I don't see how they make a big enough difference to the price action except in terms of very short term, very small price movements from high frequency trading. I am more intrigued by the self fulfilling prophecy aspect of price say reaching 100K or 288K whatever the prevailing narrative for price target is. As with a lot of assets that reach a top (or a bottom), when a level that is significant for whatever reason (fundamental/technical) there is always price volatility and more often than not in a frenzy/bubble/panic market there is overshoot of the level and the ultimate expression of greed vs fear gets expressed the closer the market is to those levels of confluence. I wonder how many of the Bitcoin market participants are focusing almost entirely on the S2F models for example as guidance on price projections? I know Raoul and others are referring to them more and more. My concern is this will create a lot more volatility / head fakes as those prevailing narrative prices are approached notwithstanding that Bitoin already is a high vol instrument and that investors need to set their normal to assume 10% pullbacks are normal and to some extent 20-35% too. I think this is what prevents legacy traders from embracing it. When I hear the likes of Lagarde and Schiff talking about the huge price swings I truly get a sense that they simply don't get it and there is this urge from legacy thinking, legacy regulatory bodies and legacy frameworks of what constitutes 'normal' to feel the need to warn people about the risks of trading these products. If they simply adjusted their thinking to assume that Bitcoin 10% is their 1-5% and that Bitcoin 20-35% is their 10% then trading Bitcoin becomes less threatening and easier to manage risk with appropriate position sizing.
  • AK
    Albert K.
    19 January 2021 @ 06:02
    ... he asked if he thought we were in a reflationary environment, and he had no idea what Ed was referencing..... -_-
  • AP
    Aneil P.
    18 January 2021 @ 18:34
    I think here is the psychology that plays out. Long time ago this Tether scare came through. At the time I was holding USDT on Binance. As soon as I heard that, I couldn't sleep tight. I instantly bought my BTC's and transferred them to my cold wallet. That was my pavlovian reaction. So in that sense, I think that's what people would do. They would dump USDT and buy BTC's. It is what we are doing right now as Government is printing trillions of dollars. We run away from fake assets to real assets. So I think Tether FUD is bullish for Bitcoins actually!
  • AP
    AJ P.
    18 January 2021 @ 04:44
    Wonder how he became president. Is he a big investor? Is he the president of technology or operations? Interview was underwhelming. I found Travis's understanding very basic.
  • Sp
    Scott p.
    18 January 2021 @ 04:09
    Bitcoin is not as much a negative yielding bond as gold is.
  • Sp
    Scott p.
    18 January 2021 @ 04:00
    Listen to the below podacst about Tether. Tether is fully backed just not by USD. Because tether had half a billion stolen from them through crypto capital, they had to back the tethers with their company Bitfinex. Given the massive growth in tether since then though it sounds as if tether is over 90% backed by USD, and the rest backed by other crypto and loans against bitfinex.
  • CP
    Chamil P.
    18 January 2021 @ 03:17
    So how does Tether work? Someone who wants to buy Bitcoin, deposits fiat in exchange for Tether that they use to buy Bitcoin or sells Bitcoin in exchange for Tether that they withdraw for fiat? If Tether the company doesn't have sufficient fiat surely the exchanges that facilitate the transactions always have fiat to interact with the smart contract?
  • GF
    Gloria F.
    17 January 2021 @ 22:35
    Is the new RV president on MMT???
  • SP
    Sheldon P.
    17 January 2021 @ 18:33
    I find the comment from Travis that the bitcoin ecosystem is a negative yielding bond in the sense that the miners consume energy and need to liquidate to pay bills etc. Have you considered the factor that there are about 900 new bitcoins added daily by miners to the ecosystem and the additional value to the ecosystem? How does his compare to gold where enormous resources are consumed to place, guard and insure existing gold and resources spend to obtain new stock? The same argument could be made for gold
  • AS
    Arjan S.
    15 January 2021 @ 05:26
    Let me ask you the most important question Travis, Vim or Emacs? Welcome to the tribe.
    • DR
      Derrick R.
      15 January 2021 @ 13:45
      Second question, spaces or tabs?
    • TK
      Travis K.
      17 January 2021 @ 17:10
      Vim. Tabs.
  • DW
    Dean W.
    17 January 2021 @ 02:11
    Good interview. To pile on to the Tether conundrum, I don't know whether tether is a fraud or not. But if it is, it's not the end of BTC. The narrative of BTC becoming a new global asset for Store of Value still seems viable and potentially inevitable if enough HW individuals, institutions and even central banks literally buy into it. It's a a unique technology in the right place at the right time, especially considering Raoul and Ed's discussion Friday about the death of global macro and frothy valuations of nearly all other G-7 assets. BTC price might take a hit and do one of BTC's famous 60 to 80% drop but it will recover. Even the discussion about what might happen when BTC approaches $100k only reflects short term thinking for an asset that has the potential to ultimately be valued at many times that over the next 5 to 10 years.
    • HK
      Henrik K.
      17 January 2021 @ 16:22
      I agree that in many ways the BTC investment thesis and the various reasons for why it is a ground breaking digital store of value and network would still hold true. However if Tether really is a fraud then this would be the biggest financial fraud in history (and the more you look at it the worse it looks.... why can't they tell us how much of the $22bn market cap is backed by actual real cash and if so prove where that cash is held? This is not a difficult question......I am concerned it is mostly backed by loans to people trading BTC with huge leverage on unregulated exchanges...i.e. they issue Tether like banks issue credit in exchange for loans rather than from cash deposits....). As the Tether pyramid unwinds they would need to sell vast amounts of crypto or crypto collateral held by the people to whom they issued the Tether backed loans which would destroy the price of all major cryptos. It would also mean that nearly all of the price increase in BTC in the last 3+ years was not real. Ask yourself how many people would be piling into BTC now if the price had been flat for the last 4 years? Add on the complete destruction of trust in BTC from its price having been fraudulently manipulated so significantly and I think it could be pretty terminal to most cryptos as speculative assets..... So I think this really is a major threat and one which would provide a lot of comfort to the space if it could be thoroughly debunked as soon as possible.
  • JW
    Jay W.
    15 January 2021 @ 11:56
    I like Travis analyses on Twitter but don’t like the cynical undertone much. I get the concerns of “Tether truthers” like Travis but the tone in which the discussion is held always implies that it’s already crystal clear to them Tether is a fraud, and it’s just a matter of time before Travis and co will find out why. It’s basically a conspiracy theory at this stage and while it should be discussed it deserves a different tone of discussion IMO.
    • TO
      Timothy O.
      16 January 2021 @ 19:32
      There is so much Bitcoin and Crypto FUD in the market that any investor can listen to and easily research. Please, please, please don't spend this valuable RV airtime on Tether FUD. Given his background, I'm sure Travis can find other angles in the Crypto space that would be much more enlightening and useful.
  • jl
    johan l.
    16 January 2021 @ 17:36
    Yet another great one from Ed. Really liked the BTC/tether/bonds/prisoners dilemma/passiv market framework, as it made it painfully aware of how much about crypto I have yet to think about. Fantastic stuff. :)
  • TE
    Tom E.
    16 January 2021 @ 09:42
    Thanks Travis! Very insightful first appearance. More please!
  • KA
    Koka A.
    16 January 2021 @ 07:59
    Onboarding exam))
  • DS
    David S.
    16 January 2021 @ 07:28
    Congratulations Mr. Kimmel on your selection to be president of Real Vision. I assume this is a line position to run the administration of Real Vision plus arena duty from time to time. You were brave to jump into the interview arena without a spear and shield. I liked your independent thinking. Everyone wants to know the future. It is always and everywhere unknown especially in the midst of the pandemic. IMO Mr. Pal made the best statement - it is a very risky time. Take some risk off the table. Welcome aboard. DLS
  • WG
    Wesley G.
    15 January 2021 @ 19:46
    I am new to Real Vision and enjoy the Daily Brief as well as other videos. I am a small investor with a long term view and have done OK over the years. I have had to be long term being in the military because it is REAL hard to day trade when deployed to Afghanistan or some other combat zone and you don't know when the next one will happen. So, I like to hear from the medium and long term investors. I have never been big on gold because it is easy to steal. I like land. It also can make you money. I am dabbling in bitcoin, but mostly for fun. I bifurcate my investments. Most is long term, but I keep 10% for fun investing. So, I like all information. Please keep it flowing. Love the charts I have seen. To be honest, I really feel like we are close to a 2005 situation and am looking hard at hedging against it. Oh by the way Ed, I am currently living in the Naples area of Italy. If you want a really wild ride, come for a visit and we'll hop in the Audi with the manual transmission and drive the Amalfi Coast road. Trust me, it is crazy fun!
    • DS
      David S.
      16 January 2021 @ 07:01
      Good luck trading. Thank you for your service. DLS
  • SB
    Steve B.
    16 January 2021 @ 02:46
    Travis is a gun!
  • EH
    Eric H.
    16 January 2021 @ 00:41
    The idea of Bitcoins greatest strength being its greatest liability could also come with its ease of transfer. That sets it apart from gold, but in a liquidation event people could be much less likely to sell physical PM based on the process, but on the other hand could transfer BTC to USD/fiat with the click of a button
  • RK
    Roger K.
    15 January 2021 @ 09:01
    Crypto is tether.
    • JW
      Jay W.
      15 January 2021 @ 23:43
  • TS
    Tim S.
    15 January 2021 @ 23:23
    I have enjoyed Travis' perspective and asking pertinent questions on BTC and Tether on FinTwit. Props to RV for bringing on a BTC atheist to the mix, since the platform has gone a bit off the rails with BTC frenzy, besides Prof Plums excellent insight. Looking forward to more Travis.
  • LF
    Lydia F.
    15 January 2021 @ 23:12
    Grateful to Ed for salvaging and elevating the discussion by providing his usual incisive commentary, by lending clarity and intellectual heft to help his co-host develop his hypotheses and support them with great arguments.
  • ST
    Swamp T.
    15 January 2021 @ 22:01
    omg, finally somebody in RV that can take a critical look at crypto instead of mindlessly pumping it.
  • JJ
    John J.
    15 January 2021 @ 17:48
    I confess that I got very little out of that discussion. Ed did a good job trying to lead the discussion but I could not understand Travis' explanations or answers. And what's with the hat? Turn up the heat. Frankly a weird first meeting.
    • PG
      P G.
      15 January 2021 @ 21:15
      You are above 65 of age. Sounds so
  • JK
    Jens K.
    15 January 2021 @ 20:16
    A prisoner's dilemma with a known sets of rounds is such a perfect way of describing bitcoin.
  • TH
    Troy H.
    15 January 2021 @ 19:42
    Awesome first video! Travis has been a must follow on Twitter and I think this will be an invaluable hire. Hoping to see a lot of him in future RV videos.
  • JV
    Jan V.
    15 January 2021 @ 16:44
    I remember the same claim about tether and bitcoin being made a few years back. Wondering if it's the same argument, or if something fundamentally changed?
  • GH
    Gloria H.
    15 January 2021 @ 06:03
    Interesting guy Travis is, and I enjoy his twitter feed, but he doesn’t bring any particular expertise to financial discussions. Perhaps he should remain behind the scenes; I assume he was hired to help with the day-to-day operations.
    • RG
      Raoul G.
      15 January 2021 @ 09:05
      Yes agree. President of RV is just superfluous
    • JA
      John A.
      15 January 2021 @ 16:08
      If you believe that defi is going to be a force over the next 10 years, and you have guys like Ed and Raoul on the payroll, your expertise is lacking development knowledge and running an IT-centric business, not financial knowledge. It is easier to find IT guys like me with an interest in finance and train them than it is going to be to train someone like Ed or Raoul who have been successful in finance and have "made their money" so to speak to all of a sudden learn to develop on blockchains or run the IT Operations side of their business. Not saying it is impossible, but that would be a rare creature. IT and Finance skillsets are going to merge in ways that just hasn't happened in Wall St except in a few small niche areas up till now, and the developers are at the forefront of this. In my 17+ year career on the operations side of IT, I have met one guy who worked at BAML that was REALLY good at both. Everyone else including myself has gaps, often very large gaps, in their knowledge and understanding. Developers know how the instruments work and how they clear, but only the algo coders or those working on low latency trading are really up to speed in the industry in terms of how the finance guys make their money. Most of the rest of us have a hard time even learning that within our own organizations. The guys who make the money don't want to be replaced, so knowledge transfer can often be hard to come by. Shocking, I know, but people work in their own self-interest on Wall Street =). So it makes sense to get more seasoned developers who are financially literate into the fold. We don't need 10 Raoul's telling us to buy bitcoin after all. I like listening to a guy who is closer to my own background, and I actually find it funny that I share a lot of his views. Maybe it is how IT people think, who knows.
  • JC
    James C.
    15 January 2021 @ 14:51
    Have more of Travis on. Maybe get the Tether people come on the show
  • JC
    James C.
    15 January 2021 @ 14:43
    Great Tether and Bitcoin vs. negative yielding bond commentary!
  • KW
    Kels W.
    15 January 2021 @ 14:18
    I've often found the information from RVDB to be more digestible, accessible and hence, more valuable for me, proportionally compared to the often too broad or too technical other interviews on the RV plus subscription. Today's RV is an exemplary illustration of a great RVDB (although I listened to it via the free podcast downloand). Please bring on more interviews like this and sessions with Travis! Love this: [Travis] What is tether? was intended to be a stablecoin backed one for one by dollars....For various reasons, it's not backed one for one by dollars, it is known that it is not. The current claim is that it is backed one for one by assets, which are not disclosed... I bulk of the current price action is in tethers, so the majority of the price action today for bitcoin, that we see on our screens is happening in this non-dollar "thing" that is being treated as a dollar equivalent. So my only open question is: is that "thing" worth a dollar?
  • CL
    Charles L.
    15 January 2021 @ 14:16
    Please do not let this guy on anymore... he simply makes too much sense and may spoil some of our own trades in BTC... please keep quiet.... :) great stuff
  • DA
    David A.
    15 January 2021 @ 14:08
    Good in parts - in particular Travis's observations about how any discussion that is sceptical of Bitcoin is treated by the community. The effect of course (whether intended or not) is to make the doubters question their own judgement. Narratives can be dangerous when proponents advocate that there a single truth.
  • BS
    Bradley S.
    15 January 2021 @ 05:23
    at the end when he brought up mike greens work on passive was nice i was thinking the whole time they were talking about crypto that you could make an argument for that happening in some of the crypto space also so if your never going to use your crypto and just sit on it buying more at some point it goes no bid because no one is willing to sell and there's a limited supply i don't think we are anywhere near that point but i think you can make a solid case for it being a possibility
    • CM
      Christopher M.
      15 January 2021 @ 14:04
      Mike Green done a podcast ~ Money MBA Podcast ~ where he talks about this very subject and the Stock2Flow is actually riding the coattails of the passive dynamic of each BTC purchased and HODLed removes liquidity. This then creates the scenario to cause large upward moves.
  • AL
    Aaron L.
    15 January 2021 @ 10:31
    Please do a tether deep dive
    • TT
      Tokyo T.
      15 January 2021 @ 10:54
      What Bitcoin did already did Podcast already did it.
    • HK
      Henrik K.
      15 January 2021 @ 13:23
      The "What Bitcoin Did" podcast was certainly not a deep dive. It was a marketing exercise by the Tether folks. Failed to explain exactly how much actual cash is backing Tether and where this supposed $20bn+ cash mountain is held (can't all be in Bahamas with Deltec as the amount would apparently exceed all foreign cash reserves held by all banks in Bahamas...). Gave a very weak answer to why it is seemingly impossible for them to provide a regular audit unlike all other major reputably companies. Did not explain why reputable exchanges like Coinbase won't accept Tether. Fluffed the answer on why their customers are seemingly buying such huge quantities of Tether and exactly what they are using these Tethers for when it is possible to BTC directly from real USD cash on all regulated exchanges and in the following breath argued that the claim that they are buying BTC from Tether makes no sense as they could just buy BTC from their cash reserves (hmmm wouldn't same apply to their customers....) and which hardly refutes the underlying claim that they are just issuing the Tether out of thin air and then buying BTC presumably to cash them out elsewhere while simultaneously increasing the BTC price etc. Not convincing at all in my opinion.
  • SD
    Stephen D.
    15 January 2021 @ 06:28
    Stephen D. Ed, TEAR A FI ING.....TOTALLY, I've done that drive many a classic British sports car, usually in the fall when the aspens are turning, spectacular panorama !! Doing that drive in the spring has it's surprises in a four wheel slide towards the abyss......heart pounding !!! I'm assuming your moments of terror were when the landscape is mostly white at that elevation ? Welcome Travis, good job to you both
    • CB
      Chris B.
      15 January 2021 @ 13:18
      I have added that drive to my bucket list. I know I'd have a ball.
  • MA
    Michael A.
    15 January 2021 @ 12:19
    Great new guest. Travis needs to be on regularly. Interesting insights and crystal clear explanations.
    • CB
      Chris B.
      15 January 2021 @ 13:16
      He is the new President of RV. I assume you'll be seeing a lot of him
  • BM
    Brook M.
    15 January 2021 @ 05:23
    Travis might have his safe in the background but Ed has the 1920 PSU v Dartmouth football poster! Go Big Green!
    • EH
      Edward H. | Real Vision
      15 January 2021 @ 13:15
      You know it, Brook
  • TR
    Tom R.
    15 January 2021 @ 12:55
    TK ...Just when you thought you couldn't be any dumber, you go and totally redeem yourself... Nice intro to RV. Good luck, looking forward to future appearances. Oh, yes, well done Ed!
  • GH
    Guy H.
    15 January 2021 @ 10:40
    One question only: has anyone seen Travis and Jesse from Breaking Bad in the same room? My guess no! Nice conversation today.
  • EF
    Ed F.
    15 January 2021 @ 10:04
    A very interesting thinker - and nice to see someone develop their thesis / understanding in real time - as opposed to having a fixed narrative
  • ER
    Emma R.
    15 January 2021 @ 09:23
    Great show today thanks guys. Nice to hear you trying to wrap your heads around Tether. I’ve pondered it for quite a while too and always felt that at the point Tether’s value came into question it would risk popping the bubble of the crypto market capitalization. However I was surprised to observe that when it came out that Tether was not 100% backed by dollars everyone piled out of Tether into Bitcoin (2nd April 2019) ending the accumulation phase of the bear market and kicking off the run from 4000 - 14000. I’m not saying this would always be the case but those holding Tether are motivated to get rid of it quickly and off-ramps into fiat are too slow. Perhaps the popping of the Tether bubble would be more like a boiling frog than a supernova.
  • MC
    Mike C.
    15 January 2021 @ 09:07
    Bring on the USDT conversation please and do it quickly. However don't let anyone employed by Real Vision (especially Ash) host the conversation. And keep Raoul out of it. An independant and qualified person like Santiago Velez would be best.
  • NC
    15 January 2021 @ 06:44
    Ed and Raoul have nice pads. The rest of the guys usually seem to be living in a graduate student's one-bedroom. Interesting that all of these money guys don't seem to spend it on their own lives.
  • RM
    Ryan M.
    15 January 2021 @ 04:46
    Travis - Liked your 180 degree views from normal on Bitcoin market. There are many known reasons why Bitcoin is rapidly appreciating relative to all global currencies and assets. Would like to see more RV views on the counterpoints to Bitcoin like Travis presented.
    • TT
      Tokyo T.
      15 January 2021 @ 05:46
      If you want to present useful counterpoints to Bitcoin, bring data or actual evidence of why it will fail. The Prez didn't present anything in this video other than conspiracy theories.
  • JS
    James S.
    15 January 2021 @ 01:03
    So tether's interaction with bitcoin is something I'd really enjoy a deep dive on from you guys at RV.
    • GL
      Gary L.
      15 January 2021 @ 05:34
      I second this as I'm sure a lot of other RV viewers on this rabbit hole topic long considered FUD by most BTC maximalists. I think it was Preston Pysch who mentioned on his podcast that even if Tether turned out to have some kind of a scandal which caused the BTC price to temporarily correct due to a sell off (IE say 30-40%), it is ultimately healthier for BTC long term because it removes another fat tail / FUD risk moving forward. Much like how it has survived all the other temporary setbacks such as Mt Gox, China ban, etc, etc like a honey badger
  • JA
    John A.
    15 January 2021 @ 01:31
    I wasn't sure about Travis, but Ed did a great job in the interview and Travis brings an interesting perspective. Well played Gents.
    • MF
      Michael F.
      15 January 2021 @ 04:54
      I disagree - Travis got stronger and stronger as he went on - he seems to be a "first principles"/"in the beginning" guy and grinds facts progressively finer as he goes on. He was deadly accurate about the culture of Bitcoin. It does not tolerate those that question its reality. Frankly, I personally believe it is a liquid Ponzi scheme that can be exited much like Tesla. The trick is to play the currents with house money. It is not a place to store wealth. He is a good addition - I like his skepticism of conventional wisdom.
    • GL
      Gary L.
      15 January 2021 @ 05:29
      Lyn Alden wrote a piece called "Why Bitcoin is Not a Ponzi Scheme," I suggest you check it out before slapping that label on it.
  • SL
    Sean L.
    15 January 2021 @ 05:05
    If Travis is the new boss, is Raoul still involved????
  • RM
    Russell M.
    15 January 2021 @ 00:12
    Not my favorite interview. Kimmel is bright but does not have not deep beyond what we have learned previously on the topics discussed. Ed has a deeper grasp of the topics discussed.
    • DB
      Douglas B.
      15 January 2021 @ 05:01
      Not my favorite comment
  • SB
    Steve B.
    15 January 2021 @ 04:37
    Travis both sounds and looks as if he's steeped in the wisdom of some Bertrand Russell or David Hume and i effin love it. Discourse with a philosophical underpinning is so so edifying to those listening because its end is dependably "right thinking" vs "wrong thinking", and less pursuant of ulterior motives. Travis is one of us. He's someone trying to make sense of all these narratives and trying to parse the entire shitstorm of information hurled from every which direction. Only his capacity for understanding is much higher than most. Bring him back!
    • JD
      John D.
      15 January 2021 @ 04:53
      well said sir!
  • TT
    Tokyo T.
    15 January 2021 @ 04:52
    ! The claim Travis has read any of those trading books is disputed.
  • JS
    John S.
    15 January 2021 @ 04:27
    That was a refreshingly different thesis on some markets. Even though Travis is not directly from the finance industry, I actually got more out of this than a couple of older industry interviews where someone was trying to sell some stock or service. Ed took a great first stab at some topics Travis has pondered. However, it might be more useful to have Travis on a round-table discussion or in a longer interview format with some topic objectives.
  • RL
    Roy L.
    15 January 2021 @ 04:20
    It is interesting that Travis noted that most people uses the stimulus check issue for debt payment which I think make sense. In Singapore, besides issuing what they called one off care and support payout, the government also issued $100 vouchers to the citizens to stimulate the Leisure and Hotel industry during Phase 2.
  • TH
    Thomas H.
    15 January 2021 @ 00:44
    Raoul needs to pay Travis more, he does not have heat in his apartment.
    • JC
      J.P. C.
      15 January 2021 @ 02:38
      Travis is an insanely wealthy early retired man. I'm sure he's fine.
    • JT
      James T.
      15 January 2021 @ 04:20
      I think it was a joke
  • IZ
    Ileana Z.
    15 January 2021 @ 04:16
    I've been watching RV since the beginning. I always appreciate the pros discussions but listening to Travis who is obviously smart and thoughtful think out loud has actually helped me understand a lot of these complex topics far better than many of the experts could!!! And of course, Ed is a GREAT interviewer. Thanks Travis, Ed and everyone at RV for always presenting information in so many formats and through the lens of so many unique thinkers that everyone can feast at the table of financial knowledge! No investor left behind, LOL
  • RG
    Raoul G.
    15 January 2021 @ 03:58
    Lol what does a RV president do? How does it affect the substance of what he has to say? If not, propose calling him by his name and not some lame-sounding president for the sake of CV padding
  • CT
    Charles T.
    15 January 2021 @ 01:05
    It would not surprise me if Chinese bank(s) are accepting RMB from Tether and it is the collateral backing it. The Chinese local government gains because they get to keep the deposits and they can alway confiscate an illegal entities deposits at an opportune time. However I think, Tether's influence on BTC and crypto is shrinking in size relative to other players. Grayscale is growing significantly faster than Tether. Institutional investors will make Tether obsolete if they have not already.
    • CG
      Christine G.
      15 January 2021 @ 03:51
      Would like a discussion of the depth of the bitcoin market and how that is influenced by Grayscale, Tether, and the tendency of bitcoin holders to hold forever, the definition of passive investing.
  • MS
    Mark S.
    15 January 2021 @ 03:42
    What's the name of the books on your table? I see Natenburg's Options book.
  • JA
    Jesse A.
    15 January 2021 @ 01:01
    Big mistake Travis, you'll lose your twitter mystique
    • JA
      John A.
      15 January 2021 @ 01:33
      No way!
    • DG
      Dmitri G.
      15 January 2021 @ 02:45
      What’s Travises name on Twitter? There are 4 different people there same name:)
    • CO
      Craig O.
      15 January 2021 @ 03:33
  • JT
    John T.
    15 January 2021 @ 03:20
    Tabula rusa of narratives? Were we talking about Ethereum?
  • KP
    Kaushal P.
    15 January 2021 @ 01:35
    Welcome Travis! Travis is eloquent but not in his wheelhouse on any of this. His opinions are based on internet research mostly. I generally find that this type of theoretical knowledge is not very useful in practice compared to opinions of someone who has done it for years like Raoul. Lot of things sound great in theory but only certain things work in practice.
    • PH
      Paul H.
      15 January 2021 @ 01:39
  • AW
    Adam W.
    15 January 2021 @ 01:25
    I like the divergent thinking, Travis. It’s useful to hear a different perspective on some of these topics. Best of luck with the new role.
  • DM
    Dominic M.
    15 January 2021 @ 01:23
    Great interview + welcome aboard, Travis.
  • MC
    Mark C.
    15 January 2021 @ 01:14
    Welcome Travis. Was good to get your views in more than 240 characters. Lots for me ro think about. But you picked my interest in tether already on Twitter. I absolutely agree on your take of bitcoin and the dialogue around asking never seems very libertarian. Cheers.
  • TG
    Timothy G.
    15 January 2021 @ 01:10
    Looking pretty casual today, eh, Ed?
  • IN
    I N.
    15 January 2021 @ 00:54
    Wow! Now we know why Travis as called for service as RealVision's president. Great thinker. You have a new fan, Mr Highlander.
  • RH
    Ron H.
    15 January 2021 @ 00:52
    Good to have Travis' perspective, especially the down-to-earth main street entrepreneurial view. Credit to the real economy, especially the small business sector, has been incredibly tight since 2008, and along with it aggregate demand that remains woefully short of its potential. Need some capital to grow inventory - well the consolidated banks say pledge your house as your life as collateral. People like Larry Summers will never understand this reality. Now these small businesses are falling through the final cracks to the abbatoir. Can the real economy actually reflate without a healthy small business sector that provides 50% of employment. Almost certainly not. The cognitive dissonance by certain masters of Wall Street is truly something to behold.
  • BK
    Brian K.
    15 January 2021 @ 00:39
    Welcome, Travis - Nice Intro
  • OA
    Oliver A.
    15 January 2021 @ 00:36
    This was great!
  • DB
    Dennis B.
    15 January 2021 @ 00:33
    I would be interested in a discussion on this article about The Derivative bomb associated with Bitcoin
  • GA
    Garrett A.
    15 January 2021 @ 00:32
    Travis, was wondering if you were able to listen to the podcast ‘Questions for Tether’ on the ‘What Bitcoin Did’ podcast a few days ago. Interested to hear your thoughts on it
  • BH
    Bradley H.
    15 January 2021 @ 00:30
    Great discussion guys. Really thoughtful connected observations. One style recommendation for Travis... look into the camera more. Think of it as the eyes 👀 of the folks you’re talking to, both Ed and us. Making eye contact adds facial validity. Thanks.
  • MD
    Matt D.
    15 January 2021 @ 00:27
    Welcome Travis - strong first showing - impressive. Great insights into crypto - enjoyed the honest, intelligent discussion. Leaning into some of the deeper philosophical questions - cool. Thanks Ed, and Travis. Look forward to future discussions.
  • BV
    Bas V.
    15 January 2021 @ 00:15
    I really like that Frodo is on the show. He's well-spoken. Although I disagree with most of his thoughts on Bitcoin, I appreciate that there's someone on this platform with an articulated critical view of it. Welcome to RV, Travis! Glad to see you come crawling out of your cave for this. I'd love to see a convo Re: Bitcoin between Travis & Raoul. That'd be a blast.
  • TC
    Tim C.
    15 January 2021 @ 00:12
    Travis debut was great! I appreciate the fact he is constantly learning and curious. That is a critical skill. The view on treasuries was a bit naive, but so was mine before I started digging into the whole opaque rehypothecation market (and I still feel like I've got a 3rd grade understanding...)
  • CM
    Cory M.
    15 January 2021 @ 00:08
    Been laughing at your tweets, Travis. Great to see you in video.
  • NL
    Nikola L.
    15 January 2021 @ 00:02
    and on Tether side.. lol
  • JF
    Jack F. | Real Vision
    14 January 2021 @ 23:39
    Welcome Travis!
  • NL
    Nikola L.
    14 January 2021 @ 23:33
    welcome Travis. Almost halfway and already love it.