Preston Pysh on Why We’ve Entered a Fundamentally New Era of Bitcoin Accumulation

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 14 August 2020

⏱️ 103 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Investor’s Podcast Network cofounder Preston Pysh last recorded with The Breakdown on Black Thursday in March. As NLW and Pysh discussed the potential of future currency crises, bitcoin smashed all the way below $4,000. In the five months since, bitcoin has risen 200%. It has attracted the devotion of leading hedge funders such as Paul Tudor Jones II and more recently has become the reserve asset of choice of at least one publicly listed company. In this conversation, Preston and NLW discuss: The significance of halving coinciding with central bank printing The inevitability of negative interest rates Why it’s the dollar, not the stock market, that is inversely correlated with the price of bitcoin Why Preston believes in the stock-to-flow model Who pays the price for inevitable currency debasement Why we’re dramatically underestimating the precedent set by MicroStrategy’s $250,000,000 cash-for-bitcoin reserve switch Why MicroStrategy will be worth 10 times what it is today a year from now Find out guest online:Website: theinvestorspodcast.com Twitter: @PrestonPysh

Transcript

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0:00.0	It's all a matter of your perspective. You can look at this and say, hey, this is going to be an extremely concerning and terrible, devastating.
0:08.8	Dude, flip that on its head. Start telling yourself, you're going to crush this and start doing whatever you've got to do in order to get as smart as you can and leverage the opportunity that's being presented to you.
0:18.6	At the start of the book, The Intelligent Investor,
0:21.7	Warren Buffett writes the prolude to the book,
0:24.4	and he says,
0:25.5	your ability to amass a lot of wealth,
0:28.3	and I'm totally paraphrasing this,
0:29.9	but it comes down to how many market cycles
0:32.2	you get exposed to.
0:33.6	And I think that when you look at this,
0:36.0	and this might be ignorant of my history, but I think this is one of the biggest market cycles the world is ever going to see.
0:43.3	Welcome back to The Breakdown with me, NLW.
0:47.4	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:53.3	The breakdown is sponsored by crypto.com, bitstamp, and nexo.io, and produced and distributed by
0:59.7	CoinDesk.
1:03.2	What's going on, guys?
1:04.6	It is Thursday, August 13th, and I am so excited to share this interview with you guys today. Exactly five months ago to the day,
1:13.9	I was joined by Preston Pish on this show and we recorded actually during the literal
1:20.1	hour and a half, two hour period where Bitcoin hit its cycle low on Black Thursday.
1:26.9	In that conversation, we discussed what happens when
1:30.7	currencies fail and what the preconditions for those failures are. A lot of what Preston discussed,
1:38.1	in particular his prophecy that we were about to see money printing on a scale that totally
	...

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