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have-to-dos so you can focus on the can't-wait-to-dos. It's a new workday. If I'm right about private

credit, I'm right about 98 or 2008. There obviously was no Bitcoin in 98, but in 2008, it was created

for a reason. And the biggest rallies we've ever seen in Bitcoin are right after financial problems. And we always have financial problems. And this year is another financial problem. What's going on, guys? In today's conversation with Jordy Visser, we get right into the heart of exactly what's going on on the financial system. We talk about conflict. We talk about oil. We talk about Bitcoin, software stocks, private credit. If you should be worried, if you should not be worried, where we think that there's problems and where we think that there's opportunity. We also talk about what's going on in artificial intelligence and how it's related to Bitcoin, but also how Bitcoin tends to do really well after financial shocks. And what the financial shock that we're in right now means for your portfolio. Here's my latest conversation with Jordy Visser. All right, Jordy, I thought a great place to start the conversation is private credit is seeing tons of cracks. People are very worried, but private credit is only about three to maybe four trillion dollars in the market. So it's not massive. What's your take on whether this could be the start of some big recessionary event,

or is this more so people in finance are worried and everyone else should just calm down?

It's surprising to hear when someone says something that's 10 to 12% of the economy

is small. Private credit is an issue. Bitcoin, by the way, is of 1.5 trillion, so, you know,

it's only double the size. Well, let's put it that. So commercial real estate's been in

trouble since Silicon Valley Bank. Okay, well, that's a big market. The housing market's not

in great shape. That's a big market. I could go through credit card delinquencies.

I mean, when you're in a K-shaped economy, that means there's a significant portion of the

economy that's not well. So private credit may be viewed as this small thing, but if you

combine all of the private markets, if you combine the leverage that we've seen since the great financial crisis in, I would say, off balance sheet stuff, the numbers are enormous. So if people want to disagree, we restricted the banks.

Dodd-Frank. Yeah. And we're the banks. Dodd-Frank.

Yeah, and we're only now lifting the restrictions.

But somehow or another, the debt to GDP of the country has grown rapidly since then.

The money supply has grown rapidly and the size of GDP.

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