[
  {
    "speaker": "Speaker 1",
    "text": "You're experiencing insane swings, crazy volatility. Sometimes you're up $30 billion. Everyone calls you a god."
  },
  {
    "speaker": "Speaker 1",
    "text": "Sometimes you're down a couple of billion dollars, and people come out and ridicule you or mock you."
  },
  {
    "speaker": "Speaker 1",
    "text": "So, you oscillate between the god and madman status at the pace of Bitcoin volatility. How much do you personally get affected by all the fear around you and strategy when the price goes down a"
  },
  {
    "speaker": "Speaker 2",
    "text": "lot? It doesn't bother me that much. So, sometimes I I pay attention to read the room so I can figure out what to tweet."
  },
  {
    "speaker": "Speaker 2",
    "text": "But, you know, I I had a difficult life."
  },
  {
    "speaker": "Speaker 2",
    "text": "Like like I went to MIT, and it was really hard. It was the smartest people in the country, and I came from a public school."
  },
  {
    "speaker": "Speaker 2",
    "text": "And uh and we worked Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, and Sunday, 16 hours a day, 7 days a week. Except sometimes we got 4 hours off on Friday night, and we got very angry that there were tools and"
  },
  {
    "speaker": "Speaker 2",
    "text": "nerds that were working on Friday night, and we weren't. Okay, but and and it was just utterly brutally difficult, and it was pretty much here's the hardest problems in the world, and you figure it"
  },
  {
    "speaker": "Speaker 2",
    "text": "out, and if you can't figure it out, you know, you can't That's just you. You're failed."
  },
  {
    "speaker": "Speaker 2",
    "text": "And so, when I left MIT, I worked 70 hours a week, 50 hours a 50 weeks a year, 70 hours a week, 3,500 hours a year for 10 years straight while we were building our business."
  },
  {
    "speaker": "Speaker 2",
    "text": "That wasn't hard."
  },
  {
    "speaker": "Speaker 2",
    "text": "Like the people ask me, \"Was that hard?\""
  },
  {
    "speaker": "Speaker 2",
    "text": "I'm like, \"No, that was really easy compared to MIT. MIT was so much harder than working 70 hours a week, 50 weeks a year.\""
  },
  {
    "speaker": "Speaker 2",
    "text": "I like Like I got to actually ask for help from other people. Like I had other people in the company, and we worked with tools. At MIT, it was like they dropped you into the Amazon rainforest,"
  },
  {
    "speaker": "Speaker 2",
    "text": "you know, with a rusty knife and a piece of rope and they say, \"We'll come back in 4 years if you're alive.\""
  },
  {
    "speaker": "Speaker 2",
    "text": ">> [laughter] >> Right? And you just figure it out. It's It is like, \"Well, can I actually take a useful tool with me?\" No, you have to build everything from scratch. And so, I lived through that and then in our"
  },
  {
    "speaker": "Speaker 2",
    "text": "business, you know, you start a company, we had a boom and bust our, you know, I lived through seeing our stock go to 333 dollars a share and I watched it go to 42 cents. Okay, so So, I I've had"
  },
  {
    "speaker": "Speaker 1",
    "text": "volatility."
  },
  {
    "speaker": "Speaker 1",
    "text": ">> I read that in 2000 you lost $6 billion of paper wealth. Is this what you're talking about?"
  },
  {
    "speaker": "Speaker 2",
    "text": "Yeah, well, that was That wasn't the worst of it. That was just in one day."
  },
  {
    "speaker": "Speaker 2",
    "text": ">> [laughter] >> Right? That was one day, a bad day."
  },
  {
    "speaker": "Speaker 2",
    "text": "No, the worst >> day, $6 billion."
  },
  {
    "speaker": "Speaker 2",
    "text": ">> it was a couple years later when the stock went from, you know, it had gone from $100 down to a dollar, down to 80 cents, 60 cents, 50 cents, 48 cents, 46 cents, 42 cents."
  },
  {
    "speaker": "Speaker 2",
    "text": "And we were, you know, 3 days from bankruptcy failing. So, you know, that's By the way, that's like not Calculate this, like 99.8% drawdown. Mhm. So, like when people are like, \"Oh, yeah, you're down 20% or"
  },
  {
    "speaker": "Speaker 2",
    "text": "you're stressed out?\" I'm like, \"No, I'm not stressed out.\" You know, on October 6th, on October 6th, Bitcoin hit an all-time high."
  },
  {
    "speaker": "Speaker 2",
    "text": "Okay, that's October, November, December, January, February, March, April."
  },
  {
    "speaker": "Speaker 2",
    "text": "We're 7 months 1 week 7 months."
  },
  {
    "speaker": "Speaker 2",
    "text": "You know how long it take Okay, so, 7 months ago we were at an all-time high and people are and everybody's losing their mind and throwing in the towel and giving up. You know how long it takes to"
  },
  {
    "speaker": "Speaker 2",
    "text": "make a baby?"
  },
  {
    "speaker": "Speaker 2",
    "text": "It's like you can't make a baby at 7 months. Okay, you can't get through college, right? To get through college it takes 4 years for an undergraduate degree. It takes 16 years starting from"
  },
  {
    "speaker": "Speaker 2",
    "text": "first grade. And so, you know, you want to be a doctor, you want a master's degree or a PhD?"
  },
  {
    "speaker": "Speaker 2",
    "text": "So, what I said was 4 years is very fast for success. 10 years is normal."
  },
  {
    "speaker": "Speaker 2",
    "text": "7 years I'm sorry, 7 months is a blink."
  },
  {
    "speaker": "Speaker 2",
    "text": "And I think that I think what we have to keep in mind is that one of the great uh features of crypto is there's news every every day, every minute. It's like on Saturday morning there's a there's a crisis. On Sunday"
  },
  {
    "speaker": "Speaker 2",
    "text": "morning it's resolved. People have already gone through a year's worth of gains and losses between Saturday and Sunday."
  },
  {
    "speaker": "Speaker 2",
    "text": "And it's just very volatile, very anxiety-inducing."
  },
  {
    "speaker": "Speaker 2",
    "text": "But that's the feature."
  },
  {
    "speaker": "Speaker 2",
    "text": "That's what makes it interesting. And that's because it's generating a 24/7 365 news cycle. It's sucking all the auction out of the room. It's the most interesting thing in the world."
  },
  {
    "speaker": "Speaker 2",
    "text": ">> [snorts] >> It's the most liquid, most tradable thing in the world. You live in Singapore, you know, you see bad news, you lever you lever a short trade 27 to one and the crisis gets resolved, you go"
  },
  {
    "speaker": "Speaker 2",
    "text": "long 50 to one."
  },
  {
    "speaker": "Speaker 2",
    "text": "And no one's trading Upper East Side real estate during that time frame. No one's trading art. No one's trading the S&P."
  },
  {
    "speaker": "Speaker 2",
    "text": "And so, volatility is vitality."
  },
  {
    "speaker": "Speaker 2",
    "text": "This this kind of um this kind of uh anxiety or jitteriness is actually just indicative of the world's most global free capital market."
  },
  {
    "speaker": "Speaker 2",
    "text": "Bitcoin's volatile cuz it's useful."
  },
  {
    "speaker": "Speaker 2",
    "text": "Because a guy in China who's worried about a government decision in China that you've never heard of, that you don't know about, they can trade Bitcoin based upon that. It's reacting to things"
  },
  {
    "speaker": "Speaker 2",
    "text": "that have nothing to do with Miami real estate or New York or fill in the blank Renaissance Italian art."
  },
  {
    "speaker": "Speaker 2",
    "text": "And so, does it bother me? Not at all. I think you have to be energized by it."
  },
  {
    "speaker": "Speaker 2",
    "text": "It's a benefit."
  },
  {
    "speaker": "Speaker 2",
    "text": "It The only reason you're talking to me, the only reason that that you're interested or anybody else is interested is because I strapped myself, you know, to the crypto reactor, right?"
  },
  {
    "speaker": "Speaker 2",
    "text": "The crypto roller coaster."
  },
  {
    "speaker": "Speaker 2",
    "text": "And and this thing is interesting to 500 million people in the world."
  },
  {
    "speaker": "Speaker 2",
    "text": "And uh you know, stuff that's stuff that's boring, like what do you think about the value of uh of real estate in New York Central Park?"
  },
  {
    "speaker": "Speaker 2",
    "text": "Do you care? No."
  },
  {
    "speaker": "Speaker 2",
    "text": "Why?"
  },
  {
    "speaker": "Speaker 2",
    "text": "The English word for interest, the classical definition is I have an investment in the thing."
  },
  {
    "speaker": "Speaker 2",
    "text": "If I have an investment in the thing and I might make or lose money, I'm interested."
  },
  {
    "speaker": "Speaker 2",
    "text": "So, the secret to the Wall Street Journal is they only wrote stories about publicly traded things that you could buy or sell or you might own. If I write stories about things you can't own,"
  },
  {
    "speaker": "Speaker 2",
    "text": "like oh yeah, the the value of the emperor's family's real estate in Tokyo has gone up or down. What do I care? I I can't buy it, I can't sell it, I can't short it, I can't bet on it."
  },
  {
    "speaker": "Speaker 2",
    "text": "It's not interesting."
  },
  {
    "speaker": "Speaker 2",
    "text": "Bitcoin is the most interesting thing in the world because everybody can have an interest in it either directly or indirectly through a derivative."
  },
  {
    "speaker": "Speaker 2",
    "text": "You have to embrace that. You have to revel in that. That is the feature. That is not the bug."
  },
  {
    "speaker": "Speaker 2",
    "text": "And the last point I'll make is you're an investor, you should have a 4-year time horizon. If you're not willing if you won't hold it for four years, you know, you're a trader. Mhm. You're not an"
  },
  {
    "speaker": "Speaker 2",
    "text": "investor. And ideally, you should be thinking 10 years."
  },
  {
    "speaker": "Speaker 2",
    "text": "The famous quote from Buffett is if you wouldn't hold it for 10 years, shouldn't hold it for 10 minutes."
  },
  {
    "speaker": "Speaker 2",
    "text": "And if you have a four-year time horizon, then then the question is well, so what's the, you know, the weighted 200 the 200-week moving average?"
  },
  {
    "speaker": "Speaker 2",
    "text": "You know, and how is that moving? Look out that way."
  },
  {
    "speaker": "Speaker 2",
    "text": "If you want to be jittery and and focus on where it moves every week or month or day, you are a trader."
  },
  {
    "speaker": "Speaker 2",
    "text": "You're doing it for entertainment. If you're a good trader, you know it."
  },
  {
    "speaker": "Speaker 2",
    "text": "If you're not a good trader, you're a fool, right? To try Right, you either know you know how what you're doing or you're just a fool. And so I I would never give advice to anybody that"
  },
  {
    "speaker": "Speaker 2",
    "text": "they should trade this stuff with a less than four-year time horizon, unless they are an expert and they know more than me. And if they do, they know they do."
  },
  {
    "speaker": "Speaker 2",
    "text": "And otherwise, it's like sit back enjoy the ride. If if you want to have the ball, then expect 40 ball in 4 to 10 years."
  },
  {
    "speaker": "Speaker 2",
    "text": "And if you don't want that ball, if you don't want, you know, if you want that, you got to be prepared to pull the Gs, right? If you want the jet engine, you pull the Gs. You want the roller"
  },
  {
    "speaker": "Speaker 2",
    "text": "coaster, be ready for that."
  },
  {
    "speaker": "Speaker 2",
    "text": "If you don't want that, but you still believe in crypto and Bitcoin, buy the credit, buy stretch, and you'll get a comfortable ride."
  },
  {
    "speaker": "Speaker 2",
    "text": "Right? Because like MSTR is like the F-16, you know? And and Bitcoin is like this barnstorming plane."
  },
  {
    "speaker": "Speaker 2",
    "text": "And you know, and and then stretch is like the passenger airliner. It's like the passenger jet."
  },
  {
    "speaker": "Speaker 2",
    "text": "And you did Maybe it's better to say MSTR is like the rocket and Bitcoin is like the fighter jet and then stretch is like the 777 or the Airbus passenger jet and you decide how you want to travel. It's It's not that"
  },
  {
    "speaker": "Speaker 1",
    "text": "complicated. Your money should work while you spend it. With CAST, spend stable coins across 170 plus countries and earn up to 3% instant USD cashback."
  },
  {
    "speaker": "Speaker 1",
    "text": "No banks, no friction, just money that keeps moving. CAST, keep it stable."
  }
]