[
  {
    "speaker": "Speaker 1",
    "text": "And I think we have a massive tailwind of everyone wanting to have 1% or 2% of their portfolio in Bitcoin."
  },
  {
    "speaker": "Speaker 1",
    "text": "Graham, you're probably like mid to upper single digits now, right?"
  },
  {
    "speaker": "Speaker 1",
    "text": "12."
  },
  {
    "speaker": "Speaker 2",
    "text": "Damn."
  },
  {
    "speaker": "Speaker 2",
    "text": "That's a lot, dude."
  },
  {
    "speaker": "Speaker 2",
    "text": "Money expert and multi-million dollar investor Chris Camillo on the Iced Coffee Hour podcast has a freakout, tells the host to sell his Bitcoin."
  },
  {
    "speaker": "Speaker 1",
    "text": "How can you sit here and tell me that you're conservative with this and diversified and have 12?"
  },
  {
    "speaker": "Speaker 1",
    "text": "It's a barbell."
  },
  {
    "speaker": "Speaker 1",
    "text": "Chris sounds the alarm for crypto investors."
  },
  {
    "speaker": "Speaker 1",
    "text": "Yeah, but there's tail risk that Bitcoin theoretically could go down a lot."
  },
  {
    "speaker": "Speaker 3",
    "text": "And with such a success rate."
  },
  {
    "speaker": "Speaker 2",
    "text": "You were right about Amazon in our last podcast."
  },
  {
    "speaker": "Speaker 2",
    "text": "When Chris Camillo speaks smart money, the market tends to listen."
  },
  {
    "speaker": "Speaker 3",
    "text": "It's since been up about 30 to 40%."
  },
  {
    "speaker": "Speaker 3",
    "text": "You were right about Bloom Energy."
  },
  {
    "speaker": "Speaker 3",
    "text": "We called it around $60."
  },
  {
    "speaker": "Speaker 2",
    "text": "It hit $300."
  },
  {
    "speaker": "Speaker 2",
    "text": "Yet."
  },
  {
    "speaker": "Speaker 2",
    "text": "Is now freaking out over a 12% Bitcoin position."
  },
  {
    "speaker": "Speaker 1",
    "text": "That's like having 12% in one stock."
  },
  {
    "speaker": "Speaker 1",
    "text": "I think that's really risky, dude."
  },
  {
    "speaker": "Speaker 2",
    "text": "I don't like that."
  },
  {
    "speaker": "Speaker 2",
    "text": "From an investor who self-admits he owns 70% of his portfolio in one single tech stock."
  },
  {
    "speaker": "Speaker 2",
    "text": "And it's levered up."
  },
  {
    "speaker": "Speaker 1",
    "text": "Roughly 70% of my portfolio."
  },
  {
    "speaker": "Speaker 2",
    "text": "Oh."
  },
  {
    "speaker": "Speaker 2",
    "text": "Listen very, very carefully to what comes next."
  },
  {
    "speaker": "Speaker 2",
    "text": "Let's watch this full clip, then react."
  },
  {
    "speaker": "Speaker 2",
    "text": "I want to share something."
  },
  {
    "speaker": "Speaker 2",
    "text": "With you."
  },
  {
    "speaker": "Speaker 1",
    "text": "Bitcoin."
  },
  {
    "speaker": "Speaker 1",
    "text": "I'm going to put it in B tier."
  },
  {
    "speaker": "Speaker 1",
    "text": "Because I do think as long as no one's able to crack Bitcoin."
  },
  {
    "speaker": "Speaker 1",
    "text": "And it remains this safe asset that you don't have to worry about losing."
  },
  {
    "speaker": "Speaker 1",
    "text": "We have $100 trillion of wealth transfer over the next 20 years."
  },
  {
    "speaker": "Speaker 1",
    "text": "And for every one gold bug."
  },
  {
    "speaker": "Speaker 1",
    "text": "There's like 10,000 kids that believe in Bitcoin."
  },
  {
    "speaker": "Speaker 1",
    "text": "I say kids in their 20s now."
  },
  {
    "speaker": "Speaker 1",
    "text": "Right."
  },
  {
    "speaker": "Speaker 1",
    "text": "And I think we have a massive tailwind of everyone wanting to have 1% or 2% of their portfolio in Bitcoin."
  },
  {
    "speaker": "Speaker 1",
    "text": "Graham, you're probably like mid to upper single digits now, right?"
  },
  {
    "speaker": "Speaker 1",
    "text": "12."
  },
  {
    "speaker": "Speaker 4",
    "text": "Damn."
  },
  {
    "speaker": "Speaker 1",
    "text": "That is a lot, dude."
  },
  {
    "speaker": "Speaker 1",
    "text": "Two months?"
  },
  {
    "speaker": "Speaker 1",
    "text": "How can you sit here and tell me that you're conservative with this and diversified and have 12%?"
  },
  {
    "speaker": "Speaker 3",
    "text": "It's a barbell."
  },
  {
    "speaker": "Speaker 3",
    "text": "Because I have way more than that in tax-free muni bonds and treasuries."
  },
  {
    "speaker": "Speaker 1",
    "text": "Yeah."
  },
  {
    "speaker": "Speaker 1",
    "text": "But there's tail risk that Bitcoin."
  },
  {
    "speaker": "Speaker 1",
    "text": "Theoretically could go down a lot in a theoretical situation with the security stuff."
  },
  {
    "speaker": "Speaker 1",
    "text": "To have 12%."
  },
  {
    "speaker": "Speaker 1",
    "text": "That's like having 12% in one stock that has a high beta to it."
  },
  {
    "speaker": "Speaker 1",
    "text": "A very high beta to it."
  },
  {
    "speaker": "Speaker 1",
    "text": "I think that's really risky, dude."
  },
  {
    "speaker": "Speaker 1",
    "text": "I don't like that."
  },
  {
    "speaker": "Speaker 1",
    "text": "I didn't realize when I saw your portfolio."
  },
  {
    "speaker": "Speaker 1",
    "text": "Can I downgrade you to like a 5-5?"
  },
  {
    "speaker": "Speaker 3",
    "text": "Yeah, but it could also double."
  },
  {
    "speaker": "Speaker 3",
    "text": "Could, but I don't like it."
  },
  {
    "speaker": "Speaker 3",
    "text": "5-5."
  },
  {
    "speaker": "Speaker 3",
    "text": "5-5."
  },
  {
    "speaker": "Speaker 3",
    "text": "8-5-5."
  },
  {
    "speaker": "Speaker 3",
    "text": "How much would you trim it down to if it's a 12 right now?"
  },
  {
    "speaker": "Speaker 3",
    "text": "5."
  },
  {
    "speaker": "Speaker 4",
    "text": "5%?"
  },
  {
    "speaker": "Speaker 4",
    "text": "I like what he says where it's like every single day you wake up, you're choosing to buy this amount, 12% of your portfolio of Bitcoin instead of other things."
  },
  {
    "speaker": "Speaker 4",
    "text": "I don't think 12 is that much."
  },
  {
    "speaker": "Speaker 1",
    "text": "Dude, let me tell you something."
  },
  {
    "speaker": "Speaker 1",
    "text": "I hang out with some of the biggest crypto guys, and they still have huge crypto positions, but they've all been diversifying into deep tech the last 18 months."
  },
  {
    "speaker": "Speaker 1",
    "text": "Like some of the biggest crypto guys in the world are all diversifying into deep tech, AI, robotics."
  },
  {
    "speaker": "Speaker 1",
    "text": "That's a lot for a guy like you to have in Bitcoin."
  },
  {
    "speaker": "Speaker 1",
    "text": "That just feels like a lot, man."
  },
  {
    "speaker": "Speaker 1",
    "text": "I'm just being honest."
  },
  {
    "speaker": "Speaker 2",
    "text": "Chris Camillo flat out says he takes large concentrated bets."
  },
  {
    "speaker": "Speaker 2",
    "text": "Right now he's levered 70% in Amazon."
  },
  {
    "speaker": "Speaker 4",
    "text": "But when you say you're really heavy into Amazon, what does really heavy mean?"
  },
  {
    "speaker": "Speaker 4",
    "text": "Like, are you taking out a levered position?"
  },
  {
    "speaker": "Speaker 1",
    "text": "Yes, levered position."
  },
  {
    "speaker": "Speaker 1",
    "text": "Are you in Amazon would be roughly 70% of my portfolio."
  },
  {
    "speaker": "Speaker 1",
    "text": "Oh."
  },
  {
    "speaker": "Speaker 2",
    "text": "And he doesn't have a price target necessarily, but he knows when to sell when everybody in the market agrees with him."
  },
  {
    "speaker": "Speaker 2",
    "text": "When it's general consensus that this thing's a great investment, it's going higher, that's the time to sell."
  },
  {
    "speaker": "Speaker 1",
    "text": "I don't trade price, and I don't have price targets."
  },
  {
    "speaker": "Speaker 1",
    "text": "I exit my positions when the market at large agrees with me."
  },
  {
    "speaker": "Speaker 1",
    "text": "And the market at large definitely does not agree with me in its entirety as it relates to the way I think things will unfold with AI and specifically for Amazon."
  },
  {
    "speaker": "Speaker 2",
    "text": "So this is counterpoint one out of three, but that same thesis is exactly what he's missing on Bitcoin."
  },
  {
    "speaker": "Speaker 2",
    "text": "Because right now, many, much more of the world globally agrees that Amazon's a solid bet for the future."
  },
  {
    "speaker": "Speaker 2",
    "text": "The AI play, which Amazon's a piece of, is a solid bet for the future."
  },
  {
    "speaker": "Speaker 2",
    "text": "Versus Bitcoin."
  },
  {
    "speaker": "Speaker 2",
    "text": "Because today, everybody's screaming that Bitcoin is in a bear market, it's going so much lower."
  },
  {
    "speaker": "Speaker 2",
    "text": "While AI stocks and Amazon are literally hitting all-time highs."
  },
  {
    "speaker": "Speaker 2",
    "text": "Plus, Amazon is literally about double the value of Bitcoin."
  },
  {
    "speaker": "Speaker 2",
    "text": "So Chris, I'm not saying you have to sell Amazon."
  },
  {
    "speaker": "Speaker 2",
    "text": "I think Amazon's going to do very well in the next decade too, I'm a believer."
  },
  {
    "speaker": "Speaker 2",
    "text": "But Bitcoin's the better opportunity."
  },
  {
    "speaker": "Speaker 1",
    "text": "I exit my positions when the market at large agrees with me."
  },
  {
    "speaker": "Speaker 1",
    "text": "I exit my positions when the market at large agrees with me."
  },
  {
    "speaker": "Speaker 1",
    "text": "I exit my positions when the market at large agrees with me."
  },
  {
    "speaker": "Speaker 1",
    "text": "I exit my positions when the market at large agrees with me."
  },
  {
    "speaker": "Speaker 1",
    "text": "And the market at large definitely does not agree with me."
  },
  {
    "speaker": "Speaker 2",
    "text": "That's great advice. Use that advice. Use that thesis for Bitcoin."
  },
  {
    "speaker": "Speaker 2",
    "text": "For Ethereum. For Hyperliquid. Whatever your play is."
  },
  {
    "speaker": "Speaker 2",
    "text": "Bitcoin being around 70% of my portfolio."
  },
  {
    "speaker": "Speaker 2",
    "text": "That brings us to counterpoint number two."
  },
  {
    "speaker": "Speaker 2",
    "text": "The exact words that Chris Camillo said in his broadcast at the end of 2024."
  },
  {
    "speaker": "Speaker 2",
    "text": "Let's check the price on that. Let's remember exactly where we were."
  },
  {
    "speaker": "Speaker 2",
    "text": "Let's remember exactly where we were."
  },
  {
    "speaker": "Speaker 2",
    "text": "Let's remember exactly where we were."
  },
  {
    "speaker": "Speaker 2",
    "text": "Macro wise at that time in March, November of 2024, Donald Trump had just won the presidency."
  },
  {
    "speaker": "Speaker 2",
    "text": "October, November."
  },
  {
    "speaker": "Speaker 2",
    "text": "So the Bitcoin price at that time was around 90, $94,000."
  },
  {
    "speaker": "Speaker 2",
    "text": "When Bitcoin's price was around 90, $94,000,"
  },
  {
    "speaker": "Speaker 2",
    "text": "Chris Camillo was bullish."
  },
  {
    "speaker": "Speaker 2",
    "text": "was bullish. I'm going to play you another two minute clip. He's going over the two risks of"
  },
  {
    "speaker": "Speaker 2",
    "text": "Bitcoin. He's saying because he's saying that one of those risks, the regulatory hurdle,"
  },
  {
    "speaker": "Speaker 2",
    "text": "that's about to change in the next four years. There's nuances to it. But let me play you this"
  },
  {
    "speaker": "Speaker 2",
    "text": "full clip. Remember what this heavily respected investor told you about Bitcoin in 2024."
  },
  {
    "speaker": "Speaker 1",
    "text": "Do you remember our too big to too big to to regulate thesis? So the thesis is that we've"
  },
  {
    "speaker": "Speaker 1",
    "text": "been talking about for years is you have a window of time to regulate Bitcoin. And if Bitcoin gets"
  },
  {
    "speaker": "Speaker 1",
    "text": "beyond a certain size of of of acceptance amongst the American public politically,"
  },
  {
    "speaker": "Speaker 1",
    "text": "this is a political thing, right? Once you have Bitcoin in the wallets of too many Americans,"
  },
  {
    "speaker": "Speaker 1",
    "text": "too many voting Americans, once it becomes an"
  },
  {
    "speaker": "Speaker 1",
    "text": "asset class that US voting citizens have in their portfolios at scale, it becomes too large to"
  },
  {
    "speaker": "Speaker 1",
    "text": "regulate politically. This is something that we've been talking about for a long time."
  },
  {
    "speaker": "Speaker 5",
    "text": "And we realize it's like the pick your words here, but it's like this enemy from within type of thing"
  },
  {
    "speaker": "Speaker 5",
    "text": "that Congress people and senators are going to be talking about. And so I think that's a big thing."
  },
  {
    "speaker": "Speaker 5",
    "text": "And it's one of those things where people don't care at all. And it's one of those things where"
  },
  {
    "speaker": "Speaker 5",
    "text": "own possession. So it gets to be what's right, what's wrong, doesn't even matter what is right,"
  },
  {
    "speaker": "Speaker 1",
    "text": "what's wrong. It just is, and people use it. That's exactly correct, Jordan. And if Trump"
  },
  {
    "speaker": "Speaker 1",
    "text": "is going to stall regulatory issues for a solid four years, I believe this four-year period"
  },
  {
    "speaker": "Speaker 1",
    "text": "gives enough of a runway, especially now that Bitcoin has been institutionalized through ETFs."
  },
  {
    "speaker": "Speaker 5",
    "text": "We have the entire- Exactly. And I think as long as the government can figure out how to"
  },
  {
    "speaker": "Speaker 5",
    "text": "make sure that things are reported correctly and that they can make money off of people's"
  },
  {
    "speaker": "Speaker 5",
    "text": "coin profits, then why try to... I don't see any instance where they try to shut some of this stuff"
  },
  {
    "speaker": "Speaker 5",
    "text": "down except to try to regulate for consumer protections."
  },
  {
    "speaker": "Speaker 1",
    "text": "And to make sure that they get their percentage. So the too-big-to-regulate trade is officially on."
  },
  {
    "speaker": "Speaker 1",
    "text": "Four years is just too many years. By the time we are done with this-"
  },
  {
    "speaker": "Speaker 5",
    "text": "I mean, I feel like if they were going to do something major like ban cryptocurrency in"
  },
  {
    "speaker": "Speaker 5",
    "text": "general, it would have been done already. I feel like we're kind of at a no-turning-back"
  },
  {
    "speaker": "Speaker 5",
    "text": "type of place. It's too ubiquitous. It's in too many people's wallets."
  },
  {
    "speaker": "Speaker 1",
    "text": "It's in too many accounts. Well, think about where we are in four years,"
  },
  {
    "speaker": "Speaker 1",
    "text": "Jordan, with no regulatory environment. That would be a true barrier to Bitcoin."
  },
  {
    "speaker": "Speaker 1",
    "text": "This is kind of a game changer. It's an absolute game changer. This is the moment that we have been"
  },
  {
    "speaker": "Speaker 1",
    "text": "talking about for years. To be able to remove that regulatory risk, we just removed 50%"
  },
  {
    "speaker": "Speaker 1",
    "text": "of the black swan."
  },
  {
    "speaker": "Speaker 1",
    "text": "Risk for Bitcoin. 50% of it. We have always talked about two major risk factors,"
  },
  {
    "speaker": "Speaker 1",
    "text": "regulatory being one and security being the other. Now, security is kind of still sitting out there."
  },
  {
    "speaker": "Speaker 1",
    "text": "We can kick that can down the road a little bit, but that's a big, big deal."
  },
  {
    "speaker": "Speaker 2",
    "text": "So in 2024, when Bitcoin's price was over $90,000, Chris Camilla was insanely bullish."
  },
  {
    "speaker": "Speaker 2",
    "text": "Now that Bitcoin has crashed,"
  },
  {
    "speaker": "Speaker 2",
    "text": "back down to at the time, at this current time, $77,000, Chris Camilla is saying,"
  },
  {
    "speaker": "Speaker 1",
    "text": "don't own too much. When the stock goes down, as long as the information doesn't change,"
  },
  {
    "speaker": "Speaker 1",
    "text": "as long as there's not new data that changes your thesis, you should have a higher conviction now"
  },
  {
    "speaker": "Speaker 1",
    "text": "at the current price rather than a lower conviction. So when Amazon fell, I got really excited."
  },
  {
    "speaker": "Speaker 2",
    "text": "Now that Bitcoin has pulled back and nothing fundamentally,"
  },
  {
    "speaker": "Speaker 2",
    "text": "has changed and it should be pointed out. The other risk that Chris, Chris was saying that"
  },
  {
    "speaker": "Speaker 2",
    "text": "Bitcoin has is one regulatory, which is no longer risk and two security, which I believe in this"
  },
  {
    "speaker": "Speaker 2",
    "text": "sense, he means quantum. Bitcoin will upgrade along with the banking system, along with the"
  },
  {
    "speaker": "Speaker 2",
    "text": "internet, along with all technology. Bitcoin will upgrade with quantum that's been talked to death."
  },
  {
    "speaker": "Speaker 2",
    "text": "So I believe a 12% portfolio allocation Bitcoin, that's risky to the downside. I don't think Graham"
  },
  {
    "speaker": "Speaker 2",
    "text": "owns enough."
  },
  {
    "speaker": "Speaker 2",
    "text": "And what's really interesting is that when you look at the stock market, you can see that Bitcoin is"
  },
  {
    "speaker": "Speaker 2",
    "text": "the only asset that's going to be able to be owned. And what's crazy is even the detractors,"
  },
  {
    "speaker": "Speaker 2",
    "text": "and I'm not even saying Chris is a detractor. Chris is a believer in Bitcoin. He's saying"
  },
  {
    "speaker": "Speaker 2",
    "text": "that in the next 10, 20 years, every young investor is going to own one to 2% in Bitcoin."
  },
  {
    "speaker": "Speaker 2",
    "text": "So that's upside. He's saying insanely upside. Just don't own too much. I think the risk is not"
  },
  {
    "speaker": "Speaker 2",
    "text": "owning enough because Bitcoin is the only asset on earth, digital asset that you can't print more of."
  },
  {
    "speaker": "Speaker 2",
    "text": "It's digital gold. It's the most permissionless. It's the most decentralized. I would love to"
  },
  {
    "speaker": "Speaker 2",
    "text": "have Chris Camillo on the show and talk about this because I understand he is a Bitcoin bull."
  },
  {
    "speaker": "Speaker 2",
    "text": "I don't want to paint this whole video as he's not a bull. Even the detractors are bulls. That"
  },
  {
    "speaker": "Speaker 2",
    "text": "says something. Click subscribe for daily videos like all we see tomorrow."
  }
]