Jeff Booth on Technology-Driven Deflation, Bitcoin's Role in Global Markets, and Financial Systems

Summary

In this insightful conversation, Michael Guad, the publisher of The Lead Lag Report, interviews Jeff Booth, a technology entrepreneur and author of 'The Price of Tomorrow'. They delve into the transformative potential of Bitcoin as a deflationary protocol, its resistance to centralization, and its role in fostering a free market. Booth highlights the importance of Bitcoin's decentralized nature in providing a secure and free communication platform on Noster, where users own their audience. The discussion also touches on the political implications of Bitcoin's growing influence and the challenges of valuing a technology that could redefine human abundance and freedom.

Takeaways

• 😀 Jeff Booth, a technology entrepreneur, discusses his transition to Noster, a platform built on Bitcoin's protocol, emphasizing the importance of decentralized communication and ownership of one's audience.
• 🔑 Noster is portrayed as an extension of Bitcoin's protocol, offering a decentralized and secure network where users own their audience and can't be shut off by any central authority.
• 💡 Booth highlights the deflationary nature of technology and the free market, contrasting it with the inflationary practices of central banks and the resulting distortions in the market.
• 📈 He argues that Bitcoin, as a protocol bound by energy, is repricing the world's assets, with all other prices falling relative to Bitcoin if it remains decentralized and secure.
• 🌐 The discussion touches on the vulnerabilities of centralized systems, using the example of CrowdStrike, to illustrate the power of decentralization in ensuring security and resilience.
• 💬 Booth criticizes the reliance on leaders, whether liked or disliked, as a form of centralization that goes against the principles of a free market and decentralization.
• 🚀 The script emphasizes the importance of understanding Bitcoin not just as a cryptocurrency but as a protocol that could redefine human history with its potential to enable global abundance and freedom.
• 💡 The conversation suggests that the true value of Bitcoin isn't measured in fiat terms but in its ability to provide a store of value that is not subject to the whims of central banks or political figures.
• 🌟 Booth's perspective is that Bitcoin is a 'new imposition of a ledger' that could lead to a future of human flourishing, which is a significant departure from the current financial paradigm.
• 🏦 The script also addresses the potential for Bitcoin to disrupt the existing financial system, with the acknowledgment that it challenges the status quo and could lead to a shift in power dynamics.
• 📚 Jeff Booth mentions his book 'The Price of Tomorrow', which delves into the economic implications of Bitcoin and the transition from a centralized to a decentralized financial system.

Q & A

What is the main topic of discussion in the interview with Jeff Booth?

The main topic of discussion is the concept of Bitcoin as a deflationary technology and its role as a protocol for a decentralized and secure network, as well as its implications for the future of communication and the economy.

What is Noster and why did Jeff Booth pivot to this platform?

Noster is a decentralized communication protocol that allows users to own their audience and not be controlled by any centralized entity. Jeff Booth pivoted to Noster because it aligns with his vision of a decentralized and secure communication system.

What does Jeff Booth believe about the natural state of the free market?

Jeff Booth believes that the natural state of the free market is deflationary, meaning that the free market tends to decrease the prices of goods and services over time due to increased efficiency and competition.

What is the significance of Bitcoin's role in the deflationary process according to Jeff Booth?

According to Jeff Booth, Bitcoin plays a significant role in the deflationary process as it is a protocol that is bounded by energy and cannot be centralized, thus providing a secure and decentralized store of value that is not subject to inflationary pressures.

What is the connection between technology and energy demand as discussed by Jeff Booth?

Jeff Booth argues that technology, including Bitcoin, is deflationary and that it creates an abundance of energy by providing a constant demand for energy, which in turn drives innovation and efficiency in energy production.

How does Jeff Booth view the relationship between Bitcoin and other cryptocurrencies or technologies?

Jeff Booth views Bitcoin as a unique protocol that is different from other cryptocurrencies or technologies. He believes that Bitcoin's value is not in competition with these but rather that it stands alone as a decentralized and secure system that reprices the world's assets.

What does Jeff Booth think about the current financial system and its reliance on debt?

Jeff Booth believes that the current financial system is unsustainable due to its reliance on debt, which is already insolvent. He sees Bitcoin as a solution that can provide a more stable and honest financial system.

What is the concept of 'the price of tomorrow' as mentioned in the script?

The concept of 'the price of tomorrow' refers to Jeff Booth's book where he discusses the future of the economy and the role of Bitcoin in shaping a new financial system that is not based on the current inflationary monetary system.

How does Jeff Booth perceive the role of politicians in relation to Bitcoin and the cryptocurrency community?

Jeff Booth perceives politicians' engagement with Bitcoin and the cryptocurrency community as a strategic move to gain votes and appeal to a growing demographic that values decentralization and freedom. However, he also notes that some politicians may not fully understand or support the principles of Bitcoin.

What is Jeff Booth's view on the potential of Bitcoin as a global currency?

Jeff Booth sees Bitcoin's potential as a global currency that can provide abundance and freedom to people worldwide. He believes that Bitcoin's transition to a currency is inevitable and will be accelerated by the technology and ecosystem being built around it.

What are Jeff Booth's thoughts on the future of Bitcoin and its impact on the world economy?

Jeff Booth believes that Bitcoin will continue to grow in importance and will reprice the world economy, providing a more honest and decentralized system of value that is not subject to the manipulations of central banks and governments.

Outlines

00:00

🤝 Introduction to Jeff Booth and Noster

The video begins with an introduction to Michael Guad, the publisher of The Lead Lag Report, and his guest, Jeff Booth, a technology entrepreneur and author of 'The Price of Tomorrow.' Jeff has transitioned to a platform called Noster, which is a decentralized communication protocol that allows users to own their audience and switch clients without losing followers. The conversation hints at the importance of decentralization in the context of free market principles and the contrast between controlled systems and free market dynamics.

05:01

💡 The Concept of Deflation and Bitcoin's Role

This paragraph delves into the concept of deflation as the natural state of the free market, with technology being deflationary. Jeff Booth discusses his realization of Bitcoin's potential as a protocol that counters inflationary systems. He emphasizes the importance of understanding Bitcoin not just as a cryptocurrency but as a transformative protocol that enables a decentralized and secure network, leading to a discussion on the implications of decentralization for energy and inflation expectations.

10:03

🌟 Bitcoin's Impact on Energy and Centralization

Jeff Booth discusses the relationship between Bitcoin and energy, arguing that Bitcoin's energy consumption is misunderstood and is, in fact, a catalyst for creating an energy-abundant economy. He explains that Bitcoin miners are incentivized to find and utilize cheap energy, which can then be sold to others, thereby decentralizing the energy market. The paragraph highlights the broader implications of Bitcoin's role in challenging centralized systems and the potential for it to reprice the world's assets.

15:03

🏘️ Real Estate, Stocks, and Bitcoin's Valuation

The speaker uses the example of real estate to illustrate the flawed perception of value in traditional assets compared to Bitcoin. He points out that while the nominal price of his house has increased in fiat terms, its value in Bitcoin has significantly decreased, reflecting the true store of value that Bitcoin represents. The paragraph also touches on the inefficiency of stocks and other assets when compared to Bitcoin and the strategic approach of investing in Bitcoin-related companies to potentially achieve higher returns.

20:03

🛡️ Bitcoin's Decentralization and Security

Jeff Booth addresses concerns about potential centralization in Bitcoin, particularly at the layer two level, which could undermine its decentralized nature. He emphasizes the importance of maintaining Bitcoin's security and decentralization to ensure it remains a reliable store of value and a catalyst for human freedom and market abundance. The discussion also includes the impact of political figures on cryptocurrency and the strategic importance of Bitcoin's role in the global financial ecosystem.

25:04

📈 Bitcoin's Valuation and Global Economic Impact

The speaker provides a detailed analysis of Bitcoin's potential valuation based on the global financial ledger and the current debt levels. He suggests that Bitcoin's value, when compared to the world's assets and liabilities, could be significantly higher than its current market price. The paragraph discusses the potential for Bitcoin to reprice the world's assets and the importance of understanding its role as a new form of ledger that could redefine human history.

30:05

🗳️ Politics, Bitcoin, and the Future of Abundance

In the final paragraph, Jeff Booth discusses the political implications of Bitcoin, noting how politicians are beginning to recognize the influence of the cryptocurrency community. He highlights the game theory at play as politicians attempt to appeal to Bitcoiners, while also considering the broader impact of Bitcoin as a catalyst for global abundance and freedom. The conversation concludes with a reflection on the transformative potential of Bitcoin and the importance of continuing to innovate and support its growth.

Keywords

💡Decentralization

Decentralization refers to the distribution of authority and power away from a central location or entity. In the context of the video, it is a core concept related to Bitcoin and the benefits it brings, such as freedom from central control and the ability to operate independently of traditional financial systems. The script discusses how Bitcoin's decentralized nature is a critical aspect of its security and resistance to centralization.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. The video discusses the natural state of a free market as being deflationary, contrasting it with the current monetary system that is perceived as inflationary due to the central banks' policies of money printing, which dilutes the value of currency over time.

💡Deflation

Deflation is the decrease in the general price level of goods and services in an economy. The script argues that technology, including Bitcoin, is inherently deflationary because it increases efficiency and productivity, which should naturally lead to lower prices. The discussion emphasizes the difference between the perceived value of currency and the actual value of goods and services in a deflationary environment.

💡Bitcoin

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network without the need for a central authority. The script explores Bitcoin's role as a protocol that enables a secure and decentralized form of communication and transaction, challenging the traditional financial systems and providing an alternative that is not subject to the same inflationary pressures.

💡Protocol

In the context of the video, a protocol refers to the underlying rules and systems that govern the operation of a network, such as Bitcoin's blockchain. The script discusses Bitcoin as a protocol that is not just a currency but a transformative technology that redefines how value is stored and transferred in a decentralized manner.

💡Noster

Noster is a decentralized communication platform mentioned in the script as an extension of the Bitcoin protocol. It allows users to own their audience and communicate freely without the risk of being shut down or censored by a central authority. The platform exemplifies the broader theme of decentralization and the empowerment of individuals in the digital age.

💡Energy

Energy, in the context of the video, is discussed in relation to Bitcoin mining and the energy consumption required for the network's security and operation. The script argues that the energy used by Bitcoin is not a negative aspect but rather a feature that contributes to its security and the creation of an 'abundance of energy' by incentivizing more efficient energy production and use.

💡Centralization

Centralization is the concentration of control and power in a single entity or group. The video critiques centralization as a historical norm in financial systems and argues for the benefits of decentralization. Centralization is seen as leading to manipulation, control, and the misallocation of resources, whereas decentralization promises freedom and efficiency.

💡Free Market

A free market is an economic system where prices are determined by supply and demand with little to no government intervention. The script discusses the natural deflationary tendency of a free market and contrasts it with the current financial system, which is seen as manipulated and controlled, leading to artificial inflation and economic distortions.

💡Productivity

Productivity refers to the efficiency with which goods and services are produced. The video suggests that technological advancements, including those in the Bitcoin ecosystem, increase productivity, leading to a more deflationary environment. Higher productivity should theoretically result in lower costs and increased value for consumers.

💡Venture Capital

Venture capital is a form of private equity financing that is provided to early-stage, high-potential, growth companies in exchange for equity. The script mentions the creation of a venture capital company focused on investing in Bitcoin-related companies, highlighting the belief in the transformative potential of Bitcoin and the ecosystem it supports.

Highlights

Introduction of Jeff Booth as a technology entrepreneur and author of 'The Price of Tomorrow'.

Jeff's perspective on the natural deflationary state of the free market and its implications for technology and control systems.

The role of Bitcoin as a protocol and its significance in the transition to a decentralized and secure network.

Noster as an extension of Bitcoin's protocol, enabling users to own their audience and switch clients without losing followers.

Discussion on the importance of decentralization for secure communication and the critique of centralized platforms.

Jeff's thoughts on the reaction of Bitcoin to the CrowdStrike incident as a reminder of decentralization's power.

The concept of Bitcoin as a new layer of understanding beyond just a cryptocurrency.

Jeff's explanation of how Bitcoin's energy usage is misunderstood and its actual role in creating energy abundance.

The potential of Bitcoin to reprice the world's assets and the implications for inflation and deflation.

Critique of the focus on price targets in Bitcoin discussions and the emphasis on understanding Bitcoin's fundamental value.

Jeff's view on the political implications of Bitcoin and how politicians are beginning to engage with cryptocurrency.

The unstoppable nature of Bitcoin's ecosystem growth and its impact on global voting blocks.

Discussion on the potential for Bitcoin to serve as a global currency and the technology accelerating this transition.

Jeff's insights into the challenges of transitioning from a centralized system to a decentralized one like Bitcoin.

The importance of Bitcoin's resilience against centralization and control as a critical factor in its value.

Jeff's reflections on his journey with Bitcoin and his realization of its significance beyond economic gains.

Announcement of Jeff's intention to write another book delving deeper into Bitcoin's impact on human abundance and freedom.

Transcripts

[Music]

my name is michael' guad publisher of

the lead lag report joining me for the

roughly 40 minute time period is Mr Jeff

Booth I A lot of people are familiar

with and who a lot of people may not be

aware is now on Noster um which I don't

know all that much about I have some

rough idea but uh Jeff for those who

don't know about you and have no idea

what Noster is introduce yourself and

why in the world you to just pivot to

that

platform uh first I'm technology

entrepreneur uh that that uh saw saw the

transition of systems between so it

first I'd say saw uh technology was

deflationary the free Mark the natural

state of the free market is

deflationary um and that mean everything

that was working against that was not a

free market it was a control system I I

wrote extensively about that in in my

book the price of tomorrow um and then

found and through that process really

investigated Bitcoin at first principles

to understand that it was a transition

it was solving that in congruency um

through a different system change and

most people couldn't see it uh but

became quite active in Bitcoin um and

then started to see Bitcoin as protocol

and Noster is just an extension another

layer of that protocol of Communications

on on top of on top of a decentralized

and secure network and what that means

on Noster specifically is nobody can

turn you off um you own your audience

forever um because it's at the protocol

level if you want to clients are

competing for you instead of um instead

of capturing your attention so you're

building audiences on their platforms

they're competing for you and those and

that means if you want to move to a

different client let's say if x was on

no Noster if you wanted to move to so

and that X started limiting your your

views on Noster you could just switch to

a different company tomorrow and all of

your followers would come with you so

it's a critical critical aspect of uh

security uh Freedom communication to be

able to to say what you want in a free

market in a in in uh in somebody that

doesn't have centralized control over

you better to trust uh decentralization

than Elon Musk is what I'm hearing from

you yeah and and whether you like Elon

Musk dislike Elon Musk you just have a

different leader that tells you what to

do and all of the algorithms are

reinforced and it's amazing to me

watching how many people are convinced

that their guy or their girl is the one

that's going to save them and it's just

a different flavor of a different leader

so uh which which is a natural function

of a distorted Market centralizing

through manipulated

money so speaking about centralization I

put a piece out on the lead lager where

we talk about crowd strike and uh

basically the reaction of Bitcoin as

grow crowd strike took place because it

was a reminder of the power of

decentralization and you know the

vulnerabilities to the system when you

have a bug that brings down entire

airplanes in terms of even being able to

fly um I'm curious just to get your

reaction or thoughts to that moment in

time if that was sort of a maybe a

catalyst or light bulb moment for those

that have been on the sidelines when it

comes to bitcoin saying you know what

there's something to decentralization

and this distributed Ledger after

all yeah and and I I don't know

everybody's journey into Bitcoin is

different um and and I I tend to look at

it as layers of understanding and lot of

through those layers you some people see

it as a cryptocurrency rather than a

protocol um and then if you saw it as a

cryptocurrency or a new technology

rather than a protocol it would make

perfect sense to be able to oh which

other which new technology to that is

going to beat that and you'd invest in

salana and ethereum and you be oh you be

talking

cryptocurrency when you see it as a

protocol that's bounded by energy and is

compromising and it's decentralizing in

security then all of the people

measuring the world through a piece of

paper that's being

manipulated so prices go up that makes

sense too and so so I would say if you

really understand this you don't measure

Bitcoin in price of Fiat because that's

just an abstract concept so you you

prices don't go bitcoin price isn't

going up it's the free market and it's

it in it's in a form that we've never

seen as humans before it's decentralized

and secure and that means all things are

falling in price against Bitcoin and

they will forever as long as it stays

decentralized and secure and I had

nobody debate me or truly debate debate

me on is the free market deflationary

because it is we we create value for

each other and the output of that value

because we're competing against things

that came before we use the things that

give us more value in fact while you're

using restream right now and can touch

millions of people where you couldn't

before is because it gives you more

value than what came before and so we're

part of the equation that the output is

more deflation and when you have

technology that's exploding and giving

us more tools to create more Automation

and more more efficiency then that

productivity is faster deflation so

remember most people are measuring the

world through through an inflationary

monetary system thinking prices are

going up whereas if you're on a protocol

that's bounded by energy that cannot be

to uh uh cannot be centralized then all

prices are falling relative to to to

that protocol um and it doesn't care it

doesn't care if you want to measure if

it doesn't care about trump it doesn't

care about Biden doesn't care about

Harris it doesn't care about how many

pieces of paper the Central Bank uh

Prince tomorrow it just doesn't care

it's measuring the truth in the world

because it's bounded by energy and it's

decentralized all right so let's let's

play with that because I think the I'm

I'm with you Tech is deflationary the um

the complication made is that um certain

types of tech look like they're going to

be extraordinarily uh energy uh

intensive right I'm speaking more

towards AI um we debate the Bitcoin

electricity energy usage from here to

tomorrow but um how do you think about

sort of the link between uh technology

and uh demand for energy to actually run

that because energy is directly tied to

inflation expectations so let's connect

it all together right so so but before

you just leave me on the screen because

I want to talk this through it's so

critical we have an abundant we have

abundance of energy on the planet

today um we have the capital cost to get

energy and the centralization of energy

is what Co what creates the cost of

energy and so if you just simply said do

we have so so we use more energy and we

and entrepreneurs find more creative

ways to extract more energy right that's

the process of energy and energy equals

life so we we have an abundance of

energy hitting this planet every day um

that we don't harness very uh very well

and and uh through human kind of all

human growth we've always been kind of

short energy and we find more energy

uses now let's take Bitcoin for an

example as as an example of what most

people would say about Bitcoin is from

the system and they would say Bitcoin

consumes energy and that's bad for the

planet that's insane be from A system

that has to grow forever on a finite

Planet by creating more pieces of paper

so in other words we're all M mice on

Wheels going faster and faster because

somebody can just stort our time by

printing more pieces of paper to

artificially grow forever and the output

of that growth is actually

centralization because you're stealing

the productivity from billions of people

that should flow to them to centralize

it up now let's say look at Bitcoin as a

free market actor solving that problem

instead of saying energy um be um

because alone this new system is so

complicated and people don't understand

energy very well either let's say Brad

and Michael you own a bakery and

tomorrow I come into the bakery and

every day you throw what you can't use

at the end of the day or don't sell at

the end of the day and tomorrow I come

in and I say listen Michael I'm gonna uh

I'm G to buy everything that you can't

uh can't sell I just want a discount for

it so I'll buy the your excess bread I

show up and I buy it the next day you

produce two times I show up and I buy it

the next day you produce 10 times I show

up and I buy it the next day you buy a

whole bunch more equipment and ovens and

and bread makers and you hire more

people to make a h hundred times more

bread I show up and I buy it um now

insert and so you create an abundance of

bread now insert

energy for uh for for bread and you

create energy abundance by having a

buyer all of the time

247 that's that is unencumbered by

whatever all the

centralization Abundant energy and

you're creating abundant energy through

Bitcoin by the way I'm on the board of

core scientific and what they're doing

is then they're taking that that energy

that they create abundant energy and

then they're selling it to higher biders

in Ai and

compute um or because and even you

forget higher biders in Ai and compute

um they uh um if you if you just said

Bitcoin couldn't operate could couldn't

couldn't pay as much as you would use

for turning on your lights they're

always looking for cheaper and cheaper

price so you have a free market actor

that creates the capital capital

efficiency to create abundant energy all

over the world and then they're selling

it to higher forms of energy or other

people who need more energy and they're

taking those Bitcoin Miners and they're

doing it again and again so it's

decentralizing energy as well um and a

bigger bigger idea of the whole thing

is it forces the free market forces the

free market prices of energy and

everything else on top of that to to the

marginal cost of production or the free

and prices fall so when people are

measuring inflation they should be

measuring it from about I I would guess

about Nega 5% so the theft in money is

not from zero it's from the natural rate

of productivity in the market without

the misallocated capital that is being

created to be able to make prices go up

the centralization function so the true

rate of productivity is way higher than

people realize that means the higher

rate of theft from the from the system

they're measuring from is true too um

and this keeps on going forever so that

as long as Bitcoin stays decentralized

and secure it is repricing the world if

you want to price it from your abstract

piece of paper or a control system you

can but what that means as well is

you're giving the system you hate more

energy to steal more energy from

you let's continue along this Tech is

deflationary theme because the

implication there of course is rates are

going to fall across the board uh and US

government can keep on doing its Prof at

spending because technolog is basically

allowing them to to some extent um keep

wait wait keep going on that and you

won't notice right okay correct and you

won't that's the more important thing

because you're measuring inflation from

zero so you won't notice how much is

being stolen from

you in an odd way doesn't

that doesn't that keep the policy makers

in power it doesn't change the fat

Dynamic then at all because they can

just keep on leveraging and leveraging

Ling yes that's why most people be

trapped and most people measuring

interest rates and most people thinking

that Powell can do anything they'll

they'll measure Bitcoin they'll think

Bitcoin is going up relative to fat

currency and what they're doing is

saying I'm going to trade a protocol

something bounded by energy for a piece

of paper so I can run my life that's

what they're doing because they'll

they'll falsely believe that uh and most

people I say most bitcoiners are still

measuring price go up in Fiat terms

which is insane which is absolutely

insane because you're you're saying I

want my price to go up in a piece of

paper that's going

down you're reinforcing you're

reinforcing the ex existing Paradigm um

and and if all you have to do is say is

the natural state of the free market

deflation and yes or no if yes then the

only and and throughout 5,000 years of

human history all monies have always

been centralized in

control then you know Bitcoin will try

to be people will try to centralize in

control too because human nature you can

have so much power by trying to do that

and Bitcoin has with stood that that

centralization for 15 years and is

continuing to and so you have a paradigm

of a whole bunch of people in the system

measuring in US dollars or Canadian

dollars or Turkish Lura thinking Bitcoin

pric is going up when actually all

prices against it are falling and they

will

forever so I know it's clearly not an

Apples to Apples comparison but I think

everything you're saying can apply to

let's just say stocks or other asset

classes where yes you're not bound by a

hard limit in terms of the number of

shares outstanding but there's certainly

incentives for BuyBacks there's

certainly other things that

so so so do the actual work on this and

actually prove the thesis so people are

asking when is it happening well it's

happening so this this house I'm sitting

in right now in Fiat in Fiat dollars was

$1.4 Million four years ago and is now

$2.1 million so it looks it appears as

it's going up and so what do people do I

need to buy real estate to be able to

protect my wealth in going up they're

doing the same thing with stocks and

look at this house in Bitcoin terms and

this house went from 300 Bitcoin to 22

Bitcoin and in four years this house

will be worth two Bitcoin and and so is

this house and so why do people buy

houses they're buying houses as a store

of value because their store of value

and their currency is a terrible store

of value so they're putting their energy

into a house because they think that

it's going up when it's actually

reinforcing what I just said and the

same thing for all all stocks they're

actually inefficient trades against

against Bitcoin they're terrible trades

against

Bitcoin so so all of those games just

remember what's happening and we're

biased to believe that other system

right all of those trades are are you're

losing money against Bitcoin why we

created a venture capital company only

investing in Bitcoin companies is

because the only way to bit beat Bitcoin

returns is to have companies that are

profitable in growing that ecosystem and

denominating their B Bitcoin balance

sheets in Bitcoin and so they're growing

and you have a venture type Returns on

top of venture on the top of a venture

type of asset by creating the

transition of of of uh of Bitcoin and

what we're talking

about the uh Point uh being made by

Andrew on YouTube on a Shar the screen

here uh bitcoin's Layer Two could be the

attack Vector for centralization you

know this a lot better than I do so

that's awesome yeah let let's explain

that first yeah so love this question

and and and and stay with me on screen

just so we kind I'm talking uh with you

on on this so so if you knew

that uh that Bitcoin at layer one

couldn't be attacked it get more and

more and you can prove this you can you

don't ver like uh you don't have to take

my words for it you can look at the

evidence of more energy and more

decentralization on layer one over the

course of the entire and it keeps on

getting more and more decentralized and

secure on on layer one so if you were a

government state actor any government

state actor and you said there's no way

we can kill this thing and it removes

our ability to usurp power from our

individuals they're trapped in our

system and we're stealing their economic

energy and we're stealing from them

calling it a political system when it's

really a control system and it's getting

worse and worse and the only way that

that doesn't go so then we have to

convince them to go to war to kind of

reset this system that's the path this

craziness is on and most people inside

that system think that there's a leader

that's going to change that system when

there isn't it just makes it's all

theater right and those highly paid

actors in that theater um are are paid

from

you sealing that money because if it was

just taxes I'm actually have no problem

specifically with taxes myself um but if

it because at least that was honest they

asked the voters it's the dishonesty of

the inflation that's from the

productivity rate which as I said

probably negative 5% it's that bucket of

money which is way bigger than the taxes

which is stealing people's time and

energy and they're so fearful they're

voting for other people within that

system to to who gets more of the riches

that comes from you so if if that's the

way the world's always looked and you

had this decentralized and secure uh

protocol at layer one then then you

would have to expect if you couldn't

attack it at layer one you would have to

and and some of those attack vectors

were um uh and some of those attack

vectors were um kind of the nonsense

around energy usage and everything

else um you would have to attack it at

layer two and then and Layer Two is if

everyone thought US dollar was the

currency on top of Bitcoin Bitcoin would

just look like

gold and then it would be centralized

and it would it wouldn't act as a store

of value so that's happening right now

speaking of nonsense that's a good word

to transition um I I have a a uh I have

this problem where I don't like price

targets right and I know everyone loves

price

targets I would have an issue when it

comes to any discussion around Bitcoin

when people say well you know Bitcoin is

gonna reach a million by year end and

that doesn't get there ah it's going to

be this year then this year then this

year and it just seems like it's just

extreme talking points to be extreme

this it be

um having said that you can make an

argument for a trajectory just not

necessarily a level when you think about

Bitcoin you're looking at from an

investment perspective as I understand

it there are plenty of people that look

at from a trading perspective yeah I'm

actually not looking at it an investment

perspective either I'm looking at it a

as a as a as a new imposition of of a

ledger that gives human freedom and free

market for 8 billion people to thrive

abundance for 8 billion people that's

what I'm looking I it is as far as an

investment sure it's a fantastic

investment but but when you think about

investment you're thinking typically

you're trying to trade it for something

else right and then your trading is just

a shorter term window on that investment

so I just wanted to clarify that I'm

looking at this is is a protocol bounded

by energy that changes the course of of

human hisory

the future of humans that we've never

been able to see

before which that which then brings with

the question how do you properly even

think about valuing it so I understand

what you're saying as far as it being

relativ De Fe it and it's a different

mindset sure but presumably there is

there is some overvaluation range or

undervaluation range and again stay with

me for this because this is so this is

how I never say price targets but I just

so but in that's why I

like but be but instead of saying what

is what is price target of your current

environment and your current environment

you're living in and so you're you if if

this is true if this truly is

decentralized it's the first time humans

have ever seen

it um so that would be really hard to

see for everyone because you don't have

a you don't have the mental lattice in

your brain to be able to compare this

and all of our history books are on top

of the old systems so you don't have so

you have to think in first principles of

what this means what it imposes to the

world we've always looked at and all of

our models from that world that come

from our understanding of that world if

this is truly new now in what I just

said Michael it's important is this

truly new is this truly decentralized is

it

secure I would say can it withstand all

of the attack factors this is this is

the the part of my work that I went so

deep on to understand why it truly was

because lots of hype men over the

history have said this is truly new and

it turns out to be the same old Paradigm

but but in my opinion this is truly new

then how would you look at it we live in

a world with $900 trillion of kind of

asset $900 trillion balance sheet about

$400 trillion of that is debt globally

um that's without unfunded liabilities

so um but 900 trillion and 400 trillion

of debt the 400 trillion of debt is in

solvent already and it's only solvent

because we allow governments to print

more money to pretend it's

solvent um and just before I go further

just let me clarify with you does that

sound right to

you yeah it sounds roughly as far as the

numbers go sure okay okay so we know 400

trillion is insolvent and um and 900

trillion is roughly numbers it's hard to

get the exact numbers but about 400

trillion um of De is INS solvent so what

does that mean into to how you would

operate your life in that you could take

the Ledger of 900 trillion and 400

trillion liabilities and you could say

my part of that ledger is X right if I

have a million dollar that's how much of

ownership of that ledger I

have now now we know as well in that

existing system that that it won't be

900 trillion in 5 years and it won't be

400 trillion of debt in 5 years that the

900 trillion will probably be closer to

two

quadrillion um so and the debt might be

1.5 quadrillion of it because it has to

monetize that debt it has to drive

inflation which is a centralizing

function again and it has to get worse

and worse we also know most people are

measuring all of their assets within

that by that same measure so if you just

did this and took 900 trillion divided

by 21 million to get the purchasing

power of the relative ledgers that would

be about $43 million per Bitcoin and the

only thing to get there it might take a

long time to get there but the only

thing that would would would invalidate

what I just said is if bit if Bitcoin um

lost its decentralization and security

if somebody co-opted it but otherwise it

would it will repic that 900 trillion

and today's purchasing power not value

not price because you're measuring price

from the others would be relative to

about $43 million of today's purchasing

power but if you fast forward five years

and the the balance sheet is two

quadrillion um and most and and just

more pieces of paper and more Datt uh in

instruments make that go up then that

that value of Bitcoin at that time is

that much higher and people wouldn't

understand the relative Val value of the

purchasing power just like they don't

understand the relative value of a

dollar isn't the same dollar as it was

50 years ago it's lost most of its value

and so they're going to have a really

hard time con and then tied into that

you could create a whole bunch of views

by saying bitcoin's going to be $43

million tomorrow um and and and then and

and and and so that's why I hate price

targets but but but I talk about the

ledgers what do they mean as long as

this is an honest Ledger it is repricing

the dishonest one and it doesn't matter

what the dishonest one does and all of

your assets within the dishonest one are

also subject that revaluation just like

my house

is um since you mentioned the word

dishonest we should talk about

politicians okay given uh given this

there's a lot of headlin around Trump at

the Bitcoin conference and then there

was that post around Cala looking to in

quotes reset relationships with the

cryptocurrency community um I'm I'm

cynical like you are all this stuff I

this is just playing politics to try to

get younger voters I think largely but

um any thoughts on sort of the the the

way that the poit political side now is

starting to more aggressively

communicate around Bitcoin and if it has

any implications of sort of speed of a

option yeah so it's this is Game Theory

um and just the politicians starting to

mention it means because there's so many

bitcoiners that now know what I know the

key part of the decentralization and

security is once you know what it means

all of your energy starts to go in and

defend that and create more technology

on top of it to so so there is a giant

group of people globally that is

defending this network and innovating on

top of it and that's coming in now

layers and the the explosion of this

ecosystem which most people are

completely detached from is Unstoppable

that also means that that becomes vote

those become voting blocks all over the

world that you can't get elected unless

you you you move to those people because

they don't care about politics they care

about this and if a politician is going

to get those votes they have to be

outside so you have this game theory

accelerating all over the world to try

to gain those votes and try to

essentially move

to freedom and and abundance because

those people and and there's Millions

strong now all over the world know

what's up know know that the control

system and what it's doing so now now

how how does that look from that control

system yes a lot of those people inside

that control system are just trying to

play games to try to appeal to those

voters and it's more theater or some are

how do we control Bitcoin Layer Two and

and tie it to the US dollar so we can

repeat what we did to go we went from

gold to Petr dollar system back to

bitcoin so we can keep doing this so

there's a bunch of that as well well at

the same time this transition is moving

to a currency it's moving to a currency

globally not just a store value but a

currency and all of the technology

that's being built on top is

accelerating that path

um the so if I said in the US Politics

the only person who really understands

this right now and who if I was in the

US I would vote is RFK RFK Jr the in

fact I was his first Bitcoin transaction

and he's done the work he knows how bad

the the kind of the state operatus is

and he's done the work he understands

what this means um whether he gets

elected or not that's but in time it

doesn't matter who's elected this is

happening anyways it's not negotiating

with those people now just like if you

were in North Korea and you didn't have

the internet an elected leader could

stop this from happening within a

country but they can't stop it from

happening globally so all they can do is

hurt their citizens by not adopting

it I got a few minutes left I want you

to hit on uh the price of tomorrow uh

and explain what are is you covered and

talk through if you're going to have

another book after

that um I wasn't going to have another

book I think I'm just started writing

another book and it and and so this book

left off and it left with that uh that

conundrum that that that that how do you

move from A system that usurped all of

our control Power and got centralized

and got worse um and how it had to

divide us from each other and make and

and our division from within that system

would drive more views and more power

from within that system and all of those

things would make it stronger how could

you move to a system that was that was

aligned with a free market that gave

abundance to eight billion people on

this planet how could you move from one

system to another and so I only had

Bitcoin as as a paragraph in the in uh

at the end of the book and I and I did

that intentionally I wanted to

understand the system problem from first

principles and then pose it as a

question how could you solve it when all

of the encumbered interests were inside

the existing system why most people

wouldn't see it um and why um but as I

was uh and to be honest at that time

while I held Bitcoin um and I didn't

want to bias my opinions of it I um I

thought there I thought there was at

least a 5% probability that Bitcoin

would be centralized or controlled in

time

and and it was and here's the irony

Michael I didn't uh it wasn't a 5%

probability it was my misunderstanding

of Bitcoin that was that gave it a 5%

probability of essentially failing in in

time and as I tried

to as as I tried to take a steel man to

my argument and tried to argue it from

the other perspective and try and what

would happen I became more and more

convinced that this is this is a

discovery that can never be Discover it

again it is one one of those things that

is so important and my time on it and

and and and actually jumping in and

spending more of my time in it helping

it become decentralized helping it move

to a currency um was uh was important

and through so I said everybody goes

through their journey and they see how

where where that goes and just um and

and I understand all the reservations

for the system because I had them too

and I was looking to so the book just

kind of walks through why a new system

is needed to allow the abundance gained

from our technology to flow to us and

then and then as I went deeper and

deeper and deeper it means way more than

just how people are measuring it through

an economic system today and how much

money they're going to make in Bitcoin

it means so much more it is literally

human abundance and freedom described

onto this protocol that's bounded by

energy um and we're in early in that

process so the next book is going to

going to move to the uh move deeper into

that I'll leave it with this final

comment Jeff Booth for

president I think he's got to be born in

the US for that but I thly appreciate

the uh the sense but there everybody

please make sure you follow Jeff Booth

on Noster uh and of course on X he's

still there but nosters where's Miss

stuff out check out the prices tomorrow

hopefully I'll see you all another

episode of lead lag live and appreciate

those that watch this during the stream

thank you Jeff appreciate it great

seeing you again

thanks e