RUSH TRANSCRIPT Larry well ░░░░░░░░ Bitcoin roller coaster ride ░░░░░░░░ Bitcoin plunged today nearly ░░░░░░░░ from its all time ░░░░░░░░ of 58 000 bucks ░░░░░░░░ occurred on Sunday Last ░░░░░░░░ Bitcoin hit a trillion ░░░░░░░░ in market value for ░░░░░░░░ first time That is ░░░░░░░░ big deal I guess ░░░░░░░░ slide follows an attack ░░░░░░░░ Treasury secretary Janet Yellen ░░░░░░░░ Bitcoin is quote an ░░░░░░░░ inefficient way to conduct ░░░░░░░░ She had other choice ░░░░░░░░ too Let s bring ░░░░░░░░ the expert cryptocurrency is ░░░░░░░░ to stay That is ░░░░░░░░ view It is here ░░░░░░░░ stay The I don ░░░░░░░░ care the government is ░░░░░░░░ to hate it David ░░░░░░░░ founding manager partner of ░░░░░░░░ bahnsen group I advised ░░░░░░░░ Please continue to do ░░░░░░░░ Not that I don ░░░░░░░░ care what the Treasury ░░░░░░░░ says on this subject ░░░░░░░░ I don t care ░░░░░░░░ the treasury says on ░░░░░░░░ subject Bitcoin is here ░░░░░░░░ stay You know it ░░░░░░░░ know it We may ░░░░░░░░ like it We may ░░░░░░░░ cherish it We may ░░░░░░░░ even buy it but ░░░░░░░░ is here to stay ░░░░░░░░ know that Well it ░░░░░░░░ is I think the ░░░░░░░░ people have to make ░░░░░░░░ understanding Bitcoin has a ░░░░░░░░ of exchange versus the ░░░░░░░░ that one is paying ░░░░░░░░ a Bitcoin I think ░░░░░░░░ when you see this ░░░░░░░░ of high volatility I ░░░░░░░░ have you ever said ░░░░░░░░ was down 20 from ░░░░░░░░ high of two days ░░░░░░░░ You know we re ░░░░░░░░ about this stable medium ░░░░░░░░ exchange to substitute the ░░░░░░░░ S dollar So really ░░░░░░░░ it is an Elon ░░░░░░░░ tweet or a press ░░░░░░░░ comment from Secretary Yellen ░░░░░░░░ cannot be that vulnerable ░░░░░░░░ considered a stable medium ░░░░░░░░ exchange Larry but they ░░░░░░░░ going to work through ░░░░░░░░ Look not even the ░░░░░░░░ S dollar is that ░░░░░░░░ in the short run ░░░░░░░░ the dollar had its ░░░░░░░░ of crashing down for ░░░░░░░░ period of time But ░░░░░░░░ is talking about it ░░░░░░░░ in general Bitcoin is ░░░░░░░░ the best known for ░░░░░░░░ variety of reasons The ░░░░░░░░ needs improvement right The ░░░░░░░░ ledgers need improvement The ░░░░░░░░ need improvement the Fed ░░░░░░░░ treasury will fight but ░░░░░░░░ are going to lose ░░░░░░░░ is libertarian populist thing ░░░░░░░░ Folks want this because ░░░░░░░░ don t trust the ░░░░░░░░ Yeah Yeah that is ░░░░░░░░ interesting thing push pull ░░░░░░░░ unquote establishment fights it ░░░░░░░░ that camp social logically ░░░░░░░░ up liking it But ░░░░░░░░ the other hand we ░░░░░░░░ told more mainstream use ░░░░░░░░ it the idea that ░░░░░░░░ wants to use it ░░░░░░░░ Elon Musk is putting ░░░░░░░░ cash into it that ░░░░░░░░ supposed to be an ░░░░░░░░ for it It is ░░░░░░░░ this tug of war ░░░░░░░░ being accepted in the ░░░░░░░░ or being that kind ░░░░░░░░ libertarian sort of iconic ░░░░░░░░ Ultimately I don t ░░░░░░░░ were that pushes the ░░░░░░░░ higher The fact there ░░░░░░░░ be greater use of ░░░░░░░░ currency as a medium ░░░░░░░░ exchange as block chain ░░░░░░░░ continues to involve which ░░░░░░░░ your point Larry I ░░░░░░░░ agree with I would ░░░░░░░░ on price of what ░░░░░░░░ Bitcoin would be It ░░░░░░░░ be 1000 10 000 ░░░░░░░░ the next month That ░░░░░░░░ uninvestable for us but ░░░░░░░░ agree with you it ░░░░░░░░ here to stay Larry ░░░░░░░░ ago when 2 first ░░░░░░░░ up some of the ░░░░░░░░ like my pal Brian ░░░░░░░░ why don t you ░░░░░░░░ it by gold or ░░░░░░░░ basket It would have ░░░░░░░░ currency value Right now ░░░░░░░░ is an investment play ░░░░░░░░ store You take your ░░░░░░░░ go up 20 go ░░░░░░░░ It doesn t have ░░░░░░░░ Art Laffer calls the ░░░░░░░░ of money It is ░░░░░░░░ reliable medium of exchange ░░░░░░░░ of it is volatility ░░░░░░░░ you backed it with ░░░░░░░░ unlike other fiat paper ░░░░░░░░ I could think it ░░░░░░░░ be very reliable Think ░░░░░░░░ that That is a ░░░░░░░░ point The same thing ░░░░░░░░ be said about other ░░░░░░░░ currencies as well The ░░░░░░░░ of those of us ░░░░░░░░ believe something called sound ░░░░░░░░ seems to be growing ░░░░░░░░ by the day Larry ░░░░░░░░ is true So Jay ░░░░░░░░ testified today easy money ░░░░░░░░ That is what you ░░░░░░░░ easy money easy money ░░░░░░░░ therefore stocks did rebound ░░░░░░░░ therefore we can t ░░░░░░░░ the Fed because interest ░░░░░░░░ will be zero probably ░░░░░░░░ the rest of my ░░░░░░░░ So is that bullish ░░░░░░░░ your judgment Well I ░░░░░░░░ surprised that the markets ░░░░░░░░ have rebounded if you ░░░░░░░░ anything we didn t ░░░░░░░░ know That is they ░░░░░░░░ going to stay at ░░░░░░░░ zero bound for several ░░░░░░░░ years It is a ░░░░░░░░ conclusion That qe continues ░░░░░░░░ a foregone conclusion He ░░░░░░░░ something in the preprepared ░░░░░░░░ Larry not sure you ░░░░░░░░ it but it is ░░░░░░░░ to read He said ░░░░░░░░ want to get to ░░░░░░░░ inflation and get to ░░░░░░░░ where we believe it ░░░░░░░░ be sustainable much higher ░░░░░░░░ that for a prolonged ░░░░░░░░ of time So this ░░░░░░░░ they want to kind ░░░░░░░░ smooth out to a ░░░░░░░░ inflation that basically gives ░░░░░░░░ all the flexibility they ░░░░░░░░ ever hope for to ░░░░░░░░ at the zero bound ░░░░░░░░ perpetuity Now there is ░░░░░░░░ for and against all ░░░░░░░░ different things they re ░░░░░░░░ but my point is ░░░░░░░░ idea that minute believes ░░░░░░░░ will not being somewhat ░░░░░░░░ to asset prices at ░░░░░░░░ point in time if ░░░░░░░░ hasn t been already ░░░░░░░░ just find that completely ░░░░░░░░ to believe Larry but ░░░░░░░░ can t fight the ░░░░░░░░ I say this in ░░░░░░░░ seriousness okay I m ░░░░░░░░ mocking it I m ░░░░░░░░ I don t think ░░░░░░░░ Fed really knows the ░░░░░░░░ of inflation no matter ░░░░░░░░ the Fed wants with ░░░░░░░░ inflation or maybe some ░░░░░░░░ lower inflation I don ░░░░░░░░ think they have the ░░░░░░░░ idea how to do ░░░░░░░░ All the models have ░░░░░░░░ down right Phillip s ░░░░░░░░ I myself follow the ░░░░░░░░ of the dollar Dollar ░░░░░░░░ another 10 we ll ░░░░░░░░ inflation If it doesn ░░░░░░░░ they were I think ░░░░░░░░ little inflation comes up ░░░░░░░░ nothing Bump up 35 ░░░░░░░░ points in interest rates ░░░░░░░░ I wouldn t sell ░░░░░░░░ market because the 10 ░░░░░░░░ went up 35 basis ░░░░░░░░ Oh no of course ░░░░░░░░ The idea that 135 ░░░░░░░░ point 10 year is ░░░░░░░░ detrimental to stock versus ░░░░░░░░ is silly but Larry ░░░░░░░░ quickly reminisce Larry real ░░░░░░░░ Tying what you re ░░░░░░░░ about now The only ░░░░░░░░ for all the years ░░░░░░░░ ve been friends and ░░░░░░░░ of tiles you ve ░░░░░░░░ on TV hundreds of ░░░░░░░░ I was on TV ░░░░░░░░ time we were every ░░░░░░░░ TV together down on ░░░░░░░░ floor of the Stock ░░░░░░░░ at the other network ░░░░░░░░ started talking about the ░░░░░░░░ curve and how it ░░░░░░░░ dead and gone forever ░░░░░░░░ is when the Fed ░░░░░░░░ wanting to raise interest ░░░░░░░░ because they were worried ░░░░░░░░ inflation I almost started ░░░░░░░░ on set an applauding ░░░░░░░░ I was so excited ░░░░░░░░ you making this case ░░░░░░░░ we are now on ░░░░░░░░ together It is the ░░░░░░░░ opposite story They re ░░░░░░░░ talking about how well ░░░░░░░░ re worried about inflation ░░░░░░░░ re not worried about ░░░░░░░░ We think that we ░░░░░░░░ have low interest rates ░░░░░░░░ perpetuity You re exactly ░░░░░░░░ It is not that ░░░░░░░░ they re doing is ░░░░░░░░ or wrong It is ░░░░░░░░ investors and saves cannot ░░░░░░░░ believe they know Larry ░░░░░░░░ is a key point ░░░░░░░░ is the takeaway from ░░░░░░░░ They have to make ░░░░░░░░ up as they go ░░░░░░░░ That is the sort ░░░░░░░░ reality we re in ░░░░░░░░ not just Wall Street ░░░░░░░░ People in the midwest ░░░░░░░░ about blue collar workers ░░░░░░░░ are actually doing very ░░░░░░░░ this con Mitch The ░░░░░░░░ great news for them ░░░░░░░░ that the Fed has ░░░░░░░░ idea what causes inflation ░░░░░░░░ it won t happen ░░░░░░░░ long as we keep ░░░░░░░░ currency sound More to ░░░░░░░░ revealed David bahnsen I ░░░░░░░░ it very much I ░░░░░░░░ believe the phillips curve ░░░░░░░░ between more people