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Is the crypto market on the verge of a potential crash? Peter McCormack, Host of ‘What Bitcoin Did’, explains how to protect your crypto portfolio, dives into the current state of Bitcoin and crypto markets and how to keep your investments secure throughout the year. In this episode of ‘Speak Up,’ Anthony Scaramucci is joined by Bitcoin Expert, Peter McCormack. The two try to make sense of the volatile crypto market and explain the impact it could have on your wallet or portfolio. Peter, also unpacks the latest market trends, offers vital strategies for growing your investments and answers viewer questions. They’ll also explore the geopolitical impact on the economy and Bitcoin, with perspectives on events in Ukraine and Gaza. Peter also touches on the significance of Bitcoin ETFs and the future of AI in Bitcoin mining. Did you like this episode? Hit the ‘like’ button and tell us what you enjoyed in the comments!


Anthony Scaramucci  0:00  
What do you think of the Roaring Kitty? What do you think of these things that are happening now? In the wild?

Peter McCormack  0:04  
Yeah, I mean, I love it. I love it. 

Anthony Scaramucci  0:06  
Right? Of course, 

Peter McCormack  0:07  
I love it whenever there's a little guy taking the big guy and winning, because let's just be completely honest, right? The rules have been set by government for the big guy to win a credit, you know, just looking at accredited investor rules, right? Or the attempts to squeeze people from accessing things like Bitcoin. The rules are in place that the rich get richer. And look, I'm not, I'm not a particularly wealthy person, but I'm okay. But what I've learned is once you get to a certain level of income, making money becomes a lot easier. Once you can breathe once, once you've escaped the kind of rat race. Once you once you, it becomes easier. But the rules are set for the big guy to win always, always set for the big guy to win. So I love it when there's like somebody coming in. And they found a hack to the system.

Anthony Scaramucci  1:02  
So joining us now on Speak Up is Peter McCormick. He's a podcaster and Chairman of the real Bedford Football Club. And you can see he's got the Bedford hat on he created and hosts what Bitcoin did, it's a twice weekly podcast, my all time favorite, by the way, I subscribe. And I pay for you to also subscribe because it's award winning on a number of different levels. You'll learn a lot about Bitcoin. But you'll learn a lot about realness and authenticity. These are two characteristics of Pete McCormack that I genuinely adore. But he interviews experts in the world of Bitcoin development, privacy, investment, and adaption. And he's a badass on top of everything else. Okay, so welcome to the show, Peter. And I will also point out that when I became a Bitcoin investor, you invited me on your show, and it was a rigorous experience for me. And I feel like I passed it. I feel like you were like, alright, the guy knows enough about Bitcoin. And he's not just buying it for the sake of buying it. He's actually done his homework, fair to say or no?

Peter McCormack  2:10  
far to say, look, Mooch, you know, to handle this stuff. You're experienced in front of media, you know how to handle this stuff you crushed it.

Anthony Scaramucci  2:18  
I mean, look, I'm doing the best I can. But let's talk about the economy for a second. And let's go macro first, and then I want to go deep. Because if you just have like really informed views about this stuff, so tell me where you think the economy is right now. We've gotten some recent inflation numbers that are mixed, some things look like they're rising, that panics the market, and the market sells off. And then this morning, we got some better than expected inflation data. So

Peter McCormack  2:48  
wow, look, there's the data. And there's what your real life real lived experiences. And I run a number of companies. And there's really easy and obvious signals. So I'll give you one example, I bought a bar a year ago, I became available where I live, the best bar in town, I was like, Okay, I'll have that. And I've had it very year. In the year, the turnover went up. The previous year, the turnover was about about 575,000 pounds. He only appears on a Friday, Saturday night. And then the first year I had it 650,000 pound turnover. Okay, cool turnovers up profits now, profit dropped from 130 to 100,000. So you have to look at why you go into the data. Look, I knew why already. But the primary reason is all our input costs went up. All our electricity and gas costs went up, all our human resource costs went up. And all our costs from our supplier and our drinks went up. We didn't want to put up our prices, because we know people are squeezed. And so the reality is, is that that that's happened to us, so we've lived through that. And whilst the inflation numbers may be cooling, even cooling inflation numbers still mean there's inflation, right? People are still getting squeezed. And so my real lived experience of this, of running that running my football club, running the podcast, every single business I run, all our costs have gone up, right. But we haven't really been able to put our costs up because people can't afford it. Right? And so look, if we go through a period of cooling, this will be great. And eventually hopefully, we will be able to put our costs up. But our margins are being here. And so at the moment, it's I don't wanna say it's about survival, because we've got breathing room. But it really is about long term planning for all of our companies. You know, how do we get back to a better financial position? And this image the way we've done it, is we're still profitable. So what, where do you think I'm putting those profits? Bitcoin? 

Anthony Scaramucci  4:59  
Of course, you got buying Bitcoin for your bar so that you have, you have a balance sheet position. Let me tell you something, Peter, after you and I met over the airwaves spoke, I accumulated a Bitcoin position on the balance sheet of skybridge. There you go. And that's going to fortify skybridge. well into the future like a wolf for your bar. But, but I want to, I want to step back and want to test the theory on you. Your common sense guy, you're an entrepreneur, you're a large business owner, and a small business owner, and you're a Bitcoin er, I think we over inducted money into the system globally, that's the Bank of England, the Bank of Japan, the Central Bank of the United States, we panicked in COVID, we sent money flowing into the system. In the United States, we call the PPP, maybe they call this something different in the UK, but we told people, you got to stay in your house. But here's money so that you don't go poor. And then people save a lot of that money, and then we cut rates to zero. And then we came out of COVID. Now the thing that we screwed up is that the supply chain didn't connect fast enough. So we had less supply of goods, lots of money in the system, more demand less supply, prices went up. And they stayed up longer than people have anticipated. But as that supply chain is connecting now, and you have AI and you have all of this exponential technology, onboarding. I could be wrong, but I think those prices are going to come down. And they're going to come down faster than and they stayed up longer than people expected, Peter, but they're going to drop faster than people expected. Do I have that wrong? Are we in a permanent period of secular inflation?

Peter McCormack  6:48  
 Listen, you'll be able to get better experts on who can discuss macro economics.

Anthony Scaramucci  6:54  
I'm not looking for the experts, or I'm looking for the common sense man, who is sitting there on the ground observing it from their business.

Peter McCormack  7:02  
Yeah, so it was gonna say it's from my business perspective. Yep, there is nothing on any of my businesses where I'm seeing signals of prices dropping apart from one thing, which is flights. So one of our input costs of the media companies, I have to fly around the world and do these interviews. Flights got super expensive, okay. What's been really interesting is, I haven't seen business class flights, the price is dropping, they got super expensive. So I'm back in, I'm back in the coach. But I started see coach and Premium Economy prices start to drop. And that was a lag I saw after previously seen planes fall to now seeing planes that aren't full. And so I just think there's there's a real issue is that one of the disposable eras, people with their disposable income is on holidays, but I think they happen to be a little bit smarter about where they're going holidays. But in terms of every one of my businesses, there is no part of anybody's mind, any business where I'm planning for prices to be falling, I'm not seeing any indication that's going to happen. Actually, what I'm seeing is belts tightening, less customers. And because of that, people are having to increase their prices, because if they don't increase their prices, they themselves are going to risk going bust. And so what I'm actually planning for is more active marketing, more active work in ensuring that when people do have money to spend, they're coming into my businesses to spend them. That's what I'm planning for. I I think we've sadly we're in this really strange place whereby the the politics has divided people so hard. There is such a desperation, whether it's here in the UK or in the US, for each political party to win an election. Nobody is going to posterity on the table as a as a as a campaign promise, even though the Kiwanis like if you rented a cup again, if you buy a car or buy a house and have a mortgage, you have to make payments and you take out a loan, you have to make payments. And if you don't make payments, they're gonna repossess your home or your car. So you work to a budget. No, you can't step out of that. But the politics politicians have it, you know, they have different rules. There's no budget they have to keep to do you have a permanent money printer, they have an infinite debt they can get on every time they use that infinite debt machine. It squeezes us because it leads to inflation. And if you just look at USDA alone, what are we approaching $35 trillion.

Anthony Scaramucci  9:25  
You know, what are they talking about? 35 Triilion? Yeah,

Peter McCormack  9:27  
4 billion 4 trillion this year, they're talking about what's with Biden. I mean, this is a Ponzi scheme we've seen we know what happens before we've seen it all around the world. We are in a debt bubble, which is going to blow up at some point. And a lot of people are gonna get hurt.

Anthony Scaramucci  9:44  
It's weirder. Don't mind me interrupting per se, it's like weirder than a Ponzi scheme. Okay, because it has all the elements of a Ponzi scheme. But it's like if Ponzi could create money himself. Yeah, I don't think so. In other words of if Pong Z are made off Cook, make the money himself, like in the backyard, like people make crystal meth. I think it delivered, you know, they can last longer. You said I mean, so we're borrowing the money, money that we can make ourselves. So what's happening now is we're printing the money, and then we're putting it on the Fed's balance sheet as debt. Right. So we're actually even less concerned about people buying it, because we just print it and put it on our, our balance sheet. And what it's doing is it's killing the people that go into your bar, Peter, it's killing the lower and middle income people because they use their time, and they use their energy, labor to make money to live their lives, they don't have the assets that the rich have. And so you're killing them with this regressive taxation, known as inflation.

Peter McCormack  10:51  
The truth is, and the sad side of it is, is like inflation is good for you and I, this is an I don't like this, like, I feel ashamed about it. But when you own assets, inflation is good. When you're in Bitcoin inflation is good. When you own property, inflation is good. When you have debt inflation can be good for you, because the inflation can wipe out the debt. But crashing, crushing the win crushing the people who need it the most.

Anthony Scaramucci  11:16  
We agree, and I obviously, you know, I, you know, I'm gonna say something staggering. And somebody said this to me, I had a look at it. But you can go verify this, the US dollar has lost 23% of its purchasing power since January of 2020. Okay, so we've taken a quarter out of the US dollar, and then people wonder why there's anxiety in the system. So even though the full employment, GDP number looks, okay, certain things on the economic dashboard, look, okay. It took 25 cents out of every dollar of purchasing power. And if you're a middle class person, or lower middle class person, you're feeling it. And you're right. If you and I borrowed money to buy that piece of real estate or even to buy bitcoin, we're not feeling it. We're feeling pretty good about it. So alright, so So let's, let's switch topics because you sweat. Another thing I love about you. You're like a genius level guy, but like you try to pretend that you're not, which is something I like about you. So let's go with because I listen to your pockets. Let's go into geopolitics for a second. Okay, how is that impacting things? Okay. I was bummed out about the Ukrainian war. But we've added the war in Gaza to the Ukrainian war. And we've got two full on proxy wars going right now. And you and I both know that there are WarGames happening in the Pacific. Us is getting, I hope it doesn't happen. But they're worried about certain things going on in Southeast Asia as well. So how do you think the geopolitical situation is shaping up? And what ramifications of that have on the economy and Bitcoin?

Peter McCormack  13:02  
Alright, big questions. Let me tell you an interesting, let me approach this differently. Because I'm gonna imagine a lot of your listeners might be American, the lens, how people see these stories in the UK is very different from how it appears people see it in the US. And I think, actually, I'd say across Europe. So there is no world. No person that I know, in the UK or in Europe, anywhere at all, that isn't anything but 100%, supportive of Ukraine. Ukraine was invaded by a foreign nation. It was a successful democracy, and a thriving economy. Since it's separated from the USSR. I've been there been to cave, beautiful place beautiful people. There is not a single person in Europe, pretty much. When I say not, there will be some but very, very small amount of people who has anything but sympathy for Ukraine, and sees them as their their fellow brothers has been invaded and wants to support them. What I see when I'm watching my friends on the internet, or traveling across the US is another political football. Your political ideology decides what you think about this. And so I find it really unusual when I almost see people finding an argument to defend Putin's reason for invading Ukraine. I find it really unusual, because there's there's no conversation like that happened here and in the UK, and that's why I also was very critical when I saw Tucker Carlson walking around supermarkets and Ukrainians and I'm like, you can put a coin in a trolley and the trolley works and, you know, it was very unusual for people here. And similarly, I find this really interesting lens with regards to what's happening with Israel and Palestine. For me, is this the story? There's Very simple is that I don't for me, I don't know how anyone cannot hold these two same truths that the people of Palestine have been, certainly in Gaza have been living in, essentially a prison camp. They've been dehumanized, they've lived on the edge of war. And they've suffered huge and severe consequences, both economically and with the death and destruction there. And at the same time, hold the same truth that the people of Israel deserve to live in peace. Those two truths are easy to hold at the same time for me. But again, when I look across my friends in the US, it seems like there has to be a side, which is picked. And I've seen all these protests with regards to people protesting for the people of Palestine. And these kind of very, very critical, people are very critical of the people kind of defending Palestinians living in Gaza. But if you look at the people who are protesting the young people, I mean, don't you want young people to have huge amount of empathy for for women, children and families being essentially subjected to what is not far off a genocide within Gaza. And so the lens of all these things, is where I am in the UK and Europe is always very clear. But there is this political dimension always in the US, which kind of comes down to whether you're a Democrat or Republican. And that to me is like a frustrating thing. The wider question that you've asked is, my own personal feelings is we're heading into unknown territory. For my lifetime. I always thought big, large wars. Multi region wars were a thing of for the history books I learned about in history, World War One World War Two. I'm now in a position where for the first time in life, I'm very fearful of the escalating global conflict. We have very high tensions between Russia and Ukraine. We certainly have global PACs, we certainly have escalating tensions in the Middle East. And I don't know where this leads to. And I'm, I'm definitely fearful as someone with two children. The this itself isn't, isn't at all helping the economy. And so, for me as as a father and a business owner, I'm just very nervous about it. And I can't give any intelligent answer as to what the solutions are. But it's a very, it's a time I'm very fearful. 

Anthony Scaramucci  17:46  
Yeah, no, I mean, listen, I mean, I want you on so you could express your views. I'm not. I'm not here to rebut your views. I'm just here to get make my observation as well. You know, Tucker Carlson, you know, he, you know, I think he's a useful idiot for Vladimir Putin. I think that that's ultimately what he is. And if you understand the money that's been spent by the Russian government here in the United States, to distort public opinion and to literally create personalities on the internet, and they have large server farms. There's a Brit by the name of Catherine belt and wrote a book called Putin's people. She was the former Financial Times, bureau chief in Moscow. And she laid out for people what Vladimir Putin really wants. He wants a destruction of Western democracies. He wants to breed distrust. In the UK and France, Italy, United States, anywhere where there's a semblance of a democracy. He wants people diving into conspiracy theories, he wants people to believe that their government is out to get them. He wants he wants to create this high level of dissension, the nonsense that he's spewed on the internet here about the Ukrainians being Nazis. We, you also know that we've had this military grade bio weapons factory in the Ukraine. All of this stuff that he's saying is just patently untrue, but there's a very large group of Americans that that that feel this Peter and by the way, these are generally Americans that feel disassociated from the economic aspiration that you and I have experienced. Okay, I would tell you that I grew up as a blue collar guy and an economically aspirational family. But a lot of these people now are economically desperation all and it's through no fault of their own, but they do need to blame somebody. And I think that that's that's leading to more political dissension and more of a crisis. So So let's, let's go to a phenomenon a byproduct of this fun Ramadan is actually roaring kitty. Okay, rorting Kitty is back in the news. He has shown himself after a couple of year absence, He's rising from a chair, it caused a doubling of the game stock, meme stock. The SEC in the US, you know, Jay Clayton didn't do such a great job of this. But I'll paraphrase. He doesn't like this because this is a form of collusion. So just imagine big companies getting together, or big hedge fund managers getting together and say, Okay, let's put push up X, Y, Z stock, or z y x stock. That's actually illegal. But it's being done in this bee swarm. So there's not a lot of laws about the bees swarm, but it's also a cause of the little guy. It's the little guy, it's David with the slingshot, versus the big guy. So I want you to react to roaring kitty, I want you to react to this economic dynamic that I'm describing. What do you think of the roaring kitty? What do you think of these things that are happening now?

Peter McCormack  21:10  
I mean, I love it. I love it. 

Anthony Scaramucci  21:12  
Right? Of course you do, 

Peter McCormack  21:13  
I love it whenever there's a little guy taking a big guy and winning, because let's just be completely honest, right? The rules have been set by government for the big guy to win, accredited, you know, just look at accredited investor rules, right? Or the the attempts to squeeze people from accessing things like Bitcoin. The rules are in place, that the rich get richer. And look, I'm not, I'm not a particularly wealthy person, but I'm okay. But what I've learned is once you get to a certain level of income, making money becomes a lot easier. Once you can breathe once, once you've escaped the kind of rat race, once you once use, it becomes easier. But the rules are set for the big guy to win, always, always set for the big guy to win. So I love it when there's like somebody coming in. And they found a hack to the system. And you can look at the people who support it, who are the people who support it, they're the people who maybe can't afford to buy a home anymore, you know, can't see opportunity, you know that. There's so many people I know now you have friends of mine, who their entire disposable income is completely eaten up by the cost of living. And you know, what? What's this all about, like how we got to this place where kids have no aspirations because they can't get on the jobs ladder. If they do, they can't get on the housing ladder. The rents are so expensive, they have to live in shared accommodation, you know, that they can't afford maybe to eat three meals a day. You know, we're in this place now where we squeeze so many people out of the system, while so many other people got rich that if we get a hero that comes in and learns a hack to break the system, I love it. I'm absolutely here for it. I'm going to cheer them on.

Anthony Scaramucci  22:52  
Yeah, no, listen, I you know, I don't dislike it. I'm not saying that. I said it was the French Revolution of finance. Yeah. And so I don't dislike it. I guess what I'm worried about because I've been in on Wall Street for 36 years, some of the stacks don't marry fundamental surprise movement. So they can be mean, and they can be token like, but then I just worry that someone gets gets caught holding the bag. Oh, they will? Yeah. And that's the thing. You know, it's like, I don't mind the nature of the markets. I don't mind the beast swarm. I just mind you know, somebody that potentially I grew up with, that has limited means has the same issue you're describing about disposable income, but they've packed some of their savings into something that may drop 50 to 70% quite quickly. And so that begs the conversation of digital assets, Bitcoin, etc. So you and I see Bitcoin as a store of value, I think you may even see it a little bit more than that, actually, it could eventually become a universal standard of currency, it could, it could potentially replace some of the drunk driving, that's happening by the central banking community with the currencies almost like the Bitcoiners said 15 years ago, there's strong driving going on by the central bankers with our money, maybe we need to take the keys away from the central banks and the governments and restore trust in the system by making it trustless. You know, overly decentralizing it and making it impossible for anybody to hurt or hack it and therefore, money is money. And so if you're a blue collar labor, you earn the money. No one can take it away from you through this invisible thing called inflation. Right? Yeah. So and So you and I see that and so we'd like Bitcoin, but the other assets out there. So give us the Peter McCormick view of Bitcoin. And then what do you say about other assets other alt coins? What are you views of them, if you like any of them, what are they? And so where do you think things are there?

Peter McCormack  25:05  
So I know you know, I'm a Bitcoin Maxy the only cryptocurrency I have.

Anthony Scaramucci  25:12  
I do know that I have a say I listen to your podcast, but I'm leading you.

Peter McCormack  25:16  
So I'm the only one I have an interest in Bitcoin. But that's come through the painful lesson of like trading all coins. What Why was I trade in all coins to begin with? Well, I was trying to make more money. But what I realized with this kind of money game is that the reality is, I think you could get lucky, you could buy a trade, you could, you could buy an all coin, pick a right time exit at the right time, you can make some profit. But really, you're playing a game of luck, because you don't know which coins are going to have value long term, which are going to die quickly. And when when the good time to buy and sell is. But what I've learned with Bitcoin is is that it's going up forever. You know, it goes in cycles, but it's going off forever. And so the reality is that the money game works like this for me, create businesses, create an income stream, create profit, generate profits, and allocate some of that to assets. You know, my asset allocation really is further businesses, property and Bitcoin. I don't want to have to think about trading, I don't want to have to worry that I put my money as an asset that's going to crash and die and not exist anymore. I want to know that the assets I'm invested in will be worth more in the long term, the riskiest assets I have in my businesses, the most secure assets, I have my property and my bitcoin. And so I am intensely focused on building businesses creating jobs, and creating income like profits that I can put into assets that allow me to create new businesses. So I went to see a property today about another business, I'm helping my son set up a business, I can set up these businesses because of the investments I made in other assets, what because of savings in pounds that are sitting in the bank.

Anthony Scaramucci  27:06  
Right, so you you're interested in buying appreciating assets, with a long term goal diversifying into other appreciating assets. But one of your core assets is Bitcoin, and it's going up forever peak? Because why?

Peter McCormack  27:24  
Well, look, I don't think our governments can get off their addiction to money printing, I think it's impossible. Now, austerity isn't politically. How do we put it? It isn't. There isn't an appetite politically for austerity, because the political cycle requires you to, to continually make promises you can't keep. Okay? And so, the cats out of the bag now with with the money Grinter, they're going to print forever. Now, if they're going to print money forever, and Bitcoin sits at the 21 million hard cap, Bitcoin is going to go up forever, because Bitcoin is that anti fit? You know, it is an asset that protects you from inflation. And so that is an asset I want to hold. But if it wasn't Bitcoin, it would be gold. If it wasn't gold, it'd be artwork, if it wasn't art, well, actually, there's another one. I love trainers, I call it sneakers, like Jeff booth, Jeff booth wrote this great book called The Future, the price of tomorrow. And he said, Yeah, when the money isn't scarce, everything else is. And so despite the money I make with every business, I have, I keep very little to no profits in bounds, I convert them straight into Bitcoin, or invest them in further businesses or I advance, you know, I buy an advance that my input costs, I cannot hold pounds, you know, for every 100,000 pound I hold, I may have 90,000 pounds of purchasing power in a year. But I don't know when we're going to get hit by the big one. You know, if it's like out in California, they talk about the big one coming, when's the big one coming? The big earthquake wherever you want. Now, I'm on about the big one with inflation. You know, we attend to 20%. Inflation CPI reported about 10%, we all live reality about 20%. We have the big one coming in at some point whereby we're going to get hit by 3040 50% inflation, or the government's going to force through a triple digit inflation over a very short, sharp period to wipe away the debt, but it's going to happen, and I don't want to be left holding the bag. So how do I not hold the bag? I hold the Bitcoin. I hold businesses that generate cash flow, and I hold property and that's it. And I wish everybody understood that I didn't understand that much until properly within the last four years, even though I've been in Bitcoin for eight years. Yeah, we truly understood.

Anthony Scaramucci  29:45  
I didn't I didn't you know, listen, I didn't see it. I'm 60. I didn't see it. I came on your podcast four years ago, and I didn't see it even then. I wouldn't probably tell you that it became very clear to me in the middle of 2022 when the the fraud was there and the collapses were happening, I said okay, Bitcoin is gonna go down because it's an early stage assets still, but that asset has legs to it it there's an there's an inelastic nature to Bitcoin. There's an anti fragility to Bitcoin. Okay, so one last question. I'm gonna turn it over to the, the, you know, we get questions from all over the country. We're from where you said, How is the Bitcoin ETF affected things

Peter McCormack  30:30  
in many, many ways. But the most important way is there is this. This is a continual pressure from the anti crypto army from Elizabeth Warren and parts of the Biden administration, the constantly attack, they say crypto, but I care about Bitcoin. They're attacking it. They're attacking Bitcoin mining, they're attacking self custody, they're taking everything right, what they really are attacking is freedom in business, right, like America is a country with freedom rooted in within its DNA, much more so than we have in the in the UK. And that's one of the things I love about coming to the US. And they constantly attack attack attack, you know, wish anyone who goes out there, who works hard generates money if they want to keep their money in Bitcoin, especially in an inflationary environment caused by the government, they should have the freedom to do that. And pro privacy should be a right, not a privilege. And so their constant attacks is a problem and it points it felt like it might be an existential crisis for Bitcoin. I think the great thing about the ETF's is it's put Bitcoin, it's made Bitcoin interesting to many, many more people. There's a lot of people who own Bitcoin without even knowing their own Bitcoin. I mean, they own you know, they're in a claim to Bitcoin via an ETF. But you've got very important players, people you understand better than me, you know, Larry Fink is now a Bitcoin. And so these things, I think, have given a validity to Bitcoin, but they've also given us a larger cloak of protection. And that's not to say we're fully protected, you know, we have to be honor guards, we have to defend the ethos of Bitcoin. But the game changers is that Bitcoin has become more serious and more people's eyes, I was just reading a Morgan Stanley report today about the growth in AI, and the need for data centers, and the consideration that the unique position that Bitcoin miners are in to be able to support the scaling requirements for AI. This is a Morgan Stanley report, discussing data centers of which bitcoin is part of like this is serious business. Now, this isn't just some, some some kind of meme on the internet where a bunch of young kids bought it bought a thing and got rich, it's now a serious business that creates jobs and defends freedom, and to have the ETFs there, that that is added to the validity and to the the professionalism, I'm paying for it.

Anthony Scaramucci  32:59  
Alright, so I agree with everything you said. So I'm gonna keep going then see that it only disagree. Yeah. So let's start with this is Franco from Vermont. With the rise of AI and cloud computing, I believe that cloud processing power, aka computation ability will be the new gold rush. We're seeing it with companies like open AI and Google chasing deals to handle AI for companies like Apple. Do you have any opinion there? Are there any stocks that you're watching in that space?

Peter McCormack  33:31  
Well, look, I did an interview this morning with the CEO of iron, previously Ahrefs energy, their sponsor, my podcast, and we would we were talking about to them because they're one of the pioneers of integrating AI mining into their operations. And look, these are two exponential industries, Bitcoin mining and AI, and they both require or both rely on large scale infrastructure to be able to support the needs, but the problem with this these kinds of data centers is you need access to power, access to transmission, large facilities, access to GPUs and ASICs. And, and they're growing quicker, these industries are growing quicker than these large scale data centers are able to provide. So it almost certainly is a gold rush, it almost certainly is. And then all these companies are seeing it with the growth that they're having. But, but at a time when capital is hard to get ahold of these companies able to access capital, you know quite easily because if you can mine a Bitcoin at $17,000, and you can sell that at $60,000. It is worth continually investing in that infrastructure. And if you can, if you can ship GPUs that have a six year lifespan and provide AI processing services quicker faster than traditional data centers. These are these are businesses where there's a huge amount of opportunity. And, and I think this is what you're going to see what you're going to see in the share price of these companies. It's the ones that have the mixed model of AI, GPU processing and ASIC processing. For for Bitcoin mining. These aren't Bitcoin mining companies. These are large scale data centers that offer services to exponential industries. And nobody can keep up with it. And it's really interesting because again, lived experience is always a good measure. I don't know about you, I use AI every single day now. I use it with chat GBT with any form of writing I do I use it with my journey. Just today, right? I went to visit a shop, we need a club shop for my football team. And this is a place where you buy hoodies, jerseys, T shirts. How do you even get to the point where you design such a thing, normally, you would get an interior designer and wait for designs, I went on my journey I designed the shop in an hour last night is ready to go. It's ready to go to the decorators to go and figure it out. I've not only saved money and I've saved time, it means I can soon as my lease terms are signed, I can get the decorators in the film company to fit that out. And they they're just a couple of examples. My son wants to set up a fashion business, we will design a t shirt using MIT journey. Right? And so and then you've got that's my direct access of AI tools and you've got the AI integration into other tools. Grammarly is a tool I use Photoshop I use MailChimp I use they're already integrating AI into what they do. And so there is an exponential demand for AI services, which means there's going to be an exponential demand for AI processing. And so these companies Yeah, certainly there is a gold rush that you don't have to see it.

Anthony Scaramucci  37:04  
I think it's well said I would add because we always try to be super actionable. Here were a couple of things we would recommend for this week. One of the things I've been extremely focused on as as sterile labs and symbol as a lab, I would, you know, again, not allowed to give necessarily specific investment advice, but that's a stock we like here. Okay, so let's, let's go to what's a market that you guys are watching, that it hasn't gotten a lot of attention recently. This is Jerry from California.

Peter McCormack  37:34  
listen, I'm probably not like your normal people. I'm not I'm not an investor, because the only the only things I invest in myself, my business is in Bitcoin. And so I can't give a good answer to that. Because I don't look at the markets.

Anthony Scaramucci  37:47  
That's a good, that's a good answer. Okay, that's a good answer. And that would be my answer. And so what I would say and as politely as possible, I would say, Sherry from California, stick to what you're good at. This is the Warren Buffett principle. He's good at finance, and insurance, you're good at digital assets and real estate. I see myself as decent at digital assets and real estate and Sherry doesn't you don't have to be on the unbeaten trail, you just have to be on a trail that you're good at. And I think that's the message there.

Peter McCormack  38:22  
Let me throw one more in that. Whilst there's been periods of time in my life where I've made a little bit of money quite quickly. The reality is the majority of wealth I've built has been through the things that have taken time and patience, which is building strong businesses, which is

Anthony Scaramucci  38:45  
immense an overnight success has taken me about 36 years okay. It's only a 36 year overnight success. This is for you. This is right up the middle of the fairway for you. This is from Raz from Delaware Do you believe that Fiat fiat currency will ultimately be replaced? He is saying cryptocurrency but I'm gonna say bitcoin is gonna be replaced by Bitcoin

Peter McCormack  39:12  
I mean it's a tricky one do I think it ultimately be replaced it is being replaced at the moment by certain people like for me is being replaced for certain monetary uses. But it's it's not entirely replaced I've got pounds here in my pocket. When I go down to Starbucks or I go for lunch or dinner I'm payment pounds but but feared has been replaced for me as a savings technology. So I do not saving pounds. The only pounds I hold a cash flow pounds with my calf personal cash flow, which is always three months in the bank or business cash flow, which is usually depends on the business range from two to five months. Right? Right. It's a cash flow tool. It is not a savings or anything which I don't need holding Bitcoin. So I've replaced just fit in my life for where I save money will ultimately be replaced as a medium of exchange again, occasionally it is in my football club, you can buy your beers you buy or get your tickets with Bitcoin some people do certain international transfers, I'm things I pay for internationally is with Bitcoin. So the trajectory is, is yes, it will ultimately replace because more people are coming into bitcoin more people are using it. And the network effects benefit us all using it more. But politically, can it be replaced? That's a different story.

Anthony Scaramucci  40:36  
Right? Well, I mean, I'm in your camp. I mean, I think it's a big store of value. And it could be in certain countries, particularly in African or Central American countries that will be used as legal tender, it'll take way longer than that in the western societies, if ever, but it doesn't really matter, it's still going to be appreciating in price as a result of this scaling network effect. That's my opinion, I think you share that opinion. Let's go to number four. And we talked a little bit about this. But do you own any meme stocks? And what is your take on AMC and game stock? This is Alex from Florida, all stored Peter. I don't own any games stop. Or AMC what say you?

Peter McCormack  41:22  
No I don't. To me, look, it's a bit of fun, but it's also a gamble. And the only place I like to gamble is where I have an edge. And so I gamble on myself. I'll gamble on my kids. And I'll play a bit of poker when I'm in Vegas, because Texas Hold'em is a game where you can have a bit of edge. I'm more of an observer, I treat this like entertainment, I work through a distance and I laugh, but I don't under come too busy to spend all day looking at this, you know, if Gamestop doubled, great if it doubles again, great, but It's then gonna drop at some point. And they probably be this kind of thing they'll drop when I'm out at a meeting or at a football match or in bed. So, you know, I'm a casual observer from the outside, but it's I'm here to build wealth, not money.

Anthony Scaramucci  42:08  
Okay, really well said. And I think we both are there. This question may or may not have heard of this, but I have to confess that I haven't. So this is from Amy from South Carolina. You guys heard of Polly market? It's apparently lets people bet on things. Like the elections and it just got funding from Vitalik Butyrin and Peter Thiel

Peter McCormack  42:33  
sounds like a prediction market. 

Anthony Scaramucci  42:34  

Peter McCormack  42:35  
Yeah, look, I mean, I haven't heard of this one. But that sounds like it's an Etherium based prediction market. These prediction markets keep threatening to take off but never really do. You know, there's already good bookmakers out there where you can where you can bet on various things.

Anthony Scaramucci  42:54  
And I generally would tell people invest don't gamble. But yes. Okay, so that's good. Moving on. This one is actually for me. This is Peter, from Georgia. Anthony, what's your prediction on the outcome of the Donald Trump trial in New York City? So I don't know if you're going to like what I'm going to say or dislike what I'm going to say I don't think it matters. Okay. Meaning let's say Trump is guilty. They're not going to put him in jail with a tie and ankle bracelet to them and find them? Sure. Could it slow him down a little bit at some of his rallies? Possibly. Could it end up on his record? Big deal? I don't think it really matters. Okay. And so, I do think that the jury is going to hang though, meaning there are 12 jurists, only one of them as to say, not guilty, and you got a hung jury. And I just think he's got a big enough following this point where be very hard to get 12 out of 12. Even in a democratic enclave like New York City. Do you want to remark on any of this, Peter?

Peter McCormack  43:56  
with anything I can add? Didn't he say I could walk across the street and shoot somebody

Anthony Scaramucci  44:00  
Yeah, I could shoot people on Fifth Avenue, and I would wouldn't lose much support, if at all. And I think he's proving that he is galvanize support. Remember, his support is a is an expression of anger at the system. He's an avatar. For the anger, a lot of people that don't like the way the system is set up against them, frankly. And so if you're in the establishment, and you're a political leader, you should really think long and hard about how to make the system fairer. I think that's the big the big issue. So all right, number seven, do you think that either candidate will push to regulate crypto after the elections Paul from Chicago? And so I think there's gonna be I'm gonna go first on this because I'm pretty close to it and interested in your reaction. Paul from Chicago. I think it's going to be a sea change moment here. I think the Democrats are now sufficiently scared. The Elizabeth Warren anti crypto move movement, the American Banking Association anti crypto movement. And remember the people inside the Biden administration? Are Warren plants inside the White House that are all anti crypto because they're beating to Elizabeth Warren's anti crypto drum. I think they're now sufficiently scared. And I think the likes of people like jello Bran ro Khanna have reached out to Chuck Schumer and said, Please don't run us off a cliff here. These young people who were counting on to vote for us. They've got wallets and crypto Bitcoin and otherwise. So I do think it gets positively regulated in the next political cycle. What say you?

Peter McCormack  45:41  
Yeah, it's an interesting one. So I'm seeing lots of rumors and suggestions that Trump is going to have very pro crypto slash Bitcoin stance during this election, and starting to see some kind of hints of it and people talking to me about it privately. This is a big voting bloc. I mean, there are a number of single issue voters will vote for purely based on whether you're pro or anti Bitcoin or crypto. Yeah. And so

Anthony Scaramucci  46:12  
It could cause by elicit a Biden losers, there'll be a number of reasons why he's lost. But remember, Mr. Trump has never gotten to 50% of the electorate here in the United States. He won the first time narrowly through the Electoral College, could he win again, through the Electoral College? Sure. I mean, if the election was held tonight, just looking at the polling data, it looks like Mr. Trump is favored. And so one of the things people will point to if he does win, is why did Biden cede the crypto army to Donald Trump? Why would he do that? Now he has an opportunity here. There's legislation coming before the Congress right now. He has threatened to veto that legislation. If it gets passed, and Biden withdraws that veto and actually signs that legislation. I think that would be a positive moment for the Democrats. Because I think you're right, there's enough one issue voters that could knock the Democrats out of the box here. I think they're starting to realize that I didn't mean to interrupt, but 

Peter McCormack  47:18  
I think and Elizabeth Warren's an interesting one, she seems to be one of the most anti American Americans.

Anthony Scaramucci  47:24  
 Yeah, she's a regressive. Yeah, so actually, the hateful, despicable, regressive, she's not for the poor that she claims to be because the unbanked benefit from Bitcoin and they benefit from decentralized transactions. They're lower costs that are more efficient. And these people can't get banked and they could use this system more easily. But she's not for it. She doesn't understand it. And she's heard the good news of it. She's been in the Congress for 12 years. She's only gotten one bill passed. She's more of a rabble rouser than she is have any real significance as a legislator but she is hurting and slowing down financial services. Leadership in the US she is hurting the the industry because she does have a deal with Joe Biden to be effectively the president of financial services in the US a deal he cut with her to help him win the 2020 election so Arbo year any last thoughts from the legendary Peter McCormick.

Peter McCormack  48:28  
legendary Nah man, I'm good. This has been good

Anthony Scaramucci  48:32  
Well, I appreciate you being on the control room wants me to shamelessly promote my new book 

Peter McCormack  48:39  
do it 

Anthony Scaramucci  48:40  
which I will from Wall Street in the White House and back you can buy it at a discount through Wealthion all you have to do is click the link in the description below for a special wealthy and discounted rate. And two bedroom out in New York and have you come to my book party tonight. Which is coming up Monday. coming Monday so we have the 11 days as a signature drink. That has lots of alcohol in that and of course there's a White House Russian holding up the book. Love it. Let me tell you some this airbrush picture me cost.

Peter McCormack  49:16  
Who's that? Who's that on the front cover?

Anthony Scaramucci  49:17  
I don't I don't know who it is. It doesn't even look like but let me tell you something. Okay, I was embarrassed. I would be embarrassed to admit to you the amount of bitcoin I had to spend to get that photograph looking like that

Peter McCormack  49:28  
That looks like AI, man.

Anthony Scaramucci  49:30  
All right, Amen. All right. Don't make me feel too bad. Okay. All right. Well, God bless you, man. Thank you for joining us on Speakup.

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