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By now it’s probably safe to say, either you are avoiding the cryptocurrency world and confused just looking at it, or you see the world through crypto and NFTs and all the potential it represents. Raoul Pal is a master investor that has seen the evolution of the world’s financial systems riding the highs and experiencing the lows as well. As respected as he is in macroeconomics, Raoul joins Tom for this conversation to broadcast the opportunity available for massive wealth transfer, and to break down exactly why the crypto revolution is happening and why it’s worth being excited about. If you’ve been avoiding the conversation or are excited and can’t get enough, this conversation holds massive value for everyone.
Books mentioned in this episode:
George Soros, The Alchemy of Finance
Ben Horowitz, The Hard Thing About Hard Things
Jared Diamond, Guns, Germs, and Steel
William Strauss and Neil Howe, The Fourth Turning
0:00 | Introduction Raoul Pal
0:58 | Who Is Raoul Pal?
5:19 | The Problems Crypto Solves
8:42 | Speed of Technology
12:31 | Equal Opportunity for Wealth
15:20 | Tom’s Crypto Story
19:38 | From Money to Crypto
25:35 | Ethereum Usability & Bitcoin
35:08 | Raoul Being Open Minded
41:02 | Dollar Cost Averaging
48:23 | Don’t Use Leverage
53:10 | Riding the Volatility of Crypto
1:01:50 | Percentage Allocation of Wealth
1:08:09 | Opportunity for Anyone
1:12:47 | Accredited Investor Scam
1:15:57 | Tokenization and NFTs
1:23:54 | Real Value of Communities
1:39:38 | Calling B.S. on Howey Test
“Crypto as it started building out as an ecosystem, [...] is now the fastest adoption of any technology in all recorded human history.” [7:42]
“If you know that something is being adopted at this speed, and it's a network of money at its core, and you combined infinitesimal fraction of it, so everybody can buy 10% of their net worth, then everybody who takes this opportunity will probably have the biggest opportunity in history to make money.” [10:11]
“I'm screaming from the rooftops saying, you might be cynical, you might think you don't understand it. You might think you can't afford to play in this. But you have to listen, because this is the opportunity.” [14:31]
“Suddenly, NFT's come and community tokens, and your mind is completely blown that this is not just money. It's the entire exchange, transfer and storage of value for the internet. Whole business models are about to change massively, because of what this technology unlocks.” [18:50]
“Generational poverty is a mindset knowledge problem far more than it's a money problem, because they managed to pass on a likelihood of being poor.” Tom Bilyeu [25:46]
“I want people to understand that this is a game and I don't mean that in any sort of derogatory way, but it has rules. And if you understand those rules, there's always an opportunity, especially in moments of disruption.” Tom Bilyeu [27:21]
“Don't over force the narrative. Just be broad, be open and always be learning because we don't know. This is all new, and it's happening at lightning speed.” [34:31]
“You have to know that we don't know the outcome, and anybody who tells you that they know what's going to happen is just a fraud.” [37:00]
“Be paranoid, excessively paranoid, but still confident in that you're right, and you also have to accept the risk of failure.” [39:31]
“This is true kind of distributed power within wealth creation, that people only dream of. This is the system not being against you, but working for you for once.” [1:15:14]
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