Raoul Pal: Bitcoin To 1 Million | Global Markets Insolvent

find me a single other asset that's gonna give you 100x asset what I love to do is introduce the right people to the right people I assemble the smartest people I can think of or reach out to to carry that conversation and that's exactly what I've done today please get my panel a round of applause welcome what's up guys J Martin here CEO of Cambridge house and today I sat down with Raoul Paul the founder of real vision TV and the author of global macro investor Raoul is super smart we talked about everything from gold US dollars Bitcoin and the general state and forecasts of the markets I had a lot of fun I hope you guys enjoy this and if you do please click Subscribe and then in the comments let me know who you want to hear from next and I will go get them thank you I mean there's so much I want to talk to you about so I'm sure Natalia told you I've got you booked for the next five hours right okay so to jump in I wanted to ask you you know first how you got into this line of work and and I heard a story you can tell me if it's true or not that you had just finished school it was like 1990 you were debating what direction you wanted to go and your father worked in marketing told you well there's always going to be work in marketing you should do that but maybe at a barbecue or something you bumped into a family friend and you said yeah if you want access to Mars bars then get a marketing job at you know Nestle or whatever you want to access the cash work in finance that true that's exactly true the only problem with that that great piece of advice is I had a degree from a really crappy University was the only university that accepted me okay that wasn't very useful and it was a recession 1990 banking recession remembered the savings alone crisis in the u.s. everything else and so trying to get into a bank then was not easy great but I I tried through the back door through the side door any other way and open interests I got a job with a company called downtown's telerate which is now part of Thomson Reuters mmm I think Thompson bought them first and they merged with Reuters and so in that business got me into finance you know I got into dealing rooms I was teaching people I was supporting a product about technical to do a technical analysis so it was all about I had to learn technical analysis because I couldn't train people in technical analysis to use this system without knowing what he was I got John Murphy's guide to technical analysis the futures market and I started and I realized that technical analysis was an easy way of visualizing everything that's going on what had gone on in the past and what might go on in the future so began visual roadmap for me I was like Greg it's not to understand stuff I wasn't yet able to plot together all of the different themes and the moving parts that took me several years of learning from others in how to put together the overall big picture but yeah so that's how that's how it all started yeah I've heard you say that the charts leave the hints right and then you pair that with fundamentals to tell the story but that was one of your earliest lessons in finance was to start with the charts yeah and you know that's the same lesson for example I did an interview with Mike Novick rets masterclass series a long time ago on real vision and the thing that he said was I said what happens if you couldn't see a chart he goes what it's like being blind he said I couldn't train and Paul Tudor Jones was the same he'd said look everything starts with a chart but it never chart Contrave I don't think Stan Druckenmiller could trade without a chart I don't think George Soros could trade went through so everybody needs the chart cuz particularly macro what we do because you're trying to piece together sin or mistakes or puzzle of hundreds of his parts and what the charts do is give you a very quick visual representation of all the knowable information that's in the price right now let's jump into you know present day a little bit I recently saw an interview that you did on February 5th and so this is really prior to kovat really essentially capturing the mean strings of tension but but you were paying attention to it and the comment you made was is this will be the catalyst and I'm paraphrasing this will be the catalyst for the u.s. recession and that will be met with enormous stimulus that will fuel sort of the hopes and dreams of a market rally things might return to normal that will be followed by the real crash in 2021 now lots changed since February 5th but does that sentiment still ring home for you nothing's changed in my view I said I've explained to many people there's three phases I think of how this plays out now first caveat is I can be spectacularly wrong even though I've been really quite right for a while now that does not mean that that's going to hold true but my my thought process is we had the liquidation event to start with that was the panic the financial system froze up the Fed needs to inject liquidity all the central banks around the world oh my god our banking system won't function money markets won't function and we need to help all the people who've lost income phase one phase two is the hope oh we will we've given money to people who need income we've injected the liquidity and and we're probably and the rate of virus expansion is now falling and we should get more mobility and that's going to be a rebound that's the hope phase I think we're pretty much completing that as we speak hmm the question is is what is the next phase we either return to normal in some slow way which the market is pretty much priced or I think that when you have a huge amount of outstanding debt debt and reduced cash flow I don't think growth goes back to normal so just a reduction in cash flow so we're not talking about negative ten percent GDP but just like a negative two or three percent recession numbers after just eviscerating everybody's cash in the last three months there's no cash left hmm trying to paper over the cracks for everybody that corporations - there's no cash so you're gonna start having lower than is needed to service debts and that's called a debt deflation mmm that comes along hand-in-hand with deflation in prices which was saying everywhere the forward-looking CPI looks like around the world that should go to negative two negative three percent well with rates at zero one of the central bank's did everybody's in the same boat I'm just the Fed well what that means is real rates go up so you're tightening interest rates in the middle of a recession that's what it does means it's harder to pay your debts back mm-hmm it's basically you're getting less income which is what deflation really means to you so if that's the case then the chances of a massive insolvent event go up and I fear the insolvency event I think people don't understand the difference between liquidity and solvency and liquidity is is right I'm not gonna do anything until you give me some cash flow allow me to just lend it to that guide and do that stuff because if not know what's going on that's the coin see that's what 2008 was all about rate solvency event you know Canadians will understand this because they've seen it in them in the in the mining industry the mining industry goes through solvency events every twenty years and half the people go out of business and then you know you restructure the whole space and we fought that solvency right and the reason that happens in mining is because mining is cyclical and what and prices are too low for people to have cash flow to service debts right it's very common most people that understand that an economy they just don't believe that that happens any longer but it does and it's gonna happen to companies like General Electric Ford your even potentially AT&T is the world's largest poorer so there's some huge huge issues I think this is what we this is what plays out over the next 18 months this whole big drop in the data everyone kind of under understood right that was the liquidation phase then what everybody said is well it's probably just gonna come basic lips normal but take longer to get there right because it came down in a month and a half and let's say goes up over a six-month period or five-month period so a investors were starts to say well we can look for we can look through that interesting that bonds didn't say that at all on yields have continued falling so bonds are telling her no no no there's something wrong here hmm so so step back cuz most want to understand all of this stuff step back really simply is your restaurant in your strengths then have the same business more business or less business than it did this time last year ignoring the fact that we might all try and rush out and get a meal somewhere else because we're bored of our own food but after that are we going to go with masks in associate justice it's always gonna be less revenue hmm the concerts you go to to God the conference's that the time being gone all of this stuff gone all reduced the amount of socializing we did reduce the amount of expenditure is reduced so that is where cash flow disappears and that doesn't look like and people get confused that's not ongoing you know negative 10% GDP negative 15 so GDP what it is is negative 2 or 3 which looks great from here hmm very good when it drags on for 6 months or 9 months because that's a proper recession so the insolvency crisis hits everybody we're talking about at the sovereign level corporate level small business and consumers really in the u.s. it's student loans at household level it is auto loans auto loans and obviously mortgages but yeah and that's always a relatively time that always moves up down with the recession but those are the two of big and outstanding the corporate debt levels are ridiculous and corporates basically wasted cattle by buying back shares and issuing debt mmm a huge amount of debt is of no use to anybody because he's gonna buy any productive use of assets so that whole thing is all outstanding and then when you get to okay government level now the US for example or Canada or the UK or whatever really that much of an issue because you can run as an improvement huge amounts of debt but that time the equation is going up fast and then you go abroad and in the in the world there's 12 trillion dollars u.s. dollars the people short where foreign companies are burrowed that's not foreign sovereigns that's foreign corporations so we've got this huge amount of borrowing that's out there that requires cash flow so if you think about at another level you think about Saudis balance sheet well as an economy they plan for dollar revenues from oil but when oil goes to where is it's about 28 bucks well that's a 50% reduction in what they were now it will maybe at $28 but again a lot of this is bouncing around let's call it the blended rate will be about $15 over this period of time I mean they've completely destroyed their revenue streams yet they have dollar base debts and that's happened to everybody whether it's the Indonesian palm oil producer or the Russian nickel miner they've all got the same problem so you you massively collapsed dollar cash flows around the world and that creates a big performance only yeah in the short term should lead to a surge a continued surge in the US dollar is there a yeah and that's how I say it see everybody else says the third of printing money rates for a zero maybe they go negative death or the dollar clashes it doesn't work that way currency world's a relative world and there's a supply and demand issue and we live in a world that is defined by the dollar standard I don't think any single currency has dominated the world as this has in the last four five hundred years so this currency the dollar is 70% of all trade around the world and all currency transactions now the problem is is the u.s. discovered shale so they stopped buying oil from others or as much oil hmm a sudden reducing the trade deficit just at a time when foreigners have borrowed record amounts of dollars and then the u.s. started trade wars which puts less dollars in the system and then that created a slowdown in global trade which meant that the price of commodities fell the price of oil fell and that put less dollars in the system so basically all these doradora Ba'ath dollar borrowers are playing a game of musical chairs and every day somebody takes a new chair away right and the disc creditor has to give up oh they have to pay up for those dollars no now can this not in a way be self-defeating for the u.s. they've lent out I mean 12 trillion dollars of the country's foreign countries are short US dollars simultaneously the u.s. is cutting off US dollar cash flow to a lot of these countries that have borrowed that compromises the the lender know at what point has become a u.s. problem this money's been lent out and just well it's gonna it's not the US that's lent it to them so this is the magic of the euro dollar market now don't confuse this with euro dollar the exchange rate this is the euro dollar interest rate futures out the interest rate markets which are the offshore dollar lending markets so a bank wait Deutsche Bank or HSBC or UBS or growth can create dollars in the system by the euro dollar markets and it's that is the problem so it ends up on these these banks balance sheets that's where the lending issue lies now they may repackage it and sell it to insurance companies or pension companies sure it's not clear but if the it's the foreign banks and their counterparts with the corporations now the issue is is the Fed issue swap lines too many of these countries that's okay so you give it to Europe and Europeans take the swap lines which is basically short-term loan hmm and they lend it to their banks but banks laughs thank God for that couldn't get any dollars we needed that but just the they go thank you means they're not Olinda to you hmm only lent to the best creditor because they need the money as well so what happens is the marginal credits are sales falling by the wayside and that whole mechanism feeds on itself and this is essentially the beginning of what you've called the biggest insolvency in recorded history yeah I think look the potential is there and again you know I don't deal in certainties but I think this is a high probability of n high probability events for such an enormous call I'm talking about you know 60% chance of this happening so it's it's my favorite probability that we're gonna go into a big solvents here then how them plays out we don't know yet so how are you positioned then Raul this is in your periphery on the horizon what's what is your portfolio look like right now so a top-down macro level my personal portfolios 25% goals 25% Bitcoin 25% cash in the bank and 25% trading opportunities and is that cash US dollars yeah it is your 25% gold 25% Bitcoin 25% cash yeah and then within my trading opportunities most of my bets are long bonds long US dollars and long gold miners stuff like that so very concentrated in these kind of things I'm not short equities yet but I'm looking to stop shorting the big indebted US companies I mean general electric's and the agencies and that kind of stuff okay now why is such a massive bet on Bitcoin because and again that's what my liquid you know available investment money right so that's not total net worth because 25:6 whole net worth is a lot unless you happen to be very early and you've kept all the way through then some people end up with huge numbers like that it Bitcoin it's very simple the Dauntless standard is going to break the system the dollar has eaten every all of its competitors and now it's going to eat itself by going up to high there's almost no way of stopping it and all the central banks have talked about it they know it and they know that they want to move to digital currencies and create a new way of moving cut currency the system doesn't necessarily just involve the us at the center of it the infrastructure at the center of it and all the current market dynamics and structures that we have there's a number of other things you can do when you move to that is you can create these very efficient digital baskets so like Libra which is the Facebook idea but anyway we are moving towards a digital currency world Bitcoin acts like the gold the collateral the personal reserve asset that everybody needs mm-hmm truth in the digital world while gold is the truth in the currency world doesn't necessarily make Bitcoin a currency but it makes us extraordinarily valuable short store value and also as that entire space grows as we move into decentralized finance we move into tokenization we move into the the full digital realm internet 3.0 well the poster troll for at least for a while it's going to be Bitcoin can be a theory Amit can be a bunch of other stuff as well but really it's that and if I look at the chart or we start with the chart chart looks like it's gonna million bucks listen I just can't see it any other way now how long does that take probably five years buy me a single other asset that's gonna give you 100 X asset or share price not a junior minor that's you know just maybe find me an asset its harasser class that could be 108 there isn't one that's why the magnitude of opportunity with bitcoins like nothing I've ever seen before and it's also that whole kind of vortex of people getting into this they start with understanding a little bit don't trust it then they question her cells then they don't know then they start to learn and once you learn you realized the more and more and more you learn about it and the ecosystem that is basically blown you into our mind and everyone becomes a complete groupie to it and I've seen the greatest macro minds in the world but the latest one being Paul Tudor Jones who've gone I get it the opportunity that's bigger than anything else in the world but let's go at our a simple level we are going to move to a different financial system we have to that is commensurate with a modern age of the internet we cannot pass money around it takes me four days yet from Caymans Canada you know all this stupid stuff that goes on what I can do it literally in a few seconds hmm we're living with legacy systems in terms of lending heroes what to whom custody trust all of these things that are going to change Bitcoin is basically the share price of that sure and it also has a tremendous store value so while the world is basically debasing fair currency Bitcoin on the other hand is hardening its currency because the algorithm every few years reduces the supply of Bitcoin which is the absolute opposite and all other asset classes so it makes it extremely hard as an asset and it's just about faith and I think it's at $10,000 a Bitcoin and a market cap of 200 billion we're pretty close to saying okay there's enough people who have faith and adoption in this the next phase is where does it go from here and speaking so many of the big family offices investment funds everybody else basically the entire world is short the upside of this Bitcoin goes up to 20,000 the next skeptic is gonna go Christ okay I get it I need to get in because up to 50,000 half the endowments half the family offices all right we're gonna have to get in because the more it goes up in market cap turns the more meaningful it is because they well it's not just a super spike that goes up and down like tulip bubble right mmm comes over time a growing adoption and what it is is a growing adoption to a new entire system in five years is a very short time line in in my be afraid that kind of a game what is that world look like already is the best performing asset price and all record best forming asset all recorded history right so nothing has ever performed like this has okay it would be slowed down the rate of change of growth to say a million dollars in five years sure okay yeah it'll be odd and we did most we did about the same gain in 2017 alone yeah yeah that was wild yeah we were running a tech conference in Toronto and it was anybody talking about Bitcoin people were pulling down the drapes trying to get in the room which to me was a big red flag right you know when you see that kind of activity on a investment conference floor you're like okay maybe we should pump the brakes here okay now so if this occurs in Bitcoin ends up you know a million dollars per Bitcoin in five years what our lives look like Rolo like what what happens to the dollar in that scenario the US dollar your song's not going anywhere but it just has to be used less right I don't want to buy goods from China in dollars so you're a Canadian you buy goods from China in US dollars why that doesn't make sense what would actually be better because you've got all the currents and fluctuations of currency neither of you has control over mmm that's just a pain we've got this multi trillion dollar per day trading market currencies doesn't need to exist really so imagine if you could create a basket a global basket of currencies which was you are new i yen Ozzie Canadian pound euro Korean Won and US dollars so let's say the US dollar now wasn't 70 percent of that basket it was 40 percent of that basket and you agree that you're going to use the currency basket one okay that is a reference price well great that makes a huge difference to everybody because the price doesn't go up and down because of currencies what you're finding is the price of that currency fluctuates from global money supply or fiat currency printing or whatever for massive understanding that you have for it so it's much less also hmm so it stops that could stop a lot of the cyclical boom busts of emerging markets right now how does that impact the United States as the global powerhouse and their influence you know I don't know geopolitics is always very alluring cuz it always sounds very smart maybe have a clue so I've never paid for a geopolitical analyst or strategist in my life because it's just I don't know I mean I can create two arguments for that you could say well it's the it's the end of the Empire or actually if we can create a more stable world where debt you know the US has a propensity being the reserve currency to accumulate a lot of debts so maybe if things are on a blockchain and things have changed in how we did things that we would have a more robust financial system maybe it allows for less leverage so maybe that makes the doll of a system lost but a lot longer but just in a different format so I don't really know so I'm not the guy who says well the dollar goes out then it collapses and you're all fiat currency scopes have nothing it's hyperinflation and we all go to gold and Bitcoin I don't believe in that's all I believe that the door is a very very big problem needs to be solved like the dollar was in the nineteen thirties we move to something different and that the process of getting from here to there involves all the printing of money and a lot of things going wrong and therefore you know the the dual aspect of gold and Bitcoin the same time actually works very well can I ask you about your portfolio allocation and methodology I was surprised your weight is so heavily in gold and Bitcoin and I love that when I when I consider my portfolio for example I tend to put things in three that's right I've got like the insurance bucket which is that's I put gold in there I put Bitcoin in there actually same as my life insurance policy it's the things that I hope to never ever have to liquidate and if I ever have to it's because of some variation of a horrible crisis and then investments ideally that pay yield dividend paying stocks cash flowing assets etc and then speculations right and speculations you know my business it's you know early-stage venture stocks where I spend a lot of my time and see most of my opportunities well I wonder how much of a wake up call the crash in March was and ideally it will get a lot of people thinking about how to adjust their their personal wealth and their portfolio allocations and if we're set up for this you know we're going through this false dawn right now in another crash coming in 2021 it's almost like we had a practice run in March and now we can maybe make some adjustments to better prepare ourselves for you know what's what's likely going to occur in the near future it depends if we took at a personal level there's two things I always advise everybody here who has cash in a recession is King because you you are the guy who can buy stuff when everybody has to sell it you know we talked about you said well if I really have to sell my gold in a crisis and I've got it for that well great I want to be the guy buys off you yeah you know what I mean right said that so and also having cash gives you a buffer if you lose your job if you can slow it down you're running a business you can saw mmm so that people never value there's a real weird thing in society that they don't value cash hmm capsule gains above all things which is madness no cash is what smoothes out your own personal cycle and you can't mess around with this because people get really hurt and things that are going on now and because people deemed it acceptable societally acceptable not to have any cash to run as much there can and the other thing that people massively undervalue which they won't do soon and once they understand solvency is income income is crucial and it's not income promised you by somebody else the best income you've got yourself how do you generate income and if you can generate a few sources of income again you up your level of security in bad times and up your level of opportunity in good times so cash plus income I think the two best thing everything else is noise now if you want to bet on the future depends how old you are but yes sir I like the dynamics of Bitcoin because that gives you a bet if not equities at all-time high valuations and bonds all-time low yields and the property at all-time high that limit what sets of opportunities you have known if you're young so again it depends where you are in the cycle if you're older then you probably want to look at gold and owning more bonds cuz they look like cash and you won't lose everything in a credit event where a lot of the most pensioners have corporate credit and equity is their two main risks well in a solvency event both of those clamps now there should have been a lesson I think in the last two months about the importance of cash and income and potentially this was blurred because of the the the speed and aggression of all these stimulus packages tell me what you think about this if if I should have learned I I didn't have enough cash and I should have had multiple streams of income everyone's taken one bet everyone said every single government ran the world said right we'll give you three months of cash flow mm-hmm that's the bet will be a careful months yeah yeah right well the clicking the ticking clocks coming I see June coming pretty fast as I don't see any cash flows come back so it's either more stimulus but at a lesser rate cause you can't backstop every single business and person well before you know it you're gonna start running lower on cash so there's already the narrative are some people got benefits that made it they earn more money than they did when they're working if it's not gonna last what are they going to do with that extra capsule they're gonna save it because it makes sense to probably more everybody saves money the more consumption goes down the more likely there's no cash flow for businesses people who are in debt and they're and they're all is mm-hmm you know and I hope you're right that that triggers savings I heard you talking with Kyle bass last week or the week prior and he didn't put a number on it but the words he said were many many Americans are earning 20% more today than they were when they were employed for three months yeah absolutely but they cannot not lead people down the wrong path to say if there's a crisis the government's gonna take care of me and therefore I don't need to act any differently than I used to my point being is wait after three months I will learn that the government was only there quickly yeah the government's dealing like this like it was a hurricane which is an event wipes everything out everything gets rebuilt eventually there is a period of time in the middle but this is not that yeah and I think you know as a small business owner I've appreciated a lot of the subsidies that have been thrown our way whether you know I run a remote office so I don't have a lease to defer but you know what my Pink's been asking about that and things like payroll subsidies all of this and and it keeps you afloat it's appreciated it makes me super nervous because I wonder when am I gonna get the bill for this right there's no free lunch and eventually the the sympathy like you said the sympathy is gonna wear off right you can't sustain this forever and if there's a second wave of the pandemic in Canada the US and September October I don't it would be foolish to think that we can just have a repeat a do-over wouldn't make any sense Yeah right I do know that central bank balance sheets are going to continue to expand because I don't think the slow-growth who is going to get their way for a long period and it's going to freak them out as they start saving deflation coming in so I think there's a lot more to come you know which is that another reason I'm bullish on dolls another reason bullish a bit Bitcoin because I don't see that stopping mm-hmm yeah you know I really enjoyed listening to some comments he made comparing the potential for the u.s. to enter stage like Japan did you know essentially 30 years flat markets Europe since 2000 maybe the US and the 30s maybe Taiwan and it's a it's a picture that's hard for people to wrap their mind around that the u.s. cannot continue to grow if you look at the UK equity market from 17 I think 1700 to 1951 50 years right that's when the UK was the most powerful country the world had ever seen so why is that well it just traded the business cycle we didn't get PE expansion set on a secular level that was driven by the rise of the pension system and this massive outsized group of baby boomers so I think we we default to what we know in our recency bias hmm but to think of the UK economy with the largest companies the world has ever seen never get the East India Company own countries it's by far the biggest company the world has ever seen in comparison to wharfs everything we got now you know all of this stuff it's all been done before and everything's there smarter and better than only the past oh really in the war in the end this kind of things are cyclical and along with the economy and so I just think this is a secular wave driven by a demographic bold and the rise of something the pension system which I think by 20 years time we won't have the same pension system and we will have a demographic bust another bulge because the Millennials are not having kids at the same rate in Gen Z will have even less kids right so Raul if you were you know a 30-something relatively Footloose and free and you were you were not tied to any geographic location what country stand out right now as being having exceptional opportunity and where would you avoid I generally avoid the aging demographic Western world hmm particularly because a lot of people probably watching this are kind of interested in finance well all the finance industry is shrinking the opportunities yes the u.s. Seoul and Canada and most countries still have opportunities to be an entrepreneur understand that I quite like someone like the Cayman Islands or Singapore and the reason being is because if you're a 35 year old you've got your taxes are going to have to pay for the mistakes of of all of these people who are bailing out which is the baby boomers so you might all go to a place that doesn't you don't pay tax know it's expensive I mean it's not cheap to live in the Cayman Islands for example or has a lower tax regime so that gives you a stars they're also entrepreneurial countries by nature and it gives you an ability to build something in the globalized world we've all learned that we don't have to go into an office in Manhattan or Toronto or wherever we can be anywhere so why not be on the beach in the Cayman Islands or why not be in Singapore sure when you're an hour's flight from you know most of the countries need to get to so that whole thing I think is is interesting I think if you're even more radical then you can look at I think India has enormous opportunities it's got a young population relatively low debt high household savings and there's 1.3 billion people they've got a lot of great education system at the top level there was a great opportunity within that country you don't get many of those we saw China and here's the next the next 20 years probably belongs to India now aside from real vision what is a news source that you cannot live without twitter twitter oh yeah I've heard you say that's the yes you're number one use anything else I literally I mean I'd love the old world if I had more time that the modern world of digital technology means we have less time so the world I used to get on the tube and read the FT I don't have anymore and I'm really missed that because it was quality reading but now we consume meteor on mass and this is just different way and the fastest quickest most efficient way but the curating all of my media is to get my friends and the people I trust on Twitter let's do it for me and follow its back to that trust methodology right yeah that's right and if after a while somebody starts feeding me stuff but I just think I don't trust this I don't like it they've got so much of agenda I'll just need them or not follow them for a while and then I'm not going to get into a filter bubble either you know that's the other issue of following only the people you trust he's be careful not to get into Phil's bubble so I try and keep it wide I trying to have people infuriate me in my in my feed but they're smart and I trust them to be saying that this is an alternative point of view and that matters to me a lot but I don't want us just to be fed my own biases back at me but I do want people to curate my information for me and me for me to curated for others it's a high if it's I love that kind of open source an idea that we're all open source curating each other's news okay Raul most influential book you've read in the last year the hard thing about hard things by Ben Horowitz interesting I was just recommended to me by a good friend okay hmm is the truth about running business every other one every other business book I've ever seen particularly starter books are well we started in a basement then we had a cool idea and then we had a little bit of trouble and then we all became billionaires but it's basically the story line yeah I don't think about how things is not that it is like a boxing match that you have to go 15 rounds yeah and then Horowitz is whole description of what it's like to be an entrepreneur and what it takes and how to deal with situation it's just truly extraordinary so useful it's like a second Bible okay very cool I've got it ordered from Amazon or when it arrives now I've got two votes so that's awesome okay is there a close second anything else that comes to mind all-time favorite I think the book everybody should read to understand now is lords of Finance okay yeah recommended for medial Lear quite Ahmed that's an extraordinarily good book and also the great crash of 29 by Jacob Galbraith just they're just useful background reading and again I'm not well I am suggesting that is similar to the 1930s and the reason being was 1932 the last time we had a solvency event you

Channel: Cambridge House International Inc.

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Rating: 4.8561769 out of 5

Keywords: Bitcoin, Raoul Pal, Bitcoin Investing, Bitcoin to one million, 100x, 100x Bitcoin, Global Insolvency Crisis, Bitcoin Price, Portfolio management, Gold, Gold Investing, Stock Investing, Bonds, Bitcoin price prediction, Currency Crisis, Global markets, Global Markets Insolvent, Raoul Pal Bitcoin, Raoul Pal Gold, Bitcoin news

Id: YdfH3F4ZDhc

Length: 40min 30sec (2430 seconds)

Published: Tue Jun 02 2020

Reddit Comments

[u/OttomanTole]

Oh I thought 1st rule of bitcoin club is: go all in.

[u/dragger2k]

If you've never checked out Real Vision, Raoul is one of the smartest guys out there in finance...

[u/ElRamenKnight]

And Jack Dorsey is constantly buying and endorsing Bitcoin. And his Cash App is a nice boon. We truly are starting to see a lot of big names openly supporting it.

[u/sylsau]

And this is only the beginning, it will continue in the coming months.

[u/N0tMyRealAcct]

Is this filmed recently? I can’t tell.

[u/itisworking1]

It's not 25% of his total net-worth, but rather his investment portfolio. I'd imagine it's quite a bit lower when looking at his total net worth.