there are 19.6 million Bitcoin out there right now and the highest it will ever go is 21 million is this a bubble and the way we are answering it [Music] is we think in the next 5 to 10 years you will not recognize the world as we know it today in the next decade we’re going to see as much progress as we’ve seen in the last century what we think is going to happen is not exponential growth but super exponential growth as we get the convergence between among Technologies out there this is not just a technology it’s a new asset class and beyond that a global monetary system it’s a big idea everybody Welcome to moonshots Peter here I’m about to have a conversation with Kathy wood the head of
[00:01:01] Arc Investments one of the most extraordinary moonshot investors on the planet both she and I recently had a conversation with Elon on our channels today we’re going to talk about artificial intelligence the coming wave of artificial general intelligence Robo taxis flying cars Bitcoin humanoid robots us Chinese relations and AI all the things that are going to make literally an explosion of exponential wealth and potential over not decades over the next few years between now and 2030 all right let’s jump in everyone it’s Peter in a few weeks I’m gathering an incredible group of AI leaders including Ray Kur Eric Schmidt Mustafa Salan imod mustak Michael saor and others at my private abundance Summit to discuss the impact of AI on our lives our businesses and the world the abundance Summit is a private Community open to extraordinary moonshot entrepreneurs it’s Singularity
[00:02:01] University’s highest level program and it’s not for everyone if you’re at the top of your game and you want to learn more about this program click on the link below to be considered okay let’s go back to the episode enjoy all right well Kathy uh you know one thing I love is that you and I have the same uh sort of massive transformative purpose and and moonshots you know seeing disruptive Technologies as the mechanism that uplift Humanity and create the most progress and I’m kind of shocked that more people are not on this thesis that more people are not seeing it and not moving towards it uh because I’m convinced you know I’m 100% uh convinced of what you have been saying I’ve been saying the same thing uh but you’ve made the financial vehicles to enable people why do you think people aren’t actually uh seeing it in such a clear fashion uh I think in in the traditional
[00:03:02] Financial world uh which is where there are the trillions and trillions of dollars the reason is because of the move to passive investing now uh this used not to be a thing when I started in the business in the um late 70s early 80s um asset managers were all active meant which simply means means they were trying to figure out how the future was going to work and they would do so using macroanalysis so economics and so forth as well as microanalysis Company by company and then in 2000 with the tech and Telecom bust we had this um shift towards Benchmark style investing accelerated shift benchmarks being S&P 500 NASDAQ
[00:04:03] msci world and then even more so after 0809 the financial meltdown we had an accelerated move towards passive investing and why was this it was a self-fulfilling prophecy as more and more active managers became Benchmark sensitive they were bidding up those stocks in the benchmarks of course now the other thing that happened to active managers which was really terrible is while they were doing that they were charging fees they were charging fees and yet they were starting to look like these benchmarks that don’t charge fees and so they were already behind the benchmarks at the start of every year just because of their fees and so you had the self-fulfilling prophecy and now what we have is I think it’s almost
[00:05:01] 75% definitely north of 50% of all assets under management are in in the passive uh style uh which means they simply mimic a benchmark I believe this is the most massive misallocation of capital in history uh because there is no I I can’t tell you how many conferences I’ve gone to in the ETF World which is mostly passive where it’s starting to turn active but how many ETF conferences I’ll go and I’ll see there are no Bloomberg machines no broadcasts uh CNBC or Bloomberg or Fox Business News nothing guess what they don’t care what’s in the index all they care about is how closely the index tracks the uh the S SMP or the NASDAQ so there’s a loss of brain power in the industry and
[00:06:00] I think there is there’s a you know one of the things honestly one of the things that I say is here you have the best in the brightest coming out of the elite schools into our business and I think I’m I’m going to I’m sure I’m going to be criticized for saying this but I think we lose their brains to this Quant way of looking at the world which slices and dices uh indexes indexes are at the heart of every all the Quant analysis and so I mean I I I agree with you and it’s um it’s such a large uh institutional force that bucking the system is very uh very difficult and risky you’ve done it um and thank you for that uh and I think again like I said in the beginning I think your thesis is going to prove out um not by a little bit but by orders of magnitude at the end of the day and can I say Peter
[00:07:00] just sorry to interrupt you but what happened to uh I think there were a lot of people in uh 17 18 1920 who were looking at what we’re were doing and they were starting to copy us um and I was thrilled with that um and then we hit 21 and 22 which was a bloody disaster interest rates fear causes retrenchment to the norm well and you know a 24 fold increase in interest rates never happened in history crucified all long duration assets even bonds long-term bonds which were where safety was supposed to be uh they had their worst year in 250 years since the 1700s so uh you know that we we couldn’t win now I think we’re on the other side of that now now people are trying to
[00:08:00] figure out why aren’t long-term interest rates continuing to go up If the Fed says inflation is still an issue and they’re not going up because the real issue is deflation yeah and technology is a deflationary force in a very good way it’s an efficiency an efficiency magnifying Force productivity boom yeah agreed the other thing that’s going on Kathy that I keep on seeing and I had this conversation with Ray Kur who’s a dear friend he’s my co-founder of Singularity he’s sort of the the high priest of exponential thinking if you would right uh and Ray and I were talking about this he’ll be with me um at the abundance Summit uh uh in a couple weeks and we’re talking about how absolutely challenging it is for people to think in exponential fashion that despite all of the evidence they keep seeing over and over and over again they still extrapolate in a linear fashion and they do and it’s it’s it’s crazy I
[00:09:02] mean anyway I want to get into this conversation here before can we before we go further there it’s such an important Point uh in the financial world uh exponential that concept the last time investors heard it was during the teeken Telecom bubble and for them that end ended badly now they just don’t believe it they don’t believe it’s possible to sustain growth rates at 15 20 25% plus per year but what we think is going to happen is not exponential growth but super exponential growth as we get the convergence between among Technologies out there so this is the other side these are overlapping waves of exponentials that cause tsunamis right and and I like to say how do you know you need to surf on top of the Ami instead of being crushed by it
[00:10:01] absolutely um you know the analogy I use um which uh I I welcome you I I love this analogy is uh the 10 kilometer asteroid that hit the planet 65 million years ago right so this 10 kilometer asteroid hits the planet it changes the environment so rapidly that the slow lumbering dinosaurs are unable to adapt but it’s the furry mammals that are agile that are able to rapidly adapt to the environment and then become the dominant players and the massive asteroid hitting planet Earth today are these converging exponential Technologies and they’re going to change everything faster faster than people can possibly imagine yes uh we think in the next five to 10 years uh you will not recognize the world as we know it today and and and and we we just put on something called big idea Summit here in St Petersburg Florida to as that’s right
[00:11:00] you you moved to you moved to St Petersburg yes yes and uh uh really Innovative optimistic Spirit down here I must say and um just trying to communicate to people not just investors but parents grandparents this is how you steer students into this way of thinking and have them catch these waves because they’re going to be enormous and make sure they stay away from the disrupted uh or the disintermediated or the soon to be destroyed you know I’m going to share this with you uh a little bit off the subject but related I just gave a talk to my kid School uh to all of the teachers they’re in sixth grade right now in the middle school and I asked two questions at the beginning um it was it was a talk on exponential Technologies and where our world is going because I don’t think our schools are preparing our kids anywhere close to for what’s coming and I asked the question how many
[00:12:01] of you and this is the teachers in the room 150 of them how many of you think that the world was better off 40 or 50 years ago two-thirds of the room raised their hand right wow wow and then I asked a second question how many of you think that the lives of our children will be better in the future two out of the 150 raised their hand and I was like uh oh wrong school um what what let me ask you what age group the the these were Middle School and High School uh teachers such an important time 100% and at the end of the day um we have to realize that those of you who are parents listening to this think about who is preparing your kids for the future because honestly the future if they’re in middle school or High School their future is going to be not a little bit different it’s going to be dramatically different what you know Ray and I talk about is in the next decade we’re going to see as much progress as we’ve seen the last century
[00:13:01] so think of what it was like in 1924 to today right that’s their future yeah we’re when we’re trying to help people understand the same thing again not just investors but anybody um we often say the last time we had multiple Innovation platforms evolving at the same time was in the early 1900s late 1800s early 1900s and and absolutely right that’s what you know got everyone off the farms and uh into the new world right uh this is the same but it’s on steroids compared to that I I think it’s a a Starship compared to a bottle rocket um so you know there’s so much to talk about and so much extraordinary things I mean the the grandfather of all of the you know well first of all the underlying uh uh you know Bedrock of this is computation it is the massive explosion of of processing power cloud gpus but you know that layer on top of
[00:14:02] that is AI which is what all I’m talking about right now and and everything that you’re principally talking about right now my the my thesis for the abundance Summit in a few weeks is uh the great AI debate and uh we’ll have Eric Schmidt and uh uh Mustafa saliman and Ray KW and Jeffrey Hinton and a whole bunch of amazing people there and it’s going to be a conversation to help people uh flesh out the idea of am I a boomer or a Doomer is this the most important technology should we go as fast as we can slow it down and of course it is the most important technology and we don’t fully understand it and we can’t slow it down if we wanted to even that’s right that’s right and uh the one thing I will say about that in terms of the doomers uh I’m glad there are a lot of people worried about it uh because half of the solution is understanding the problem and being very straightforward about it uh and and uh you know I was very happy
[00:15:02] to learn about hallucinations and confabulations and you know all of the all of the things that could go wrong and then also to even you know someone um during one of our brainstorms raised the uh idea that wait a minute wait a minute could these confabulations be the same as what human beings go through when they dream could this actually could this be channeled into something very interesting let’s not denigrate it let’s think about it let’s maybe harness it you know I I I love that you know one fun thing I’ve done um I’ve always wanted to do this you know the abundance Summit is part of Singularity University and Ray Kur one I started that God uh 14 15 years ago and I always dreamt about having AI faculty and so for this this year for the first time we’ve got uh a number of AI faculty um uh and AI robot
[00:16:01] faculty amaka will be teaching a session on humanoid robotics with me and then we have uh we have uh we have raybot Ray CW is be there physically but also as a an avatar and it’s going to truly reinvent the entire educational ecosystem in a massive fashion oh absolutely personalized tutors absolutely can while we’re on education and I wanted to say this earlier but um one of the reasons we moved to say Petersburg is because of this Innovative Spirit after uh what after two years of being here arc’s research as you say it’s not being taught in the schools arc’s research has been made age appropriate for sixth graders so that arcs research is the science curriculum for all of sixth grade throughout pelis County and soon to be all of middle school that’s awesome it’s awesome awesome that is because at the
[00:17:02] end of the day this is not only what our kids are going to inherit but what they’re going to have to lead yes yes absolutely absolutely one foot in the new world okay excite them about it you know and and especially in the lower socioeconomic uh you know demographic tell them this is the great leveler this this is the great leveler catch this wave and your life and your family’s life uh will be delightful you know I think that is such an important point one of the things I talk about a lot is the what I call the 6ds of exponential that when you digitize something you’re dematerialize demonetized and democratize it it’s deceptive in the beginning then disruptive in the end and Google for example isn’t a little bit better for Larry Page’s kids compared to the poorest kids it’s identical it is
[00:18:01] complete leveler and AI is the same and in fact there was a study done I think it was Adam Microsoft that looked at the impact it had on high-end workers and low-end workers and it actually brought up the low-end higher than it brought up the highend so it is a leveling Force so that was a a bane Consulting study it was a study of ban consultants and we put this in our big Ideas this year uh the Improvement of the high performing Consultants after I think this was gpt3 chat GPT uh was was 177% the Improvement of the lower performing Consultants was 43% think about that it’s crazy I I I probably got it from one of your tweets I I love I love the social media that you and your you and your team put out so let’s let’s dive I want to dive into AI want to dive into autonomous cars
[00:19:01] Robo taxis flying cars uh I want to talk a little bit about biotech and L my my personal favorite subject uh which is longevity um which I think you know I think the two biggest financial markets on the planet are going to be Ai and Longevity because I still when I’m in a crowd and I say how many of you would how much of your wealth would you pay for an extra 20 healthy years you know a lot it’s a lot it’s it’s most of a person’s wealth at the end of the day if they’re being honest with themselves so it’s a massive Market we can talk about that there should be some ETFs around longevity side too um AI so um uh what are you most excited about in the AI world right now there’s so much to be excited about well I again it’s Ai and the convergence with everything right and so in fact uh our chief future Brett winon uh wrote the uh the
[00:20:02] convergence part of our uh big ideas and uh you can talk about excitement if from a number of angles um so in terms of how our lives are going to change I think the biggest from a revenue impact for you know investors to think about is autonomous mobility and uh and what is going to do Transportation uh it’s interesting um we just had a uh a presentation they’re going to redo uh St Petersburg around the new the new uh Tampa Bay Rays baseball team and it’s just going to transform it and when I mentioned to uh that organization that uh do you know because they were focused a lot on parking I said did you know that for every car on the road in the United
[00:21:01] States today there are five parking spaces but the world’s going to change and we will only need one of those parking spots per car so you know 20% of the parking spaces is all we’ll need that should so we think that autonomous uh taxi platforms are an8 to10 trillion doll Revenue Opportunity by 2030 now a lot of people dismiss us out of hand now because Elon has been predicting this for the as as this year for the last four or five years and now that in this last quarterly report he said I I know that I’ve been doing this and I know I’ve been wrong so I’m not going to give you a time that probably means we’re really close now you know what I mean it’s just how human psychology is I do you and I both did a Twitter spaces with Elon in the last few months um and uh he’s you know he’s been a a for 24 years
[00:22:01] uh he I would never bet against him uh not even I I remember you know in the reusability space I was had you know I met him before he started SpaceX because we were both were Space Cadets and we were having dinner and he was sketching out for me when the Falcon 9 was first launching how he wanted to make the Falcon 9 first stage reusable and resell it for the same price or maybe higher because it was a proven first stage and I was like that’s incredibly brilliant and of course that’s happened in Spades now Starship is about to occur uh and of course you know our cars are idle what 95% 97% of the time yes yes I want to push that big button on my I a model X and a Model S and go out make me money right yeah that that’s we I really think it uh we really think it’s going to happen and uh that that it’s an enormous
[00:23:00] opportunity it will uh it will lower the cost of Transportation dramatically and so therefore we will get more of it so you know I know that Mary bar GM says zero congestion that’s just not true we will get more congestion uh it’s just we will then take to the skies and and and that’s what started our air taxi work so Mobility for all kinds of things delivery of food uh you know PE and so forth um moving to the skies yeah my the example I give is I want you to imagine I mean we will get rid of our cars or if you’re a two or three family car uh family you know two or three cars in your family you’ll get you know rid of a couple and leave one I imagine you’re at breakfast you’re you’re getting up from breakfast with your kids you’re walking towards the front door your AI knows your calendar knows your schedule is watching you walk towards the front door it’s it knows that you didn’t sleep much
[00:24:01] the night before and it has it has it pulls up in in front of your house is an autonomous Tesla or Uber whatever it might be with a lie down bed in the back right taking you where you need to go you never it will be seamless and you’ll never have to ask it’ll be the term I use is automagical right and there will be lots of different form factors as you say some for sleeping some for entertainment some for office uh study work you know and my my my numbers are that an electric autonomous car will be four times cheaper than car ownership I’m not sure if you go further than that yeah we have it um really being a third of uh person including everything and and and you’ll see that in our big ideas and in our our study as well um because Insurance depreciation m all of that uh so we’ve got it at
[00:25:01] roughly a third yes but it’s probably 4X if you include productivity time um that’s a good point that that’s a good point um I was going to say something else just lost it but yeah well I I’ll I’ll say the thing that’s interesting is that the poorest people on the planet will be chauffered around most efficiently it’s a leveling it’s a leveling of the playing field it is it is yeah so when people talk denigrate technology as creating the Great Divide I just ask them you know okay do you think the cell phone bringing the world together hurt hurt people at the lower no it helped them enormously you know I remember when when I lived in Ireland which I did as a child uh I remember how important us you know learning about the rest of the world was there weren’t any
[00:26:00] TVs in the households when I lived there that was a long time ago and it was a very rur rural part of Ireland and uh and so when one person got a TV and got to see how the rest of the world lived transformed their lives and the same thing happened with cell phones and smartphones right yeah and and now the fact that you can make a video call for effectively for free if you’re on Wi-Fi just continues to blow my mind I know um you know I love earlier this year uh and we could talk about Tesla versus uh versus GM or other or weo you know earlier this year when Tesla replaced 300,000 lines of C++ code with 3,000 lines of uh basically a large language model um uh that was amazing and you know and the I love using self-driving on my on my Tesla it you know it scares me on occasion but it works really well 98% of the time yeah we’ve done some
[00:27:01] great statistics around this you know I I’m I’m shocked I’m shocked when I go to conferences now and if they’re if they’re on the conservative side of things I’m seeing this anti EV uh vehicle but you present you present anyone with these facts and you understand why this is going to take off so this is a measure of safety um uh how many miles between accidents for the average car on the road um don’t don’t know uh now this is on Surface Street driving not Highway okay so Surface Street the hardest 190,000 miles on average okay a okay yep in a Tesla without FSD that number is roughly 600,000 miles in a Tesla with
[00:28:02] FSD uh uh it is 3.2 million miles wow wow wow wow so yeah again any you know this is how Volvo made its brand and its name was safety sure so yeah yeah no I’m um I’m I’m thrilled by it and then as you said in addition to our uh our electric autonomous cars the other thing that convergence is enabling of course you know an autonomous Volvo autonomous Tesla is a convergence play you know I I um I think about the convergence play on EV TOS which I hate that term electric vertical take off for landing I’m going to call them flying cars yes um air taxis air tax taxes okay um that’s extraordinary and coming soon and the price point you know I I was speaking to the CEO of Archer and their goal is the price point
[00:29:01] for a pilot in four ping passengers is the same as taking a you know uh an Uber Drive um that will be amazing I think and it’s going to be here sooner than uh I think people imagine of course we have to get the Regulators in gear here that’s the that’s going to be the gating Factor because I think we’re almost there Peter in terms of I mean we did the study on getting from Manhattan to JFK for roughly the same yeah for roughly the same uh cost as a taxi um I think we’re almost there now I mean technically we’re almost there now of course it has to scale to to to make sense you won’t you won’t go straight down to the taxi rate right away because of the massive amount of convenience and and you know these companies do have to earn a rate of return for all of the investment that they’ve put in but I
[00:30:00] think we’re there now they’re just uh that we just need to scale it and and of course what’s happening is we’re seeing a regulatory Arbitrage where companies are going to Saudi or Dubai or China or India because a Regulators are more supportive which is fine um but you know the old adage for the FAA is we’re not happy until you’re not happy yeah well you know it’s interesting we saw and when we first started studying drones uh in 2014 when um when I founded Arc uh I think Amazon was on its ninth generation drone and at that time this 2014 the the FAA would not let Amazon fly its drones outside on its own property it had to be inside and so they went to Hong Kong uh India as you say UK I think they went on Australia I mean it’s a and
[00:31:01] of course the same thing has happened with crypto you know broadly uh you know a lot of talent has left this country and and a lot of the asset managers in Europe don’t even want American customers because of our Regulators yeah I I see I see that and when I’m when I’m coaching entrepreneurs um you know I’m like please take your vision beyond the US borderline um you know it’s interesting I was Kaiu Lee I’m sure you know Kaiu out of covation in China and I used to take a group of uh American investors there to shenzen and Shanghai and and Beijing to go meet the Chinese companies and entrepreneurs and I remember uh two distinct things number one was the work life balance was their motto was 996 which I’m sure you heard right 9:00 a.m. to 9:00 p.m. 6 days a week the second thing was a Chinese entrepreneur looks
[00:32:00] at the 1 something billion Chinese market and the 300 million US market while the US entrepreneurs are basically just looking at the US market and it’s a big world out there um with poor with poorest borders and sometimes regulations allow you to start uh faster elsewhere and then you know in in the biotech World in particular because we humans are all the same globally yeah I you know it’s interesting I’d love to get your thoughts Peter on uh China uh China and gpus do you think that the the sanctions that the US has placed on China will embolden them uh to to become uh much more creative and focused on getting their own gpus much like in the 80s when we banned cars Japanese cars from the us or certain kinds of cars or
[00:33:00] put enormous tariffs on it it encouraged Japan to become the highest quality because at the time they were junk uh the highest quality uh most Innovative uh auto companies in the world I have no question at all for a multitude of reasons the the Chinese will invest and and you know I was talking to some of my friends who run large language model you know focused AI companies today and their belief is that uh China’s llms are at or above the gp4 level already and will be and you know one of the things that the Chinese companies have as advantages are a government that puts their finger on the scale and and creat absolutely and creates regulatory reforms to support them and causes you know Capital to flow in so they’re few uh uh restrictions and
[00:34:01] despite that America does incredibly well um but uh that is a we China is is is going to uh Play Big in this in in the chip world and in the AI world for sure I think uh I I think their property issues and just the massive overleveraging that took place over the 20 years after they entered the WTO just buy the dip buy the dip leverage up leverage up has come back to haunt them and that they need to change the subject so what I’m hoping is that it’s not Taiwan but that it is actually their own prowess in AI everybody I want to take a short break from our episode to talk about a company that’s very important to me and could actually save your life or the life of someone that you love company is called Fountain life and it’s a company I started years ago with Tony Rob and a group of very talented Physicians
[00:35:00] you know most of us don’t actually know what’s going on inside our body we’re all Optimist until that day when you have a pain in your side you go to the physician or the emergency room and they say listen I’m sorry to tell you this but you have this stage three or four going on and you know it didn’t start that morning it probably was a problem that’s been going on for some time but because we never look we don’t find out so what we built at Fountain life was the world’s most advanced diagnostic Centers we have four across the us today and we’re building 20 around the world these centers give you a full body MRI a brain a brain vasculature an AI enabled coronary CT looking for soft plaque dexa scan a Grail blood cancer test a full executive blood workup it’s the most advanced workup you’ll ever receive 150 gabt of data that then go to our AIS and our physicians to find any disease at
[00:36:00] the very beginning when it’s solvable you’re going to find out eventually might as well find out when you can take action Fountain life also has an entire side of Therapeutics we look around the world for the most Advanced Therapeutics that can add 10 20 healthy years to your life and we provide them to you at our centers so if this is of interest to you please go and check it out go to Fountain life.com back/ Peter when Tony and I wrote Our New York Times bestseller life force we had 30,000 people reached out to us for Fountain life memberships if you go to Fountain life.com Peter will put you to the top of the list really it’s something that is um for me one of the most important things I offer my entire family the CEOs of my companies my friends it’s a chance to really add decades onto our healthy lifespans go to fountainlife decom back/ Peter it’s one of the most important
[00:37:00] things I can offer to you as one of my listeners all right let’s go back to our episode yeah speaking of AI let’s go to the conversation around AGI and and digital super intelligence you know the first thing I’ll say is we passed the touring test without anyone noticing a long a long time ago right so like you know hey everybody did you notice we passed the touring test a thousand times over in the last couple of years or the last year at least uh AGI um you uh put out a beautiful curve that looks at people’s predictions of when we’re going to have human level intelligence right in 1999 Ray KW famously predicted 2029 pretty ballsy 30 years out to predict a single year and not prediction thought he was crazy impossible it’s 100 years out it’s 50 years out and so what did that curve you put out say so it said um in as recently as
[00:38:00] 2019 so that’s 30 years after was it he he put it out in 99 did you say it was yeah 1999 yeah yeah so in okay 20 years later uh in 2019 futurists these aren’t just normal you know forecasters of Technology but actual futurist it’s a a survey uh Brett winon our chief futurist Ai and AI Focus futurist as well exactly exactly so 2019 uh those futurists said uh AGI was 80 years away today today 8 years away so Ray Cur and if they continue to make the same forecasting error it could be three to four years away and there you go it could I mean Ry may have hit it on the mark nailed it nailed it uh and I’ll
[00:39:01] I’ll I’ll uh we’ll celebrate him in 2029 you know uh elon’s predictions have been between 2025 and 2028 and he said basically listen Ray got it right and of course the question becomes all right and so what uh we have human level AI because I still think of much of the AI systems that I’m using right now in their focused area are much better than humans it’s just we don’t have a generalized uh AI uh but what happens next of course is where we have a singularity you know we talk about a singularity is a is a horizon Beyond which you can’t predict what’s going to happen next and there’s going to be an AI Singularity when AIS are self programming themselves um and when we get to digital super intelligence you know because fine if we have human level AI in 2029 by 2030 you know it’s 2x 4X
[00:40:00] 10x because the doubling time in the AI World in terms of algorithms Capital compute has been less than Mo’s law it’s been faster than Mo’s law yes every yeah every three to four months forget about to 18 months to two years it’s uh it’s unbelievable because AI training costs are dropping 75% per year AI inference costs according to our estimates and research are dropping 85 uh 90% uh per year it’s and the amount of cap amount of capital going in amount of capital going in now what do you predict that at number no you mean the amount of capital uh being invested into into air related compute companies and so forth I mean last year the prediction I think was like about 150 to 180 billion went in and I just see this as a as a everybody’s pouring capital in yes and so here is the question there that we’re getting all the time is this is this a
[00:41:03] bubble and the way we are answering it is no this is not a bubble this is there’s something Elric electricity a bubble exactly exactly now is there too much Capital chasing you know chasing the same thing um that could be I can tell you you know we’ve had in in uh and you know the headlines I’m I’m not saying anything that that you don’t know but uh we have been pulling away from Nvidia mostly because we see how well understood that story is and it is um and and all praise to Jensen Wang and his incredible team uh you know they have done so much of the heavy lifting uh uh up you know as we’ve evolved to
[00:42:00] this uh level now however it is we’re the companies in our portfolio that are hugely undervalued and not recognized for uh what AI is going to enable are those with deep domain expertise and especially in one of your favorite areas Peter um the multiomic space so deep domain expertise AI expertise take this seriously this is going to determine winners and losers good distribution whether alone or with partners and then finally most important harnessing that proprietary data data that a company has that nobody else has so that’s where we’re spending tell my entrepreneurs you’ve got to wrap your arms around your data what data you want to collect what data do you have what data you going to gather for sure so when I’m looking at ARC for investments in AI is it the
[00:43:01] Innovation fund is it the autonomous Tech fund and Robotics fund which ETF do you have most of your AI Assets in well um when we think AI arkw is probably the most focused but AI as I mentioned before is going to permeate every sector every industry and should impact every company and so our flagship strategy has the multiomics in it as well and we think that there will be some of the most profound applications of AI in the in the uh multiomic space which is incredibly out of favor I know you know when when um when it’s been a blood bath it’s been a blood bath in biotech stocks yeah yeah and when the critic shall I say uh see a sale of uh a of uh Nvidia and the purchase of recursion which by the way
[00:44:03] nvidia’s Venture firm owns uh and is very picky about what it owns too especially in the Life Sciences space uh they go crazy they don’t understand they don’t understand that recursion is from a drug Discovery Point of View uh getting Superior results because of AI and because of Invidia yeah you know you know my friend uh uh who runs in silic medicine which is another Aid driven drug Discovery company he was creating generative uh uh uh pre-train Transformers around molecule designs before it was a term and it’s amazing because all of a sudden drug Discovery costs uh are Dr are collapsing and what people don’t realize is AI is the First Act Quantum is coming next and it’s going to you know if
[00:45:01] people yeah I don’t I don’t know how people are going to deal with uh the disruption the speed of disruption uh we’re we’re we’re about to announce an X prize with Google in the quantum space uh by the way so stay tuned for that and um I have hartm Nan who’s the head of of Google’s Quantum on stage with me this month and he was telling me that they’re about to make some huge announcement in the quantum space uh as it relates to classical Computing and so I’m super excited when Quantum starts to become um part of the infrastructure of our day-to-day lives and we don’t realize that but things are just instant and magical um it’s coming and and I think it’s not you know it’s it’s in the near term it’s within everybody’s investment Horizon and job Horizon and Leadership Horizon educ Horizon and no one is getting us ready
[00:46:00] for it yeah you know I just to jump back to the last point because I think something you know as we say new discoveries and just kind of unlocking the the code to life death death and disease that that is what’s going on now and this this convergence between multiomic sequencing and artificial intelligence but one of the more practical things that I I think aop uh uh people who are in in the research business shall I say is that the number if we’re right the the the number of trial failures and you know 90% plus of Trials fade 95% of Trials uh they fail that’s going to drop by we think 75% and that’s going to be a huge unlock of resources very practical huge unlock of um one of the Reas you’re going to
[00:47:00] select who’s in your trial more accurately you one of things people don’t one of things people don’t realize when you’re taking a drug that’s been approved for Disease by the FDA the percentage of people who have that disease for which the drug actually works is like under 20% yes yes it’s crazy what’s very interesting again this is in Big Ideas is if you look at the drugs that the FDA has approved for the proteum now today it is only uh they target only 4% of the proteome we think uh W with uh yeah targeted protein degradates and uh uh degraders and uh multiomic sequencing that is going to shoot up over the years this is a slow moving because of regulatory but uh to 56
[00:48:03] 58% you know one of the things I want to get to my my favorite pet subject on human health span and Longevity we just launched the largest X prize ever $11 million of capital for the team that could reverse uh loss of function in muscle immune and cognition by 20 years or more all right so we have 300 teams hopefully we’ll get to a th teams competing for this x prize it’s funded out of Saudi uh and out of the US um but what folks don’t realize is you know we’ve all accepted death at like 80 90 years old it’s like just the way it is and you know there are species on this planet boohead whales that lived 200 years and Greenland sharks that live to 500 years have have pups at 200 years and the question is why can they and why can’t we and when I was in medical school years ago for me the realization
[00:49:02] was it’s either a hardware problem or a software problem and we’re going to be able to eventually solve that I think this is the decade that we have the tools to understand why we age how to slow it how to stop it how to reverse it and you want to talk about impact on society uh imagine if at 70 80 90 you had the energy when you had at 30 or 40 right there was a study at a Harvard David Sinclair did that said adding just one year of health to the US population is worth $38 trillion I have to track those numbers down I mean if you Google it that’s insane yeah um that’s interesting that that you say that I had uh when you were mentioning the whales I was thinking okay cold baths that’s uh definitely one of the reasons right I think it has to do with their their particular uh uh genes that allow to detect and and and slay cancer I mean
[00:50:00] but we’ve now got the tools to go and and re program ourselves right the tools around crisper and around Gene editing ABS absolutely and what’s so interesting in the in in the traditional Financial World um we own all of the Chris pretty much all of the major crisper uh stocks and yet uh you know and we get questions like why do you own those uh they’re they they there’s no iida there because this is so new just approved by the FDA for bosmia and and sickle cell disease that’s crisper Therapeutics and and uh and vertex um this is what I’m talking about we talked about at the beginning of um of this spaces and and podcast it is investors in the traditional Financial world not willing to invest in the future isn’t that something what is investing in fact when I started Arc and
[00:51:02] I was trying to explain to someone not in the financial business why I needed to start Arc uh I I he ended up replaying it back to me and he said Oh you mean the future of investing is investing in the future and I said yes Bingo because these benchmarks are all about the past right yeah and and by the way I I think the old economic systems and theories and practices have all broken I think they’ve all all if I had more time I’d write an economics book because it old economics don’t bear witness to what’s going on today well I think that there are many economic theories I think the right one is the Austrian School and uh you know that people who who who understand the world from that angle are making sense of all of this but I agree that and I I I also
[00:52:00] agree that regulation and government policy is typically in the way typically in the way you know I the the theme I love is the best way to predict the future is created yourself and one of the things that you’re doing through your investing I’m doing through my investing or the companies I’m starting is let’s make this happen let’s not moan about it let’s not worry about it let’s actually go and stop that the truth will win out and um you know I believe there is no problem we cannot solve and the best way to become a billionaire is help a billion people and those convergent you know principles uplift Humanity in a beautiful way and I think as as you say uh as as far as human longevity just use first principles thinking just because something has been done one way for years think automobile production um
[00:53:00] doesn’t mean that’s the way it should be in the future that’s what Elon has done and has you know helped helped many people understand wait a minute can I think about this in a different way um and and that’s good just challenging conventional wisdom again the more that happens the more what you are saying is is going to prove to be correct truth will win out yes I mean there’s so many subjects to go on how do you how do you make short-term trades on these on these waves of exponentials um what’s your thesis there yeah we get all kinds of questions on this as you might imagine especially anytime we uh sell Tesla or uh Nvidia so um we in in high conviction names that are still uh we believe going to deliver us our minimum
[00:54:00] hurdle rate of return which is 15% at a compound annual rate over five years so on average per year 15% um like a Tesla in Spades uh I mean so much more than that if we’re right but we will we will when it when it goes through a massive move to the upside last year at one point it was up 150% and we started taking profits because guess what some of these multiomics names were getting crushed and we needed you know when you have only 100% to work with you need to trade around ideas so take some of those profits from something that’s up 1 15% and buy something that is down 15% in the same year you know sell High Buy Low kind of a very basic investment tenant now does that mean it it Tesla leaves our top five No in fact it’s still number two uh
[00:55:03] coinbase in our Flagship fund is number one uh because of the massive move that it has had and you’ll see us taking profits there as well um so I I want to move to Bitcoin in a second I want to ask you another question so I mean I just have to imagine that Elon will become become the first trillionaire I have no way of of not imagining that I I think he will and uh we have to get the court system out of determining uh CEO pay shareholders we were we were we were among the 73% of shareholders who voted uh for that pay package just delighted with it saying wow if he really will not take a salary will not take a bonus until he you know doubles at least double minimum doubles the share price and then takes the uh uh the stock up
[00:56:00] and revenue Up and iida Up by as much as these 12 tranches of if he does that this stock is going to go crazy and it did it went up 13-fold and the and they’re using if only he had performed over the last decade or so oh my gosh you know think about that that that that is they were using some a very uh you know esoteric legal fairness clause and it was like are you kidding me that was so fair to shareholders taking no pay uh everything in options all on the come performance uh you know if if more CEOs were like that we’d have a a much stronger economy much better performing companies yeah uh without question hey everyone I want to take a quick break from this episode to tell you about a health product that I love and that I use every day in fact I use it twice a
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[00:58:01] at checkout just go to seed.com moonshots and enter the code Peter 25 at checkout that’s seed.com moonshots and use the code Peter 25 to get your 25% off the first month of seeds daily symbiotic trust me your gut will thank you all right let’s go back to the episode Bitcoin congrats on your ETF it’s done very well your number three now number three you know this was David against Goliath and you know uh so this is a a a a very nice win for us now we’re not finished and in fact in our business what’s interesting is the wirehouses which dominate our customers so Morgan Stanley all the advisers at these wirehouses Morgan Stanley UBS Marilyn CH BFA Wells Fargo not one of them has approved Bitcoin on its platform that hasn’t even happened yet
[00:59:01] and those are our primary clients when that happens wait until you see explosion yeah I used to uh years and years ago um I went on CNBC uh uh saying I sold all my gold and I bit I bought Bitcoin and I said it’s you know it follows the 6ds road map it’s digitized dematerialized demonetized and democratized and in all of these things you have slow ceptive growth and then it becomes disruptive and we’re just at I mean it’s been a slow disruption but institutional in the institutions coming on um and then governments following um I mean the the the ship has sailed yes it has and this there there this is not just a technology um it’s a new asset class right and beyond that that it’s a global monetary system you know it is the first
[01:00:04] Global uh private meaning no government oversight digital and decentralized rules-based that’s the most important word here rules-based monetary system in history it’s a big idea yeah it it is I’m going to have Mike Sor on my on my stage uh the same place that you spoke last time and we’re going to spend a couple of hours talking about this but not just Bitcoin as a store of value but Bitcoin related applications right where’s lightning Network going uh this is you know Bitcoin is I’ve heard you say this the the financial side of the internet that did not exist in the 90s and it’s also the mechanism that AI is going to be using uh to to implement its uh its will or your will through it on the world yes uh what’s we we did um something
[01:01:00] called Bitcoin brainstorm we do a Bitcoin uh uh brainstorm monthly and one of them was the convergence between uh Bitcoin and Ai and we had uh you’ll probably know of his his developer name Rose beef uh from the lightning from the lightning Network on and he was talking about how in Africa already this convergence is redefining division of labor uh I mean the gig economy we understand here in the United States put that on steroids in terms of micro micro gig economy in the emerging markets and you have a a a whole whole new kind of economy so yes very exciting yeah um we can see the the hash rate exploding onto the scene having coming and um you know I I I hate
[01:02:01] to ask predictions again but I think uh I remember your sort of bare case meeting case and best case give us some of those numbers as you see them yes well uh we have all kinds of uh metrics but when I was uh at uh abundance uh the uh the forecast was our bull case was 1.5 milli ion Dollar in 5 years so that would have been 2027 we still have time and uh and we still think that’s going to be right um if you just look at the institutional push into Bitcoin this new asset class they have to consider it as fiduciaries when you use that Co those code words new asset class what it means the correlation of these returns are very low compared to those of other assets especially as bonds and stocks are becoming more correlated you need something
[01:03:00] uncorrelated yes absolutely absolutely and so they have to consider it now what are we saying there are 19.6 million Bitcoin out there right now and the highest it will ever go is 21 million uh well okay there’s real scarcity value and what what is going to happen the price increase for every institutional dollar pushing in now is going to be much higher than it was last year two years ago it’s you know we’re going to get uh into if these institutions really want to own it what I found fascinating recently just learned it this morning is uh typically when you go through a price move a bitcoin price move to the upside you usually see long-term holders which is a metric we monitor it’s on on chain analy analytics metric um and it means people
[01:04:00] who have not moved or wallets that have not moved their Bitcoin in 155 days or more yes well normally when you go through a price move to the upside a very nice one like we’ve seen in the last year that tends to start moving down and it did that true to form but it has reversed in recent days because what we learned learned is uh gbtc sold some of its Bitcoin so that was those wallets hadn’t been changed in a long time right now that is done at least for the time being now that is done and um it’s going back up again as the price goes up that’s highly unusual and I think it is because um the long-term holder saying why would I sell now when know all these institutions which own nothing own
[01:05:00] nothing in this realm in this new asset class they have to consider it because it is a new asset class I have friends of mine who are just setting up their uh their Bitcoins they can borrow against it no one wants to sell everyone is convinced it’s an uptick and someone to hit you a couple questions here uh a friend of mine who you know Bill baright who’s the CEO of ab right is one one last man last man standing he’s done an amazing amazing job um what’s your what do you think of as the the future of Defi and the future of banking with regard to this yes and first let me tell you a little story about Bill um in 2017 when Bitcoin was below $1,000 um and there was a war going on between the the Bitcoin maximalists and you know those uh focused on the ethereum network um Chris berisi um you
[01:06:01] may know him he was our first uh crypto analyst and went off to start placeholder um he decided you know what we should have a Meetup at our office between the Bitcoin and ethereum supporters and we’ll we’ll provide rules of the yeah we’ll provide rules of the road and bill was the grown-up in the room set the tone from you know the ethereum uh side and we had a t a such a productive talk that I went out and bought ether right away we own you know I already owned a lot of Bitcoin um because it was so convincing that there is a place for both bill is a brilliant adult in this space yes for sure yes yes and so so uh yes we’re um very excited about the ethereum network and salana and so they all play
[01:07:02] different roles and what I love is there’s kind of a little competition I think competition is always good uh to keep the other networks honest and uh so yes we think that um decentralized finance and we do call it now the internet Financial system which is really a chis point that yes I I I like that because it’s it really uh it really talks about the functionality more than this this ethereal idea it’s it it it is the financial backbone and it’s the it’s really the dematerialized and democratized access to taking action in the world absolutely and taking the middlemen out of yes everything you know when we sand out of the gears yeah when we did our digital Wallet work um you know we’re saying okay let’s try and figure out how much it how many steps it takes for a merchant or for a consumer
[01:08:02] to pay a merchant and that was nine steps including the two of them uh and that’s and and you know there are many other middlemen but these were the most direct steps and that is a one well a two to 4% tax on every purchase in the world if you’re using uh in intermediaries credit cards and so forth so uh just think about that cutting you know that tax rate dramatically is is going to increase access dramatically I want to hit on uh another fun subject the uh the nine-year-old inside of me is like the robots are coming the robots are coming you know uh so they are humanoid humanoid robots Tesla bot a friend of mine is one of the uh senior uh leaders at Tesla and just showing me what’s going going on there is amazing right Tesla bot 2 um uh Optimus uh
[01:09:00] Second Generation and then we’ve got uh we’ve got amaa we’ve got figure and my count 30 other humanoid robots under development yes and we’ve we think this is uh first of all if you look at the um rights law and apply it to Industrial robots um uh what what we see is uh based on the 50% cost decline for every cumulative doubling in the number of robots out there uh we believe that during the next six to seven years that space is going to grow the fastest even faster than AI now this is from a market valuation point of view I’m talking about how it’s valued in the marketplace uh we think by more than 80% uh per year at a compound annual rate whereas we think all of disruptive innovation will be growing 40% uh from roughly $20 trillion now in
[01:10:01] in the public and private market and figure AI we uh we have taken a position in our Venture fund there uh so from 20 trillion to 220 trillion by the year 2030 so that’s a 40% compound annual rate of growth but but Ro generalized uh generalizable robotics is going to grow the fastest We Believe incredible and I you know my Venture fund build Capital we took a position in figure as well and of course I’m a I’m a huge uh Tesla fan um yes yes of course we are too and you know it’s interesting if you look at the you know elon’s prediction on Optimist at 20,000 let’s say he’s going to be optimistic as he normally is and that’s good optimism helps you you know if if innovators weren’t optimistic they would never start any of the ventures because you’ve got to be optimistic uh but let’s let’s say that it’s not 20,000 for an optimist let’s
[01:11:00] say or a figure let’s say it’s 50,000 you know if you’re leasing it like you lease a car you know 500 bucks a month you’ve got labor 247 sitting in your closet downstairs working for you uh it’s extraordinary it is it is we’re pretty excited and the way we value this this particular space is uh it’s roughly 50 50 home and out of home about $12 trillion each so yes very exciting it’s a lot now the numbers are interesting for those who haven’t sort of seen the conversation um uh you know I’ve seen uh venod kosla who’s a friend uh you know talk about you as well as uh the team at figure that will hit you know billions perhaps 10 billion by 2040 these are humanoid robots walking amongst us and millions by 2030 what do you think what
[01:12:02] have you what’s your projections I we think uh they are right and that we are hitting the Tipping Point now uh and you know Elon does not do anything unless he well nothing small we for sure for sure but uh unless again on a first principal basis he can justify it and so the fact that he’s you know throwing this weight behind it and I hope he does get his 25% voting control at Tesla because you know as Tesla shareholder yeah I want him to see this through yeah you know it’s interesting uh what I love is not only convergence in Technologies but convergence within elon’s companies so we’ve got uh we’ve got you know Tesla and SpaceX working together and the other thing and I’m spending some good time at the Abundant Summit on brain computer interface an area that we haven’t spoken about much
[01:13:01] but you know the ability to connect your neocortex the cloud and be able to think and Google or take action increasing intelligence right the number one greatest asset a company or nation has is the intelligence of its employees or its citizens if you can up that to some degree that would be extraordinary so imagine neuralink and Optimus together right so I’m able to occupy an optimist robot someplace and drive it around we’ve seen movies about this and it’s not that far away we agree we agree especially yeah as we’re combining what you just said with AGI that how how wrong how wrong the market has been and how close to reality it might be you know it the point you just made how wrong the market has been um I am I’m flabbergasted uh I don’t know I don’t I don’t know what the right term
[01:14:00] is how uh how confused I am uh about the the public and the markets not recognizing how impactful these exponential technology-driven companies are and how like you said earlier right super exponentials are coming as these tsunami siiz convergences are about to transform every aspect of our lives company nation states are going to be trans exactly accelerate the exponential growth rates so yeah I I can tell you why um and I mentioned it briefly but in the reasons but in a word people are scared and uh they are hugging benchmarks because they don’t want to go through another Tekken Telecom bust they don’t want to go through another another Financial meltdown people are talking about you know uh another tech another
[01:15:01] technology hyp cycle here so these are trigger words for them right now so here’s the irony here’s the irony in the late 90s I was there in the late 90s the this idea of the internet captured the Investor’s imagination and they started valuing companies on on number of eyeballs potentially intend to 20 years I’ll I’ll never I’ll never forget when one travel company is worth more than all the airlines put together there you go so he so so too much Capital Chase too few opportunities too soon and it ended badly the Technologies weren’t ready and they were too expensive so but what people what what people do not understand is the seeds for everything Happening Now were swn during the the 20 years that ended in the teeken Telecom bubble they’ve been germinating for 25
[01:16:00] 30 years we are ready for prime time and unlike the late 90s they’re they’re running away they’re running for the hills what are the hills they benchmarks it’s ridiculous old school old school uh safe havens for for Capital which are and that will end badly too that will end badly yeah you know uh when I’m looking to predict the future one of the things I think think about and look at is what I call user interface moments uh these are moments where complex technology gets a simplified user interface on top of it that then makes the public gives the public access so when uh when when uh when Mosaic came along right when Mark andreon created Mosaic he put a user interface on top of arpanet and all of a sudden it exploded right Steve Jobs does that with the phone with the iPhone and the App Store and so forth chat GPT created a user interface moment on top of large language models in and all of a sudden
[01:17:00] massive right so we’re we’re going to be seeing these user interface moments coming on making all of this very rich very powerful complex technology accessible to everybody and in one sense AI is the ultimate user interface right Absolut be there will be a future you know I keep on in my in my blogs and my books I talk about Jarvis because I just love Jarvis from Iron Man and I you and it’s like you know it will be my interface where I don’t know how to 3D print or write 3D printing code and I haven’t coded in a number of years but I I know what I want and if I can explain to my user interface exactly what I want it has all the apis and everything needed to go and do anything I desire and you know natural language yes I do I do there you go um the challenge is going to be of course and we will have to deal with this is how do we overcome the uh the uh ill actors you know the uh
[01:18:03] malevolent actors in society who want to use this for uh for harm and there in lies you know the black height black hat white hat the use of AI to support Humanity in uh in doing good over evil yeah what I you know that this brings up the open source versus close uh you know just in in the spaces with Elon he was saying open AI ha you should call it closed AI you know uh but you know we have and it’s in the again the Big Ideas we uh have a chart in there that shows the rate of performance Improvement for closed Source models and open source models now if you look at the level CH I mean gbd4 is just out there it’s you know way above the be the rest but if you look at the slope of the
[01:19:00] line of performance improvements for open source it is steeper it’s that’s improving faster and I’m wondering you know I often say with the the Bitcoin blockchain I say hey this is a giant neighborhood watch you’ve got a lot of people whose livelihoods uh and wealth uh are concentrated here and they don’t want any anything to go wrong I feel like that should be the case in open source with open source uh AI as well now Elon in our spaces said he thought closed would win and I’m thinking well maybe but but could it be that you know we we’ve seen llama 2 and can’t wait to see llama 3 is good enough good enough and I’ve talked to many Enterprises who say we just need this to set down because we have to quote unquote hardwire this for compliance and security and all of that so I just
[01:20:01] wonder I just wonder I’m I’m of the open source you know open will win I really fundamentally believe that over and over again you know I’m going to have uh you know we have hugging face uh we have uh imod musto’s going to be with us uh from stability uh and and I think one of the things that hasn’t been calculated into this is we’re going to see nation state players partnering with open-source players uh to digitize the data in their Nations and create uh nation state language models uh that are respectful of their their culture and of their uh you know their history um and so we’re going to see we’ll see you know 100 plus major players out there I don’t think it’s going to all be Microsoft or Google I agree with you I agree with you I don’t think people want it to be a uh Microsoft or Google yeah though you know Google’s Google’s been an open source
[01:21:00] player almost every place else uh I know that’s what’s so interesting isn’t it I it is fascinating and I I hope that they do take on the the open source bandwagon I I will I will not go into uh uh into the conversation about Gemini right now because I don’t want to get us into another half hour conversation but uh listen I I I want to I want to close out um you’ve been so generous with with time this has been a fun conversation Kathy I miss you been great yeah I miss you too uh you know uh let’s talk one second uh you uh have gotten into the Venture business since uh you were on my stage at abundance 360 talk one second about your your Venture fund uh a moment and how people can find out more about that so democratizing Venture uh it’s an interval fund which is it’s regulated just like an ETF or a mutual fund and for $500 um a and we’re available on both Titan which is an Andre and oritz funded
[01:22:02] app and on Sofi now just launched there um for $500 you can get access to SpaceX and Discord and epic and data bricks which bought mosaics which we owned so a free free gnome in the in the multiomic space so really transformational uh companies we excited about this effort and and we’re really grateful how big is the how big is your vure fund so it started about a year ago and it’s Grassroots as I just described it is approaching I think it’s just about 50 million now and uh we know that the wirehouses will look forward to putting it on their platforms when it hits a crosses a threshold say 70 to 100 million depending on the warehouse so we’re excited about that yeah I mean because most people like you know for my Venture funds your minimum investment is a million2 million uh you know so the other thing the other thing Peter is
[01:23:02] we’re not charging a carry we are CH charging a 2.75% fee but no carry and that is why we can offer it to retail go figure this is an SEC rule if you don’t earn a million if you don’t I don’t know what the thresholds are but a million dollars and some other dollar for uh for income which most of our young uh young um uh investors don’t uh you can’t have a shot at these Moon shops of course this is critical for diversification to have some segment of your assets in Venture and you make it possible for them and congratulations on that thank you yeah and where does one go to learn about the rest of the incredible ecosystem you’ve created oh thank you so it’s a ark-invest do.com you can find Big Ideas 2024 uh on there um and then um uh we also have all of our podcasts we do in the no which is
[01:24:02] more economics and a little bit of innovation that’s every month Bitcoin brainstorm Bitcoin monthly uh and we have something called it’s actually very interesting it’s called the brainstorm and it’s uh Nick Roose who’s an APM with me and Sam chorus who’s a director of research uh basically summarizing our brainstorm from the previous Friday it comes out the following Tuesday so definitely uh stay tuned for that nice nice and I would love to have you back on my stage in next year’s abundance Summit uh which is a common theme on convergence and let’s talk about sort of you know where things are going someone interested in seeing these tsunamis where do they invest what what’s your what’s your thinking um anyway I’m excited for that thank you for your time thank you for your work much Peter thank you for your work yes yes we’ve got to we got to bring we got to reverse this
[01:25:00] massive misallocation of capital and redirect it right and and also the if I could the negativism out there we are living most extraordinary time ever right we are this this technology is uplifting Humanity it’s creating increasing abundance and these are good things and it tends to sorry Peter it tends to gain traction during tough times so when people are are negative and not optimistic is when surreptitiously deceptively as you say these Technologies start to take hold and then please God we’re into the Roaring 20s again yes amazing amazing yeah Kathy a pleasure we’re going to end our spaces here if you’d stay with me on the video uh take care everybody thank you for joining us and uh see you next time [Music]