Bitcoin Will Be Shadow Central Bank: When Fiat Fails, It'll Be Overnight - Bill Barhydt
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- Опубліковано 23 чер 2024
- Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Bill Barhydt, Founder and CEO of Abra, who says that Bitcoin will become the shadow central bank, as the fiat system fails. Barhydt sees more sovereign nations and companies holding Bitcoin as a reserve asset. He warns that 50-75 non-U.S.-dollar-backed or non-euro-backed currencies will fail in the next 25 years. “With international currencies backed by nothing, it's a ticking time bomb,” he tells Kitco News on the sidelines of Consensus 2024 in Austin, Texas. Barhydt adds that once the fiat system begins to collapse, it could happen overnight.
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#Bitcoin #dollar #fiat #currency
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00:00 Coming Up
00:44 Intro: Roles of Bitcoin, Ethereum & Solana in the Future of Finance
02:18 Bitcoin
08:42 Adoption
12:39 Bitcoin and the Future of Global Currencies
27:46 Public Companies & Bitcoin Holdings
31:11 Sovereign Nations and Bitcoin
32:04 Currency Failures
38:40 Stablecoins
41:34 Ether & Tokenization of Traditional Finance
47:31 Solana & Retail Transactions
56:46 Abra’s Role in the Crypto Market
__________________________________________________________________
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Problem is eth is not decentralized 😗
I agree, ETH's only benefiting from being the first mover and having many projects built on top of it. But they do not have any tech advantage, and as you point out its centralized.
That's one problem with this 'thesis'...
Cardano is way more decentralised
BTC whales show it's also centralized.
@TheGoldeyFamily Bitcoin is better distributed. Over a million wallets in the 1BTC club, that's 5% compared to 0.7% are $millionaires in fiat world.
Papexnova ❤❤❤❤🎉🎉 millionaires 2024 ❤
There is no such thing as a "decentralized" network of nodes that require $10,000 of hardware to run.
Solana is NOT decentralized. The nodes require elite levels of hardware.
decentralized isn't the same as "free of cost"...
@@mwilliamson4198
Obviously, there is always a cost. But that has nothing to do with the point. The "cost" should never force nodes to use high end hardware. Because "decentralization" requires CONSUMER GRADE hardware. Not commercial grade.
This is why Bitcoin never raised it's block memory size, because it would lose it's ability to be run on consumer grade hardware.
Electrical power is expensive.
USN backed by gold, no one mentions that.
Cry
@@PepeCoinMania
I don't own Sol. Therefore, I have no reason to cry.
Eth fees are nuts no way mc or visa would touch it. Solana network crashes and btc slow like a turtle. There are better tech xrp, xlm, xdc, and casper. Also stacking gold and silver.
Remind me again, how many bankers went to jail for 2008?
All my friends at my company suffer a 50% loos in 2008. NO BANKER WENT TO JAIL AND THEY POCKET HUNDREDS OF MILLIONS. They own the government's around the 🌎 world
1
exactly zero. Where's Stanley O'Neal by the way? My bet is on a yacht somewhere because should he step foot in his country club, I'm pretty certain someone would beat his a** with a 9 iron. Or Anthony Mozillo, even better.
These guys need a fishing trip, some quickcreet and 5 gallon buckets.
@@cjb8993 Yep. It just pisses me off at all the permanent Washington bureaucrats (who f'ng work for us).. who've selfishly disregarded our futures & caused all this. And most of us are too stupid to realize we've been voting for the people driving us off the cliff for 20+yrs..
Not only do they rob us thru insane amounts of taxes, (on literally everything, including sh*t that's already been taxed).. But then severely mismanage our money & destroy its value when they print more. And the type of sh*t they waste it on is insulting. Like the most recent omnibus bill with insane sh*t like a few hundred grand to see if LSD changes a frogs sexual preferences or some bs.
Democrats insist on insane omnibus budgets with 1000 pages, so nothing gets voted on/scrutinized individually. And they give 24hrs to actually read it. These people gotta go for good🤦♂️
Will the freezable Canadian currency be one of the first to fail? I don't think there has been any consequences for the Canadian P.M. freezing bank accounts.
Watching the crypto market's ups and downs shows how quickly things can change. In crypto, strategic, informed trading isn't a choice; it's a must. Remember, caution is as crucial as ambition here. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 1.2Biitcoin to a decent 11.4Biitcoin... I'm especially grateful to Kerrie Farrell, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..
As a beginner, it's essential for you to have a mentor to keep you accountable....
I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this..
The fact that i got to learn and earn from her program is everything to me think about it, it's a win win for both ways...
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing..
The top signal provider in the market. Well informed and composed (unlike some traders who have recently joined without experience)..
Watching the crypto market's ups and downs shows how quickly things can change. In crypto, strategic, informed trading isn't a choice; it's a must. Remember, caution is as crucial as ambition here. This dedication to continuous learning is inspiring...managed to grow a nest egg of around $5k in Bitcoin to a decent $55k in one week... I'm especially grateful to John Zevr Crypto
how do y'all even make so much from crypto trading?
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular advisor to whom you have used their services?
I will mention and recommend John Zevr
I'm thrilled at the prospect of learning from a coach like John Zevr Crypto
With his mentorship, I feel more confident in my ability to navigate the crypto market and make informed decisions.
This is probably one of the best guest I've watched recently on Kitco. Really insightful.
great until the power gets either hacked or bombed
if that happens it's basically all over anyway...
@@mwilliamson4198 but if you did survive along with others bitcoin not much use like in eastern urkaine
No, it's not great now, even though the grid is up. You can't buy anything with BTC. No one uses it 16 years later. It is de facto useless.
@banhammer3904 nobody uses bitcoin that has got to be one of the most ignorant comments I've seen in a while.
I've been using bitcoin the last 8 years.
You must have access to usd your very lucky to have that privilege.
@banhammer3904 It's a store of value like gold. It's not meant to be anything other than that. It's better understood if you try and make It's something It's not.
The department of education has 250k
Employees. Stop the growth and power of government.Lawfare
Unions are strong enough to not allow that
💯
Every person or business who goes broke always happens the same, nothing happens for a long time and then a lot of stuff happens in a short time.
One of the best interviews I have ever heard. Thank you!
Yes agree, he's definitely an OG in crypto.👏👏👏
Everyone will eventually buy Bitcoin... at the price they deserve.... ❤
He dosnt mention the fact that both WEFereum an Solana, are centralized and will have the EXACT same inflation problems and government weaponization that fiat has...
@MrPsymon808 could the government censor transactions? Can the Solana fund create more inflation? Does the WEFereum fund have enough stake to increase the supply? GTFOH
808 was never here?
In gold only we trust.
Sadly nobody actually knows how much gold there is out in the world. Heavily manipulated.
Silver > Gold
@@MrPsymon808when the grid goes down good luck having any wealth. Your crypto will be GONE.
@@joshuakelleher-bw5dg and most people will be dead after a short time. Marshall law will be invoked and the military will confiscate all your wealth you’ve accumulated for them.
@@MrPsymon808 Matter of time when quantum pc and ai eat all crypto steal or destroy it ! No one defend crypto not Xi not Putin not Biden they defend only their fiat and gold in CB !
This guy should do more interviews. Thanks Michelle!
It's going to be fascinating to see "third world" countries that have adopted and integrated BTC into their daily monetary system switch to first world overnight when all this happens.
@dasfahrer8187
Exactly, it will never happen lol they are also expecting the people in these "third world countries" to also psychologically make the instant jump aswell lol again wont happen.
You're out of your mind with the koolaid. China, India, Saudi all buying hard assets (gold) not digital monopoly money
Problem is that there are derivatives allowed on all of it. Fiat, bitcoin, gold. Real supply doesn't matter when you can create contracts on notional amounts in excess of actual supply. PERIOD.
Michelle - any thoughts to remaining ? Kitco to Bitco ?
Like Bill. Plain, clear-talking, puts his message across succinctly. Michelle excellent as always.
You lost me at ETH not decentralized, you closed me at the moon landing
You could literally buy all the ETH and then control it. That's not decentralized. You can't do that to BTC.
Yeah, gradually then suddenly
Hopefully, my stacks will be tall by then! 😂
You: Did she say "pegging"?
Me: Come on boys...let's be serious
Michelle on his moon landing comment: 🤨🤨🤨
Yep 😂- I caught that too lol
she's much smarter then he is.
Nah She likes Escuda
It took me 8 mins & 30secs to realise this guy is a hired comedian. Moon landings? That's your theory...😂
Are you stupid or something?
Except, mounting evidence proves we didn’t land on the moon 😂
Awesome info!!
Michelle - you ask the questions I have and he answered them so clearly
Highly informative, thanks 😊
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Victoria Wiezorek.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
Victoria Wiezorek strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started
You trade with Victoria Wiezorek too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
I'm from the Philippines - I love love love Abra and Bill
Tokenize a square block on skid row and spend ether to rent a tent .... this shit is dumb ... sorry. If bitcoin is going into the hundreds of thousands why would anyone produce any of this stuff that we need to consume?
Without Bitcoin nothing matters, your just the property of those who control the printing press and everything you ever produce belongs to them
Trying to EXPERIENCE that " great again " ... I might swim back if I'd ever get a free wiley
Did'nt decuritizing bitcoin put it in the hands of those who precisely have controlled and manipulated the markets forever so that it lost a lot of its hegemony as a private free of intervention type of asset?? Thanks ! Charles
correction to my comment question..Decuritizing should read: securitizing it thnks
Privacy Tokens are the future.
@@charlesewillmore5252 I follow the LaW.. 💍. ... 😇 bling..bling... " Charles, there not members of the FDIC. "
( like the song... " I can feel it coming back again.." by LIVE )... I can feel it... coming back again.... Google it
Very clear dissertation. Thank you.
Everyone is shilling btc these days so it is probably topping out. He lost me at we went to the moon in a tin can. Forgot to mention that they 'lost' all the tech to get there again. LOL
Yeah we went there once and we never thought to go back again?
They don't need to shill. Stick to your fiat: those who do like it, couldn't give a...if you never become involved.
You might want to check the facts around the BTC ETFs first. Any drongo could work out, there's a reason why Fink & Co were so eager to get them approved: $1 billion AUM, in less than 100 days!
Spot on. I was the peak of real technology. Everything since then has been sorcery.
Thank you Steve. May I ask axelar, Vulcan forged and polkadot video?❤❤❤
Did you guys ever stop to think why central banks are buying gold and not Bitcoin. Gold has been classed as a tier 1 asset
By Basel III as of 1.1.23 gold is equivalent to cash according to BIS.
Did you ever stop and think that you can be in gold AND Bitcoin
@@mwilliamson4198 yes I'm working on that
No, but I am interested that the largest money managers in the world are buying more everyday than there is being mined.
@@mwilliamson4198 did you ever stop and think that btc might be controlled oppo
BTC ETH SOL? Oh brother
30 seconds in and he’s already invalidated himself.
XRP XLM XDC
Bro if an asteroid crash the earth no one would survive 😂
Thanks for the SME opinions and thorough breakdown. You crushed it and made everything relatable. YTM! TY MM ☺️ you rock always Chica
Bitcion is similar to fiat( its nothing) but you can't print it. In theory.
And yet every single transaction is recorded on the blockchain…. That’s inferior to the fake value of the dollar???
Amazing the amount of ignoramuses that exist in this space. Check the YTD BTC price % increase, against ANY other asset. Then look at the BTC ETF price action/inflows.
It's got advantages over fiat for sure, (block chain). But bitcoin is still a human construct, has value while you have confidence in it.
@@lowtech_1 🤨Everything in Society is a Human construct. And, that includes all forms of economics & finance. Some aspects being superior to others. Just look at the BS going on, in World politics.
How do you believe Bitcoin can be abused? I see it has many advantages over other types of currency; like an incorruptible limit, of 21 million coins. Maybe it is a form of money, like gold: maybe it ain't. It does have superiority, over paper currency, IMO.
And, it is in it's very early stages, of acceptance (check out the numbers, around the ETFs). My main concern is the likes of Fink, etc., corrupting it's base conception, in some means.
@@lowtech_1the blockchain is a public ledger open to any audit at any time.
Not a word about XRP? Ok...
Good show, Michelle
Thank you!
Great interview Michelle 👍
KABOOM!!!
Glad you enjoyed it!
bitcoin along with blockchain charge 11 damn percent to send bitcoin that’s outrageous
If anyone thinks that Bitcoin will challenge government control of fiat, I suggest are not familiar with lengths desperate governments will go to in order to maintain their control. It's going to get ugly.
Governments have been overthrownby the people and empires have collapsed throughout history.
@william: Finally, someone with a realistic viewpoint.
There is a reason there is a pattern. Once the strongest nation holds all the gold, they must start to outsource production and use their gold to purchase. None of the weaker nations have any more gold.
🙏🏼 clear interview.
Nice video
I would suggest holding crypto assets, but there are better options like day trading
But to be frank, trading the crypto market without any form of experience or guidance is a ridiculous idea, it's just too risky especially for newbies
A lot of person have tried trading and lost funds as a result of the risk, I am a victim of this.
As a beginner, the best you can do to yourself is to get a professional that will handle your account and minimize lost to it's nearest rate.
That's true, but the risks are minimal when you make those moves with the guidance of a professional. People still make huge ROl on a daily
Looove this interview! Will continue to listen to the guest in other interviews he's done! Thank you !!
Minus the moonlanding ☻️ example, awesome interview👍🏼
Great interview.
Great video
The potential impact of a new BRICS currency on the US dollar remains uncertain, with experts debating its potential to challenge the dollar's dominance. However, if a new BRICS currency was to stabilize against the dollar, it could weaken the power of US sanctions, leading to a further decline in the dollar's value.May 9, 2024
Michelle Makori ❤
Point is, we talk about gold a lot, but we can't protect its ownership (once we hold enough of it), so gold is actually a riskier store of value than BTC.
I love this woman
Yeah, another incredibly valuable and informative interview. Thank you so much guys.
Right right right...
Visa and mastercard are already working with Ripple and the xrp ledger, this guy is a Bitcoin maxi! I own Bitcoin but its not the only token!
If this is the case someone explain to me why Ripple, with Garlinghouse on the board of the WEF, are signed up with the BIS, the IMF countless central and other banks, and with 1700+ NDA agreements with other banks and FIs? Or the fact that 80% of Japanese banks are signed up with Ripple! Not to mention that 98% of countries are looking at or at advanced stages of CBDC projects, none of which, as far as I know at least, are using any of the blockchains mentioned here...??? Just asking 🤷
I must not understand because bit coin is the exact same as the dollar(digital dollar). It's fiat and has no use beyond being used as money
Why is XRP not discussed as bank layer platform, as it’s a far better platform and scalable with a fraction of the cost of ETH?
He's Deluded 😊❤
Saudi says it going start use the BIS mbridge system to trade .
Eth is way to expensive, people will use XDC way cheaper and better
They didn't land on the moon ? He is cooked this bloke
Bitcoin = freedom from fiat ❤ its the only decentralized, indestructible anti-inflationary asset in history
One EMP & it's destructible - everything will be fried & many many years to repair unless there is a nuclear bomb on our heads , then this conversation is about nothing , cheers ( Aussie ) Phil .
@@philmcgriskin1706 if an emp is strong enough to destroy btc nodes around the planet, entire blockchain & world internet, then it would also be strong enough to destroy your bank records, stocks, credit card systems etc. so basically nothing would be safe; an emp couldnt destroy btc only and nothing else.
If an EMP goes off a 1000 ounces of gold wouldn’t buy you a loaf of bread or a single 9mm bullet! Gold only works between civilized people who both believe it has value and respect each others property rights.
@@philmcgriskin1706 IF THE WORLD GETS NUKED AND EMP'D WE WOULD HAVE MORE PROBLEMS THEN MONEY DUDE... AND YOU CAN GET EMP SHIELDS TO BLOCK THOSE WAVES, EVEN HANDHELD ONES YOU CAN BUY NOW FOR CELLPHONES. YOUR ARGUMENT IS JUST ANOTHER LOGICAL FALLACY
@@philmcgriskin1706 not only is it not an "indestructible" commodity - it's not a commodity at all.
Argentina partners with ADA Cardano
If You Can't Hold It
You Don't Own It.
Silver and Gold Is The Way To Go.
Self custody btc is more secure than fort knox
If you can literally hold it
It can be STOLEN
Yeah no id rather have good then intangible bullshit @@chicksandwich
Yep, hold your golden brick and walk across London, or other places, how far you will walk with it??
I guess you don't own your mind - not surprising. You do not own any of your computer files either. Stay poor, have fun.
10:22 Satoshi said nothing No-one has ever heard "him." He probably doesn't even exist.
Excellent interview. I agreed with all except his worry about the free market being able to deal with fluctuation in the price of gold or anything else, his moon-landings view, and his space-is-real view. ha ha.
MIchelle is sparkling. ~
How are the soundbites harder than the bars 😂😂😂 I lost braincells to this
Can i buy papexnova now?
Thank you for calling him out on that bullshit asteroid of Gold hitting earth . So sick of hearing that stupid argument for years now.
Smart people make smart observations.👍
Silverado
Peer to Peer Cash that cannot handle small transactions.
Lightning 🌩 ⚡️
All these main streamers think that the only Crypto coins that have any utility is BTC, ETH & SOL! That's sad there are so many more coins out there that are actually being used , XLM being used by Money Gram, XRP being tested by banks for interbank transfers, ICP being used as a alternative to Amazon and Cisco as storage options for data. I seems like You tubers in the main stream are not allowed to mentions coins That I mentioned above.
BTC protocol is changing the world
In your mind
@@Ronnie_B Ok Boomer
This Guy reminds me of a young dumb Teenager who thinks he knows more than his Father.
Yeah mate I agree 👍
Any arguments to support it?
@@waynetut….Well, Bitcoin has been around for less than 20 Years. And it is dependent on Mass Delusion to keep it’s supposed “Value.”
Gold and Silver has been used as Money and as a Store of Value for over 5,000 Years. There is a Reason why Governments and Central Banks Hoard so much of it.
Couldn’t disagree more
The idea that Fiat will fall overnight is completely absurd. It may fall but it will be a very long and slow process, Every Nation in the world has so much debt tied up in the US dollar, there will never be an incentive for them to all try to get rid of it at the same time because then they would be shooting themselves in the foot
Isn't this guy the Judge from Night Court? He's looking good... 😂
How about Bitcoin measured in gold as the reserve currency ?
Fine
Eth 🤮
Beautiful Michelle ❤❤❤❤
I have 10 x more gold than BTC. But BTC may still make more than my Gold. Time will tell. One thing I do know. Even if the big ones do go off. My gold will still be gold. For a new lot of nutters.
Some good insights here. My ultimate concern is the huge amount of electricity needed, which in turn means an increase in fossil fuel use.
no more than a dishwasher, air conditioner, or any electric appliances. It takes energy to do anything. BTC miners are the only commodity that purposefully looks for alternative energy.
Damn she is awsome... in both ways
When people say "rates will go up" does that include mortgage rates?
yes
I like BITCOIN. But is amazing how in the same breath. Someone can say Fiat money is money that a government say is money. But isn't it the same as BITCOIN, and even precious metals. 😮😮.
The difference with precious metals is its a known worldwide and has multiple uses 🤔
Argentina is on the up n up. And last week they announced they will use the Cardano blockchain 🚀
@6:45 Portuguese escudo 👌👌
Seeing the rise of crypto in gaming, especially with Farcana's Bitcoin prize system, makes me think of Barhydt's vision of Bitcoin as a shadow bank. How do you think $FAR will play into this future landscape?
So my Ferrari and mansion paid for in cash is all a scam ?
June 20😊
He said a asteroid full of gold might offset the gold market 😳🙈🤣
Right the supposedly make sense argument lol
Back to the gold standard 😊
Let's goooo PAPEXNOVA !!!! 🐸🔥🚀
BTC and privacy cryptos will go stratospheric. Both Ethereum Solana will become like XRP , fully centralized fiat-based digital currencies that do not fluctuate in price. “Griswold-dollars”(Griswald: A major oversight or obvious err in judgement or planning.)