YOU VERY MUCH.
DIANE SWONK.
>>> CRYPTO CURRENCIES TAKING A
BIGGER HIT THAN THE MAJOR
INDICES RIGHT NOW.
IF YOU LOOK AT BITCOIN, THIS
ISN’T A PRETTY PICTURE, DOWN 9%.
WE DO HAVE IT BELOW $37,000, IN
FACT, WE’RE JUST ABOUT $109
ABOVE 36,000.
FOR THE MOMENT WE’RE LOOKING AT
CRYPTOS ACROSS THE BOARD
FALLING, BUT ADOPTION IS
ACTUALLY STILL RISING.
AND WHEN WE SAY ADOPTION, WE
MEAN BUSINESSES OUT THERE WHO
ARE WILLING TO TAKE IT.
GUCCI, BUT WITH THIS, ARE
STRUTTING THE CRYPTO CATWALK,
THE ITALIAN RETAILER ANNOUNCED
TODAY IT’S GOING TO ACCEPT
CRYPTOCURRENCY AS A FORM OF
PAYMENT IN SELECT STORES IN THE
U.S. STARTING WITH SORT OF A
BETA TEST HERE, RIGHT?
THE BRAND WILL ACCEPT UP TO TEN
DIFFERENT CRYPTOS INCLUDING
BITCOIN, YES, SHEBA I KNEW AND
DOGECOIN’S IN THERE TOO.
GUCCI SAYS IT WILL CONVERT THE
CRYPTO INTO BY YACHT WITH
CURRENCY.
EQUINOX ALSO STARTED ANNOUNCED
-- ANNOUNCING PLANS
FOR BIT PAY.
REMEMBER, BITCOIN SEASONALLY HAS
HISTORICALLY RALLIED 27% THIS
MONTH FOR THE PAST 11 YEARS.
WILL THAT STILL BE IN PLAY, OR
IS A 2018-STYLE CRASH AHEAD?
LET’S BRING IN BROCK PIERCE, THE
CRYPTO BILLIONAIRE WHO WAS ONE
OF THE KEY FIGURES BEHIND EL
SALVADOR’S LEGAL ACCEPTANCE OF
WIT COYNE AS LEGAL TENDER --
BITCOIN, HERE IN NEW YORK HE’S
MAKING A SIMILAR PUSH TO THE
CITY.
JOINING ME NOW IN STUDIO, BROCK
PIERCE.
BROCK, GOOD TO SEE YOU.
A BIG SELLOFF HERE.
WHAT IS TELLING YOU?
>> WELL, THERE’S MORE SELLERS
THAN BUYERS, AND WE’VE SEEN
THIS.
AS MUCH AS WE DREAM OF A TIME
WHERE WHERE THIS BECOMES AN
ON-CORRELATED ASSET CLASS, IT
TENDS TO MOVE WITH THE MARKETS.
WHEN WE SEE A BIG SELLOFF IN THE
TRADITION ALECK BITY MARKET,
STOCK MARKET, WE TEND TO SEE THE
SAME THING IN THIS SPACE.
WE DO EXPECT A DECOUPLING AT
SOME POINT.
THAT HAS BEEN ONE OF THE
PROMISES OF THIS ALTERNATIVE
ASSET CLASS.
BUT NOT YET REALIZED.
AND I DO EXPECT THAT TO CHANGE
THOUGH.
LIZ: SO YOU’RE STILL A BELIEVER.
DOES THAT MEAN YOU’RE STILL A
BUYER?
BECAUSE, YOU KNOW, YOUR NEIGHBOR
IN PUERTO RICO, PETER SCHIFF OF
EURO PACIFIC, SAID TO ME, LIZ,
THE EARLY BITCOIN
BILLIONAIRES -- THAT WOULD PUT
YOU INTO THAT CATEGORY --
THEY’RE NOT BUYING ANYMORE.
THEY’RE BUYING ASSETS.
THEY’RE BUYING JETS, PRIVATE
JETS AND FANCY HOMES.
ARE YOU STILL BUYING?
>> I AM.
I CONTINUE TO BUY, BUT I’M
INVESTED IN ALL SORTS OF THINGS,
AND PETER SCHIFF DOES MANAGE MY
GOLD MINING STOCK PORTFOLIO.
I AM NOT ONE OF THOSE PEOPLE
THAT OPERATES WITH A SINGULAR
VIEW.
I DO BELIEVE THAT
DIVERSIFICATION IS A SOUND
STRATEGY THAT HAS WITHSTOOD THE
TEST OF TIME.
I AM NOT A PUT ALL YOUR EGGS IN
ONE BASKET SORT OF PERSON.
I AM DEFINITELY MASSIVELY
ALLOCATED TO THE CRYPTOCURRENCY
SECTOR AND CONTINUE9 TO FOUND,
CREATE, INVEST AND WILL CONTINUE
TO DO SO.
THOUGH I DO HOLD GOLD AND
PRECIOUS METALS AS WELL, AND
PETER SCHIFF -- MY NEIGHBOR AND
FRIEND -- DOES HELP ME WITH
THAT.
LIZ: YEAH.
WARREN BUFFETT AND CHARLIE
MUNGER LAST WEEKEND IN OMAHA,
NEBRASKA, THEY REALLY DISLIKED
IT, OBVIOUSLY.
IT WAS IT WAS HERE ON FOX
BUSINESS SEVERAL YEARS AGO THEY
BOTH CALLED IT RAT POISON.
MEANTIME, YOU’VE DONE
EXTRAORDINARILY WELL WITH IT.
BUT THE QUESTION BECOMES, DOES
IT GO TO ZERO?
THERE ARE PEOPLE WHO THINK IT
WILL SIMPLY BECAUSE, YOU KNOW,
IT’S -- THE ADOPTION ISN’T THAT
MUSCULAR IN THE GRAND SCHEME OF
THINGS.
HOWEVER, FIDELITY HAS JUST
ANNOUNCED THAT THEY WILL ADD
CRYPTOCURRENCY AS AN OPTION TO
401(K) PLANS LATER THIS YEAR.
WHAT WOULD YOU SAY TO PEOPLE
LIKE BUFFETT AND MUNGER?
>> WELL, I MEAN, THEY’RE NOT
KNOWN FOR THEIR FORESIGHT OR
VISION AROUND INNOVATION AND THE
WORLD CHANGING.
YOU KNOW, OBVIOUSLY, THE SAGE OF
OMAHA IS, YOU KNOW, ONE OF THE
BEST -- THE GREATEST VALUE
INVESTOR AT SCALE THAT WE’RE
AWARE OF.
BUT HOW DOES THAT THAT QUALIFY
HIM TO HAVE AN OPINION ABOUT
WHAT’S HAPPENING IN THIS SPACE?
I WOULDN’T GO TO HIM FOR THAT
TYPE OF -- IT’S NOT WHAT HE’S
QUALIFY FOR.
IF YOU HAVE A HEART PROBLEM, YOU
GO TO THE CARDIOLOGIES,
SOMETHING WITH YOUR BRAIN, YOU
GO TO A NEUROLOGIST.
AND I LOVE SPENDING TIME WITH
PEOPLE WHO DISAGREE WITH ME.
I THINK THOSE ARE WHERE THE BEST
CONVERSATIONS OCCUR, WHICH IS
WHY I LOVE SPENDING TIME WITH MY
NEIGHBOR.
IT COULD GO TO ZERO.
IT’S A BY MARE OUTCOME -- BINARY
OUTCOME.
IT’S GOING TO BE ONE OR THE
OTHER WHICH IS WHY YOU SHOULDN’T
PUT EVERYTHING THERE.
THIS REMINDS ME A LOT OF 1999,
RIGHT?
WE’RE MANY THAT PHASE, AND WHAT
CAME OUT OF THAT?
eBay AND AMAZON AND ALL
SORTS OF INTERESTING BUSINESSES
CAME OUT OF THE DOT.COM SORT OF
1.0 ERA, AND A BUNCH OF OUT WENT
TO ZERO, AND I THINK THAT WILL
PROBABLY BE TRUE OF WHAT WE SEE
HERE.
IT’S NOT GOING TO PLAY AN
IMPORTANT ROLE MANY OUR
COLLECTIVE FUTURE.
LIZ: WHAT OTHER CRYPTOS ARE YOU
BUYING OTHER THAN BITCOIN?
THAT YOU OWN?
>> A BUNCH OF THEM.
OBVIOUSLY, ETHERIUM AND
UPGRADING, I FAMOUSLY JUST MADE
A NINE-FIGURE BET ON EOS.
I CONVERTED ALL OF MY BLOCK ONE
SHARES INTO THAT THAT.
THAT THAT’S PUBLIC.
AND BEYOND THAT I’M VERY
INTERESTED IN WHAT’S HAPPENING
WITHIN THE NFT MARKET.
I WAS PART OF THE NFT.COM
PURCHASE AND LAUNCH WHICH
HAPPENED LAST WEEK MANY PANAMA.
THEIR LEGISLATIVE BRANCH OF
GOVERNMENT JUST PASSED CRYPTO
LAWS LAST WEEK AND EXCITED FOR
THE PRESIDENT TO SIGN THAT INTO
LAW AS WELL.
LIZ: BROCK PIERCE, PERFECT
PERSON TO HAVE ON A DAY WHEN
BITCOIN’S FALLING ABOUT 9%.