it's about 40,000 a
coin how does Joe Schmo my my yard guy
who's making 15 an hour how does he
afford a
coin hello hello hello Robert kosaki the
Rich Dad radio show the good news and
bad news about money and um there's a
lot of good news and bad news out there
and as a friend to the Rich Dad family
here's Robert Breedlove and me being an
old guy you I've got to go to the young
guys is what's going on with money these
days so we're going to talk about uh
Robert breed Love's favorite subject
well one of his favorite subjects is
money or crypto or the finance or
Treasury and what's going on in the
whole money show it's a big show so
Robert welcome to the Rich Dad show
again Robert thank you for having me it
is wonderful to be back yeah good to
have you and where are you located right
now I'm in Miami Florida okay what what
did you move there is there reason
you're there or you always been there uh
just moving here and I'm setting up a
new studio for the podcast so it's a
good International City good place to
have guests and trying to do a lot more
of these things in person yeah good for
you good for you and then please give us
your background because you you do have
a what should we say a traditional
background in the subject of money yeah
somewhat traditional um I have a
master's degree in accounting and
finance I was in public account
initially uh after
college uh focused mostly on
entrepreneurial services so we're
figuring out how to save rich people
money basically through tax optimization
strategies and then I shifted out of
public accounting and spent most of my
career in a CFO capacity mostly in the
technology sector so I'm a lifelong nerd
always been an Avid Reader uh became
really fascinated with the subject of
money after reading the creature from
Jackal Island when I was 20 years old
which opened my eyes to the problems
with Central Banking and uh discovered
Bitcoin 2014 but didn't really start to
get it until 2017
2018 and since then I've been going down
the Bitcoin rabbit hole and most
recently hosting the what is money show
trying to educate people on the nature
of money so Robert's gonna talk Robert G
talk about his favorite subject which is
Bitcoin I like Bitcoin too I just don't
have that many um I to go from zero to
60 and I forget his name but he's a Max
Kaiser he was screaming and yelling
about it you know what the hell is this
guy uh quacking about so hit 20 then it
reached down to like zero or something
it's gone and then Bitcoin came creeping
back so when it hit 6,000 it had
momentum behind of it as a technical tra
it would say so I loaded up at 6,000 so
I missed quite a bit of it but I'm still
happy I I got about 70 bit 70 Bitcoin
now but uh I i' like to get more
obviously MH so uh let's talk about
Bitcoin because for a younger
generation we share similar
concerns is that I read this book here
when I was in my 20s 30s called the
grunch of giants by AR Buckman
Fuller it's an okay book it's not great
but he said basically what by Rich Dad
was telling me he said the banks rip us
off he basically said our wealth is
stolen so Bucky Fuller our wealth is
stolen VR money so we go and work real
hard then we put our money into savings
that's why if you read Rich Dad Poor
dead I said Savers were losers why would
you save money when they're printing it
it made no sense to me you know what I
mean and all that stuff that's why Rich
Dad was formed so what what was your
cognition given your your professional
background in finance and money what
interested you about Bitcoin what made
you take the
switch sure well I should first say that
in my educational path you actually
receive very little to know education on
the nature of money
itself uh most mainstream curriculum in
universities is premise on Keynesian
economics which as I know today is
basically a pseudo science that exists
to justify the government's
monopolization and printing of money um
it's it's based on an inversion of
Economics right in in economic reality
you must produce before you consume but
in econom in Keynesian economics they
say you can spur production by
increasing consumption so that's this
whole idea of you can you know you can
print money to put Roes over people's
heads or print money to feed people it
is total nonsense so Kan Jin basically
says we print money we give people money
and the economy heals itself we fix
problems by printing money and when you
understand that the print this is the
core of the whole matter and there's a
lot
of a lot of Mystique put around this
topic it's one of these strange topics
where people like to use big words and
Advanced Financial jargon to try and uh
obfuscate true nature of money but quite
simply and I'll try to explain this by
way of
analogy printing money is stealing right
you're just debasing Savers so you're
stealing purchasing power from Savers
and you're transferring that purchasing
power to whoever can access the newly
printed money first this is called there
also inflation and Taxation that's right
all that goes on so essentially you
could say it like this you're either
stealing by through purchasing power
loss so people are paying for this in
the form of price
increases or even if prices go down
when there's money printed they're going
to have foregone price deflation prices
should have gone down even further had
there not been money printing so you're
either paying for it as price inflation
or foregone price deflation but there's
no there's no Equitable benefit
whatsoever to the printing of money it
is purely a transfer of purchasing power
from Savers to those who can print money
and so a good analogy here might
be this whole thing here of true
capitalism prices should be coming down
yes not going up like when a farmer goes
out there and prants cabbages you know
if he produces a lot of cabbage the
price of the Cabbage comes down not up
of course so every time I see inflation
and people going on oh they blame the
capitalists it's really not the
capitalist no who the problem it's the
Marxist it is yes yes it is the when you
could actually so Central Banking which
is is the currency counterfeiting cartel
that prints all this money uh and uses
the Insidious tax of inflation to
confiscate people's wealth this is
actually measure number five in Marx's
1848 Manifesto to the Communist party so
it's no exaggeration to say that Central
Banking is monetary communism or
monetary socialism to be more General
it's an aggression against the private
property of Savers so it's an anti-
capitalistic institution to the core now
to try and demystify this a little bit
so anyone that's ever owned a stock
right a public Equity or a stock
certificate in a company that stock
represents your share of that company's
Capital right so a company has certain
plant equipment IP whatever the assets
are on the balance sheet of that company
Net to the liabilities you have the
equity right that is what the equity
certificate or the stock certificate
represents is your share of that
company's Capital now no one in their
right mind would ever want a quote
unquote elastic stock certificate that
some other shareholder could print new
shares of and dilute you right that they
could just arbitrarily increase their
ownership in the business and
simultaneously dilute your ownership
interest in the company's Capital stock
that would be nonsense we would not
tolerate that whatsoever yet in money
you could think of money as like a stock
certificate and the share of global
Capital right it represents a fractional
share of how much purchasing power you
have so how much power you can go out to
purchase the goods and capital available
in the global
Marketplace if one quote unquote
shareholder can print themselves new
shares of money to enrich themselves and
debase you that is as asinine as having
an elastic stock certificate that one
shareholder class can print themselves
new shares and debase another so it's
it's to your point about being it anti-
capitalistic it's nonsense right like to
have capitalism you need ownership and
strong private property rights printing
money is a violation of private property
rights that's that's like somebody
coming and taking me part of your lot
your lot away say exactly one one third
of this acre is mine now that's right
and that's that's one of the reasons I
don't buy stocks because I've issued
stocks I'm I'm a
entrepreneur and we printed them all the
time it was a it was completely
debasement you know I mean we just
printed more shares of stocks so we
could sell more shares that's leg we do
it legally please hear me legally but I
didn't like it but even when you did
that the the dilution on the cap table
was prata which means every person that
owned a percentage of that company was
diluted
proportionately right what I'm saying
with the printing of money is that it's
not proportionate whatsoever there's one
group that's expanding their ownership
and they're diluting another group so
Central Bank shareholders expand their
purchasing power at the expense of
Savers or users of the currency correct
it's a totally rigged game so again
again so that's my rich dad said you
know they they're stealing our wealth VI
our money same Bucky Fuller said they
steal our wealth VI our money that's
right and there's another thing called
the cantillon effect that's right that
the closest the closer you are to those
who print the money the Richer you get
what is a cantillon effect it's exactly
what I just described actually so those
who receive the newly printed money
first or earliest benefit at the expense
of those who receive it later or last so
as money enters broader circulation
prices start to increase right goods and
capital get bid up so those that are
buying it at low prices before that
money ENT circulation and bids up prices
are benefiting they're increasing their
Capital position at the expense of those
that receive it later so this is a
simple way of saying this money printing
is one of the primary means by which the
rich get richer and the poor get poorer
if 99% of your balance sheet is assets
well then those assets are being bid up
and you're benefiting from Price
inflation to some extent if 99 or 100%
of your balance sheet is cash or you're
living paycheck to paycheck or you live
on fixed income you are being victimized
in this scheme so it's a regressive tax
on the poor basically yeah so I just
want to be clear Rich Dad pad came out I
said the Savers were losing
the rich don't work for money and your
house is not an asset because all of it
was designed to take your wealth from
you and and that and that's why I stay
away from it so could you
explain why you're so enthusiastic about
Bitcoin because because you younger than
me you know things like the having and
now that now that's an ETF what does it
mean to you yeah I mean you open this
show talking about the good news on
money and I would argue that there is no
good news on money other than than
Bitcoin and you also mentioned that you
don't think you have enough Bitcoin and
I would say welcome to the club there's
not a bitcoiner alive uh that doesn't
think they don't have enough Bitcoin we
all want more because it is basically
the ultimate form of ownership or the
ultimate form of money that has ever
existed and then to your other point we
have this idea in Bitcoin that everyone
gets Bitcoin at the price they deserve
so it's very complicated it's hard to
understand you need to understand a
little bit about a lot of things to
really start to get your head around
Bitcoin um and you know just take all
this with a grain of salt and a dose of
humility even those that have their head
around Bitcoin still don't fully
understand it like once you start to
understand how the technology works the
implications are truly staggering and
profound and Hard to Think Through um
but so what is it I
mean if private property is
the power for an owner to control an
asset independent of anyone else's
actions right that you can fully control
an
asset then Bitcoin is the strongest form
of private property that human beings
have ever
had and and and and the reason I want to
go into it is because I we're talking
before we came on with Jeff Booth he's
there's a whole another dimension to
bitcoin I never realized yes and the
thing the thing I'm excited about this
young guys like you who are already you
know I'm I'm so old I even know what I
don't know what the web is but you guys
but you guys grew up in it and from what
I understand is young guys like you are
gonna take Bitcoin to a whole another
level and U I think that's the old guys
like me are saying the government's
going to come after you
guys yeah and that's what bitcoin's
designed for um this is money wrapped in
military grade encryption designed to be
unstoppable so there's no conceivable
way to stop it and to Jeff Booth's point
about Bitcoin being much bigger than
money it's true uh I think we're going
to rearchitecturing
in the digital age it will be the end of
digital monopolies and censorship by
virtue of having an Unstoppable
Communications protocol built on top of
Bitcoin that's one of the most exciting
dimensions of it and according to Jeff
it gets more fair yes right now if
you're not close to the FED you're not
Janet yellen's friend you're out that's
right so we come back and it's going way
too fast but we'll get into uh I'm gonna
ask some questions that Jeff put in my
head Jeff Booth
and then you can yay or nay them on all
this stuff but um I'm understanding a
whole other dimensions to quote unquote
money via Bitcoin is just the start so
we come back back to Robert breed love
we talking more about why Bitcoin and
and we make no recommendations we're not
saying you should buy it or not buy it I
buy it but why you should at least
entertain it you should study it I would
argue what was that you should study
Bitcoin yes yes that's that's what I've
been doing and the more more I study it
the more actually confused I get but
it's a lot bigger than just Bitcoin yes
so I'll be right
[Music]
back hi everyone I'm Kim kosaki co-host
of the Rich Dad radio show and I want to
thank today's sponsor our friends at
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richdad
free.com welcome back Robert kosaki good
news and bad news about money and
Bitcoin today and uh today one of my my
favorite guests is Robert breed love
like I said there's there's whole new
generations of money there's old guys
like me I still my friend just asked me
how do I get on the web I said how would
I know I it and then there's a whole
another generation born into it so the
minds are different and the neural
pathways are wired differently so Robert
breed love is one of my favorite guys
because he's because he's classically
trained in you know accounting and
finance and things like this but he's
also a Bitcoin Advocate and we're
talking about my friend Jeff Booth you
know I call Jeff Booth the new Bucky
Fuller because uh we my whole company my
whole team of people are studying Jeff
Booth this coming
Thursday because what Jeff Booth is
saying about Bitcoin is what Bucky
Fuller would say about it it's why you
should own it for humanitarian
reasons and uh so I'll I'll ship you the
um the Jeff Booth part about that where
he's talking about the humanitarian
aspects of Bitcoin but meanwhile we
don't have enough time for that so uh
what do you say why would you say
Bitcoin oh what is having what explain
that to me yeah sure so I guess I'd
first like to give a little pay some
hamage to Mr Bucky Fuller I think he has
a quote that says something like if you
want to improve the world don't Focus
your energies on destroying the old but
rather Focus your energies on creating
the new
something like that I'm paraphrasing but
that is exactly what bitcoiners are
doing like obviously we we you know some
of us like through my podcast I try to
shine light on Central Banking and the
corruption of money but most of the
energies in the Bitcoin Community are
being devoted towards building an
alternative system one that has fair and
Equitable and unbreakable rules right
this is the key thing as we we as human
beings have to engage with one another
through game play right economics is a
game right money is the points we are
scoring
basically we want those who satisfy
consumer wants better faster cheaper to
get rich right they should score more
points what we don't want is people that
steal from one another to get rich
because that incentivizes theft and
coercion Etc so Bitcoin by virtue of
being a money that's really hard to
steal and impossible to to inflate like
tilts the the incentive landscape
towards cooperation and away from
coercion so this is why it's a very
massive ideal right it changes human
behavior by changing the fundamental
Bedrock of incentives your question
about the having is important so Bitcoin
is produced via a process called Mining
and by way of a simple analogy you could
think of this as like a lottery system
where basically you plug in uh a piece
of equipment an Asic Miner this is an
application specific integrated circuit
it's a mining machine it does one thing
and it mines Bitcoin it participates in
This Global Lottery you put energy or
electricity into that machine and it's
casting lottery tickets right we call
these hashes These are basically guesses
trying to solve the uh Bitcoin mining
puzzle which resolves itself every 10
minutes and the winner of that Global
Lottery is awarded the newly issued
Bitcoin
every four years the Bitcoin algorithm
cuts that new Supply that newly produced
Bitcoin in half so every 10 minutes
right now it's six and a quarter Bitcoin
are produced every 10 minutes in uh I
think it's about may this year it's sort
of a probabilistic date around May
2024 that amount of newly issued Bitcoin
every 10 minutes will go down by 50% so
to three and a quarter Bitcoin every 10
minutes
what this does is it cuts the natural
selling pressure on bitcoin by half so
Bitcoin miners are typically having to
sell this Bitcoin that they are awarded
to cover their operational and capital
expenditures however when the newly
issued Bitcoin is cut in half that
selling pressure is reduced by half so
if you hold demand constant this is the
magic of Bitcoin price number go up
technology as we say every four years
the natural selling pressure is reduced
by half so if demand is constant this
puts upward pressure on the price and we
tend to see new all-time high Bitcoin
prices roughly 500 days after the having
so expect to see a new Bitcoin all-time
high price roughly 500 days after May
20124 so Robert this is why I want to
get into this with you a lot of people
get into Bitcoin to make
money when the having comes you know
right now I think they're about $40,000
per coin m not too many people have
$40,000 lying around they can just buy
one they have income let's say it goes
to
60,000 and and I and I think this is
what happens to old guys like me versus
young guys like you from what I
understand from Jeff Booth that having
actually makes Bitcoin more
fair fair for everybody let me say that
again so even the price of Bitcoin is
going up according to people like Robert
breed love and Jeff booth and all this
stuff the younger
generation the price of Bitcoin going up
is more fair than the price of gold
going up or real estate going up or
stocks going up what do you say about
that yeah I would first say I agree that
it is obviously the Bitcoin price that
draws in most people uh that's how you
hear about it typically right it's oh
this thing's all over the place the
price is way up the price is way down so
most people come in for the volatility
right they come in to try and make money
as you said however those that study
Bitcoin tend to stick around because
they want to remake the money they start
to see how problematic the current
monetary Paradigm is and how Bitcoin
fixes so many things financially
ethically Etc that they stick around you
become a Bitcoin Advocate or a Bitcoin
proponent because not only is it
allowing you to advance your own person
personal interests by giving this very
strong form of private property but it's
also letting you participate in this
humanitarian movement which is creating
an alternative to Central Banking which
is the number one uh institution of
theft and tyranny in the world
today uh Jeff's booth that each Bitcoin
having makes Bitcoin more fair I think I
don't want to put words in his mouth but
I think what he's alluding to there is
that people that hold
Bitcoin some they tend to sell in Bull
markets right that are way in the green
will sell some of their stack for
dollars during bull
markets in each bull market we see
Bitcoin become more widely distributed
so Bitcoin ownership becomes more widely
distributed in Bull markets and then in
bare markets people go back into an
accumulation phase so I I think that's
probably what he's getting at and that's
not the same with other Commodities
because in other Commodities as price
increases production increases but as I
said earlier with Bitcoin it has a
perfectly fixed Supply it can't you
cannot increase the production of
Bitcoin it it's it always adheres to
this fixed diminishing Supply schedule
that goes to zero in the year
2140 so so bitcoin's the only asset in
history where price does not influence
the supply issuance and that's a key
point so let me ask people this is this
is the thing here it's Jeff boo saying
it makes the Bitcoin makes the world
better yes I said Thursday I'm studying
it and I think it's important everybody
study it because right now my perception
is oh I'm going to make a lot of money
because there
scarcity you know what I mean yeah and
there's a whole
another dimension to what Jeff's talking
about there's a whole another level that
younger
entrepreneurs basically young
entrepreneurs like you guys will become
the new Federal
Bank you you'll be building money on top
of money making more money for the rest
of of the world rather than a
centralized control of the bank and I
think that's what he's saying well I so
my perception of this would be
that Bitcoin is a technology that
enables capitalism a more intensive form
of capitalism so yes any again any
market economy that has a central bank
money is one half of every
transaction if that money is stealing
from you then at best your 50% so
socialist right so we've we've never
been anywhere near a free market
anywhere Central Banking has existed but
with Bitcoin one more time this Bitcoin
betters the world that's Jeff yes I've
listened to this saying eight times now
Robert because I couldn't get it yeah I
could how can the price going up make
the world better I couldn't get it it's
very simple actually and it's Bitcoin is
all about putting an end to the stealing
right it's a form of property that's
very hard to break again it cannot be
inflated so Central Banking theft
through money printing sort of goes away
as people figure out hey I can store my
purchasing power in Bitcoin and not get
scammed by inflation anymore as more fig
that out so that's why it's grunch of
giants by Fuller 84 our wealth is stolen
via money
yes School te say go to school get a job
work hard save money and put your money
into the stock market yes that's the
scam that's right that's the scam
and something I think you Robert can get
behind as a longtime advocate of gold
and detractor of State
intervention everyone gets very excited
about bitcoin price go up right
obviously but the other side of the coin
is state power go down so as bitcoin
price goes up then coercion becomes less
profitable right the State loses its
grip it's its ability to intervene in
the Affairs of individuals correct corre
so that I think is the humanitarian
Dimension right there's there's
obviously a self-interested capitalistic
Dimension we want to preserve purchasing
power off time we want to get across
time we want to get rich Etc but the
flip side of that is you want that for
everyone right we want a Level Playing
Field yes for all Market participants to
play on so that we can focus our
energies on solving consumer wants
better faster and cheaper rather than
fighting with one another other right
fighting and stealing and lying and
killing all of these things are
anti-product activities and towards more
cooperative and productive activities as
a species and that's why guys like you
with your formalized training in
accounting and finance and all that you
can see the game from the inside the
average person cannot yeah and so they
go to school they get a job said well
how do we end poverty well send them to
school said well that's the problem they
go to school they learn nothing you know
Jeff and you guys the younger guys are
saying as I'm I'm honored to be talking
to both you and Jeff and a whole bunch
of other guys they see Bitcoin for what
it is it's not about getting
rich you know it's about making money
more fair for more people throughout the
world that's right so and you mentioned
equality right and this is a tricky word
so equality of outcome doesn't exist
right humans are only equal in the grave
basically obviously we don't want that
equality of opportunity also doesn't
exist we're all born in different places
different times different genes
different skills different life paths
Etc equality of opportunity would only
exist in the Matrix right where we're
all test tube
babies um acting like batteries the only
equality that actually matters is
equality in the eye of the law again
this idea of a Level Playing Field Fair
rules um you know this right any game
you play that everyone plays by the
rules if someone doesn't play by the
rules they're a cheater right they
become
Outcast yet in the game of Economics we
don't have that we have social
institutions that favor insiders and
disfavor Outsiders specifically the
central bank and so
Bitcoin is the embodiment of that idea
right all humans are actually equal in
the eyes of Bitcoin it doesn't matter
your race Creed color it doesn't matter
it's totally agnostic to human Affairs
it just does what it does new block
every 10 minutes Supply cap of 21
million and it doesn't care who uses it
how they use it it's just a fair
Equitable economic system and that is
very crucial for human beings this is my
final question okay so today it's about
40,000 a
coin how does Joe Schmo like my yard guy
who's making 15 an hour how does he
afford a
coin Bitcoin is divisible into 100
million subunits called satoshis so you
can buy one 100 millionth of a Bitcoin
so even how to do that Robert well you
can sign on with any number of Bitcoin
exchanges um it's also becoming you know
now with the ETFs you can access it
through your brokerage
accounts um it's just becoming more and
more mainstream but typically depending
where you live in the world you look up
a Bitcoin exchange or if you have an
existing brokerage account you could
look at the Bitcoin ETF if you have uh
any account that trades stocks you can
buy something like micro strategy which
is basically a proxy for Bitcoin at this
point so there's more and more ways to
access it for investors and you don't
need to own a hold coin you can own a
fraction so they don't you don't need
40,000 bucks that's correct so uh what
is a Satoshi I'm Japanese I don't 100
millionth of a Bitcoin so every Bitcoin
divided by 100 million every Bitcoin
equals 100 million SATs or Satoshi and
Satoshi is paying homage to the name of
the inventor of Bitcoin who is Satoshi
Nakamoto who who do you think he is or
was
or I have no idea for real the best
theory I've heard is that it was a CL
collaboration between halin and Nick
Zabo and sort of makes sense um some of
the writings of Satoshi have been
compared to Nick Zabo in said like it's
sort of like his writing style who's Z
who's Zabo Nick Zabo is a cipher Punk
and computer scientist um not mentioned
in the white paper but a lot of the
projects he worked on were sort of
predecessors to bitcoin there were many
many attempts at Anonymous digital cyber
cash prior to bitcoin like 30 years of
attempts before Satoshi put the right
pieces together um I I really have no
idea it's pure speculation and the best
thing Satoshi ever did for us was
disappearing because he cemented The
decentralization Narrative of Bitcoin so
Robert I enjoy talking to younger guys
like you when you guys are uh give me a
hope for the future as compared to our
fed chairman and treasury secretary and
all these characters who are my age all
the Boomers man oh well we screwed it up
big time but anyway thank you my friend
let's stay in touch thank you Robert
thank you for having me the word thank
you so we come back with final words
from the rich dad radio show we'll be
right back thank you thank you Robert
breed
[Music]
love welcome back Robert kosaki this
radio show good news and bad news about
money many thanks to Robert breed loves
he's been a friend of the channel now
for about four or five years and he's my
goto he's one of my go-to guys with Jeff
boo with a bunch of others markk moss on
bitcoin because as an old guy I don't
know much about it one more thing is we
are an educational company we do not
make recommendations what you should buy
or invest but for total disclosure I own
several of 60 something not very many
coins but I'm glad I bought them when I
bought them and um I I I had no idea why
I bought them I just bought them because
everybody else was buying them but I
think it's best said that somebody once
said it's you can you can buy a Satoshi
or a stash whatever they are they're
ETFs now I'm not recommending it but I'm
saying that you might want to consider
owning some of it some of it and the
reason is because fiat currency which
the US dollar is and the pound and the
peso and the Yen and the Euro they're
all in trouble right now our debt is too
high so you may want to consider
consider
owning at least one Satoshi thanks very
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