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In episode 140 of the podcast, host Patrick Bet-David interviews Ken Goldin, the founder of Golden Auctions, discussing the booming collectible market. Goldin shares that Golden Auctions went from $800,000 in sales in 2012 to over $100 million in 2020, and recently achieved $40 million in a single month. They highlight the importance of the collectible market, especially in relation to trends in Bitcoin, NFTs, and real estate. The conversation shifts to breaking news about Elon Musk acquiring a 9.2% stake in Twitter for $2.89 billion, which led to a significant rise in Twitter's stock. Goldin speculates on Musk's motives, suggesting it could be a strategic move to assert influence over the platform, especially given Musk's history with social media. They discuss the implications of Musk's investment and how it reflects broader trends in media and technology. Goldin shares his experiences in the collectible card industry, including a recent event where he opened a box of 1986 Fleer basketball cards with rapper Drake. They discuss the value of various cards, including the potential worth of a LeBron James rookie card, and the excitement surrounding high-profile card openings. The podcast also touches on the evolving landscape of trading cards, including the impact of companies like Fanatics taking over card production and distribution. Goldin emphasizes the importance of rarity and condition in card value, explaining how grading services like PSA have transformed the market. Listeners are encouraged to consider investing in collectibles, with Goldin noting that the market has attracted a diverse range of investors, including hedge funds and individual collectors. He advises caution regarding modern cards, suggesting that vintage cards often hold their value better. As they open packs from the $25,000 box, they discuss the thrill of collecting and the nostalgia it brings. Goldin highlights the significance of refractors and rare cards, while also sharing insights on the current state of the market and future trends. Overall, the episode provides a comprehensive overview of the collectible card industry, the influence of major players like Elon Musk, and the potential for investment in this unique asset class.

In this episode, Anthony Pompliano and Pelina Pompiano discuss Bitcoin's current price of $118,000, the Trump media company's $2 billion Bitcoin purchase, and new regulatory developments in Washington, including the Genius Act, Clarity Act, and Anti-CBDC Act. They highlight the increasing adoption of Bitcoin and stablecoins by public companies and the potential for stablecoins to enhance the US dollar's global dominance. The conversation emphasizes the rise of self-directed investors who leverage online resources to make informed decisions, often outperforming institutional investors. Retail investors have successfully capitalized on opportunities in companies like Tesla and Palantir, demonstrating their ability to navigate the market effectively. They also explore the growing interest among professional athletes in Bitcoin, citing Saquon Barkley's decision to convert part of his endorsement earnings into Bitcoin. This trend reflects a broader cultural shift where athletes are becoming more financially savvy and competitive in investment discussions. The hosts argue that the financial landscape is shifting from scarcity to abundance, with numerous investment opportunities available. They conclude that informed self-directed investors are increasingly influencing market dynamics, prompting institutions to pay closer attention to retail trends.

In this episode, Patrick Bet-David interviews Michael Saylor, CEO of MicroStrategy, who recently made headlines by purchasing $4.6 billion worth of Bitcoin, marking it as the largest single Bitcoin purchase ever. Saylor reflects on his previous appearances on the podcast, noting the fluctuating stock value of MicroStrategy and the company's ongoing strategy of acquiring Bitcoin without selling it. He emphasizes that Bitcoin represents a digital form of real estate, akin to owning Manhattan in cyberspace, and believes that its value will continue to grow significantly over the coming years. Saylor discusses MicroStrategy's financial strategy, including raising $21 billion in equity and fixed income securities to fund Bitcoin purchases. He explains that the company has consistently bought Bitcoin since August 2020, with a total investment of $6.6 billion. He asserts that Bitcoin is a superior asset class compared to traditional investments like bonds and equities, which he views as toxic capital that erodes value over time. Throughout the conversation, Saylor addresses concerns about volatility and margin calls, stating that MicroStrategy's debt structure, primarily consisting of convertible debt, protects the company from margin calls. He highlights the unique position of MicroStrategy as a public company with a focus on Bitcoin, attracting both Bitcoin enthusiasts and institutional investors who cannot directly invest in Bitcoin due to regulatory constraints. Saylor expresses confidence in Bitcoin's future, predicting that its market capitalization will grow from $1.8 trillion to $240 trillion over the next two decades, with each Bitcoin potentially reaching a value of $13 million. He argues that Bitcoin is a revolutionary form of money that will empower individuals and businesses globally, and he encourages listeners to adopt a long-term investment strategy focused on Bitcoin. The discussion also touches on the regulatory landscape, with Saylor criticizing the current SEC leadership for being unconstructive toward the digital asset industry. He believes that a more supportive regulatory framework could facilitate the growth of digital assets and improve access to capital markets for a broader range of companies. Saylor concludes by reiterating his commitment to Bitcoin, emphasizing its role as a non-toxic store of value and a means of economic empowerment. He encourages investors to buy and hold Bitcoin for the long term, positioning it as a critical asset for future wealth generation.

Ethan Peck submitted a proposal for Microsoft to include Bitcoin on its balance sheet, driven by concerns over inflation eroding cash value. As part of the Free Enterprise Project, he aims to refocus corporations on their fiduciary duty to shareholders, moving away from politicized agendas. Despite Microsoft’s rejection of the proposal, which received only 0.5% approval, Peck emphasizes the importance of grassroots movements in shareholder activism. He highlights the challenges of navigating SEC regulations and the influence of major asset managers like BlackRock. Peck remains optimistic about future proposals, including one for Amazon, and encourages other shareholders to engage in similar initiatives to promote Bitcoin adoption in corporate finance.

In this episode, Anthony Pompliano interviews Evgeny Gaevoy, founder and CEO of Wintermute, a major player in the crypto market with daily trading volumes between $5 to $10 billion. Gaevoy discusses how traditional financial institutions, like BlackRock and Fidelity, are driving Bitcoin demand, rather than retail investors. He notes that while crypto-native firms are reducing their Bitcoin exposure, traditional firms are increasingly interested in derivatives and complex trading strategies. Wintermute aims to expand into traditional finance, leveraging its expertise in both crypto and traditional markets. Gaevoy emphasizes the importance of OTC desks for discreet trading, especially for altcoins, and highlights the growing interest in Ethereum due to its potential upside. He believes that crypto will merge with traditional finance, particularly through tokenized securities. Gaevoy's competitive spirit drives his ambition to be among the wealthiest, viewing investing as a strategic game. Wintermute's unique position allows it to navigate both crypto and traditional markets effectively.

Michael Saylor, CEO of MicroStrategy, shares his journey from an Air Force upbringing and MIT education to leading a pioneering tech company. He founded MicroStrategy at 24, initially focusing on business intelligence software. Over the years, he navigated multiple market cycles, adapting to technological changes and competition, ultimately taking the company public in 1998. Saylor discusses his early skepticism towards Bitcoin, recalling a 2012 tweet criticizing it. However, after witnessing the economic impacts of COVID-19 and the diminishing value of cash, he began exploring Bitcoin as a potential hedge against inflation. He emphasized the importance of understanding macroeconomic trends and the need for companies to protect their cash reserves. In 2020, Saylor led MicroStrategy to invest heavily in Bitcoin, purchasing $250 million worth initially, followed by additional investments. He meticulously prepared his board by sharing educational resources and engaging in discussions about Bitcoin's value proposition. Saylor highlighted the importance of strategic buying to avoid market disruption, stating that they acquired Bitcoin without affecting its price. He believes that the volatility of Bitcoin will decrease as institutional investment increases, and he sees Bitcoin as a superior asset compared to gold and traditional cash. Saylor encourages other CEOs to consider Bitcoin for their treasuries, likening the situation to breaking the four-minute mile barrier, where once one company invests, others will follow. Saylor concludes by expressing admiration for the Bitcoin community and its ethos, stating that their support has been instrumental in MicroStrategy's decision to adopt Bitcoin as a key asset. He invites others to learn more about MicroStrategy and his insights on Twitter.

The conversation between Anthony Pompliano and Will Clemente covers the current state of Bitcoin and the cryptocurrency market. Clemente notes that the market reacted poorly to positive news, indicating underlying concerns. He expresses skepticism about on-chain data's utility for trading, citing the impact of ETFs and corporate buyers like MicroStrategy on Bitcoin's price dynamics. He believes ETFs have opened Bitcoin to new investors, particularly older individuals hesitant to use crypto exchanges. Clemente discusses the rise of meme coins and AI coins, suggesting that while meme coins may attract speculative interest, their long-term viability is uncertain. He emphasizes the importance of understanding market dynamics, especially with token unlocks and the increasing complexity of trading strategies. Clemente also reflects on his investment mistakes, highlighting the need for personal conviction in trading decisions. He concludes by expressing interest in AI-related assets and companies benefiting from regulatory changes in the crypto space.

The episode explores the theme of whether wealthy individuals are "crazy or genius," featuring stories about John Collins Black's $2 million treasure hunt and Michael Saylor's Bitcoin strategy. Black has hidden treasure worth $2-3 million across America, including rare artifacts, and released a book with clues for treasure seekers. His journey began as a musician, transitioning to a tech entrepreneur and Bitcoin investor, inspired by the Fenn treasure hunt. Saylor, CEO of MicroStrategy, has controversially converted his company's cash reserves into Bitcoin, amassing $37 billion worth. His strategy involves issuing corporate bonds to finance Bitcoin purchases, effectively detaching the company's stock value from its declining software business. Despite skepticism about his approach, Saylor's aggressive investment has significantly increased MicroStrategy's stock price. The discussion highlights the allure of treasure hunting and the risks associated with high-stakes investments. The hosts reflect on the potential dangers of Saylor's strategy, noting that past cycles have seen similar aggressive investors face downfall. They emphasize the importance of understanding the risks involved in such ventures, with Saylor's unwavering confidence raising red flags. The episode concludes with a commitment to seek clarity on Saylor's strategy and the broader implications of Bitcoin investment.

The podcast features hosts Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg, along with guest Aaron Levie, CEO of Box. The conversation begins with light banter about personal relationships and transitions into discussions on business and technology. Levie mentions that Box has around $600-700 million in cash and suggests an experiment of investing 5% of their treasury in Bitcoin. The hosts discuss the current state of AI and crypto regulation, emphasizing the need for a balanced approach to avoid stifling innovation. Levie expresses concern over regulatory proposals that could hinder AI progress, advocating for a competitive market without excessive government oversight. He highlights the importance of stable coins in facilitating real-time payments and suggests that regulatory frameworks should focus on consumer protection without overregulating. The conversation shifts to the inefficiencies of government spending, with hosts criticizing the federal budget's growth and lack of accountability. They argue that the government should not distort markets through excessive spending and advocate for a culture that prioritizes efficiency and transparency. The hosts also touch on the evolving landscape of AI, noting that competition among major players like Google, Meta, and OpenAI is intensifying. They predict that as AI technology advances, the cost of software development will decrease, leading to a significant shift in the market. The discussion concludes with a call for a more active and engaged electorate to hold government accountable and ensure that spending aligns with public needs.

In a recent discussion, the hosts, Saam Paar and Shaan Puri, explored the significant rise in Bitcoin's price, which increased from $37,000 to $69,000 in just four months. The approval of Bitcoin spot ETFs was highlighted as a major factor driving this surge, allowing more institutional investors to access Bitcoin, resulting in over $10 billion inflow. The conversation emphasized the increasing demand for Bitcoin from large institutions rather than retail investors, alongside the upcoming Bitcoin halving, which will reduce the daily supply of Bitcoin from 900 to 450, potentially driving prices higher. Pom, a guest on the podcast, shared his investment strategy, stating that he has not sold any of his Bitcoin and continues to hold a significant portion of his net worth in crypto. He discussed the importance of measuring investments regularly to track progress. The hosts also reflected on Michael Saylor's bold strategy of investing heavily in Bitcoin through his company, MicroStrategy, which has amassed over 210,000 Bitcoin, representing more than 1% of the total Bitcoin supply. Saylor's approach was characterized as a "bet the company" move, driven by the need to protect against inflation and the devaluation of cash. The hosts noted that despite Saylor's success, few companies have followed his lead in adopting Bitcoin as a treasury asset, raising questions about the broader market's response. They discussed the risks associated with holding large amounts of cash in a volatile economic environment, suggesting that companies might face pressure from shareholders to invest in more stable assets like Bitcoin. The conversation shifted to the challenges of investing in traditional small businesses, highlighting the difficulties in scaling and the generational mindset of small business owners. The hosts shared insights on the importance of ambition in business and how it can lead to both success and failure, depending on the industry. Pom also discussed his interest in various investment opportunities outside of crypto, including line striping businesses, which he believes will become more valuable as self-driving cars become prevalent. He emphasized the potential for innovation in traditional industries and the importance of adapting to changing market conditions. The episode concluded with Pom sharing his investment thesis on several companies, including Eight Sleep, a sleep technology company, and Vaa, which focuses on space manufacturing. He highlighted the importance of understanding market dynamics and the potential for growth in both tech and traditional sectors.

The podcast features hosts Patrick Bet-David and Tom Ellsworth discussing various current events and topics, including the recent Meghan Markle interview, trading cards, and the state of the economy. They start with light banter about their attire and the podcast's format before diving into the news. They highlight the buzz around Meghan Markle's interview with Oprah, which garnered significant viewership and stirred controversy, particularly regarding allegations of racism within the royal family. The hosts discuss the implications of the interview, with Patrick emphasizing the importance of respecting family while also acknowledging the challenges faced by Markle. The conversation shifts to the trading card market, where they discuss the skyrocketing prices of sports cards, including a Kobe Bryant card that sold for nearly $1.8 million. They explore the historical trends in card collecting and the potential for a market crash, while also noting the growing interest from younger generations in investing in stocks and cards. They touch on various business news, including Reddit appointing a new CFO, Tesla's energy initiatives, and JP Morgan's hiring spree in blockchain technology, indicating a shift towards cryptocurrency acceptance in mainstream finance. The hosts express optimism about the reopening of California theme parks and the recovery of Las Vegas as COVID-19 restrictions ease. The discussion also includes a humorous take on the idea of owning a private island, with Patrick expressing skepticism about the practicality of such a purchase. They conclude with a conversation about Dak Prescott's new contract with the Dallas Cowboys, debating whether he is worth the investment and the implications for the team's future. Tom shares insights about his new book on Daniel Ponce de Leon, a pitcher who overcame a life-threatening injury to achieve success in Major League Baseball. The hosts emphasize the importance of resilience and the human experience, encouraging listeners to appreciate the value of personal connections and face-to-face interactions. Overall, the podcast blends humor, sports, business insights, and personal stories, creating an engaging dialogue that resonates with listeners.

The podcast features hosts Saam Paar and Shaan Puri interviewing Michael Saylor, the CEO of MicroStrategy, who is known for his significant investment in Bitcoin. Saylor discusses his journey, starting from his early career at DuPont to founding MicroStrategy, which focuses on business intelligence software. He emphasizes the importance of Bitcoin as a treasury reserve asset, particularly in light of the rising cost of capital and inflation. Saylor explains that traditional cash holdings lose value over time due to inflation, making Bitcoin a more attractive option for companies looking to preserve wealth. He shares that MicroStrategy has invested over $2.2 billion in Bitcoin, which has grown to a value exceeding $5 billion. Saylor believes that Bitcoin is the best solution for companies facing treasury problems, as it converts liabilities into assets. He highlights the macroeconomic environment, where the expansion of the money supply leads to asset inflation, making it essential for companies to adapt their strategies accordingly. Saylor also discusses his extensive collection of domain names, including high-value ones like voice.com and hope.com, which he views as valuable digital real estate. He recounts the story of selling voice.com for $30 million, emphasizing the long-term value of owning meaningful domain names. Throughout the conversation, Saylor maintains a strong conviction about Bitcoin's future, asserting that it is a revolutionary asset that will reshape the financial landscape. He encourages individuals and companies to consider investing in Bitcoin as a hedge against currency devaluation. The hosts express mixed feelings about the interview, noting Saylor's intelligence but also feeling that the conversation could have been more engaging and accessible to a broader audience.

Bitcoin and gold sit at opposite ends of a currency-debasement debate, with gold continuing to hit new highs while Bitcoin has paused recently. Gold is up about 42% year-to-date, and the hosts note that gold holders and Bitcoiners are like brothers in arms against currency debasement. They explain that gold often leads and Bitcoin follows, yet both assets tend to rise when macro conditions favor easy money. Deutsche Bank recently suggested that central banks will include both gold and Bitcoin in portfolios by 2030, underscoring a broader shift among retail, institutions, and funds toward these stores of value. Over longer horizons, Bitcoin is seen as having a structural edge because large pools of capital still lack exposure, a dynamic that could push prices higher over time. The conversation then turns to a recent Bitcoin Treasury M&A deal: Strive Asset Management announced a merger with Similar Scientific, paying roughly two times the market price while Similar traded near NAV. Strive’s offer would move about 5,000 Bitcoin onto its balance sheet, aiming to accrete value for shareholders as the premium mathematics reflect premium to NAV and the strategic logic of consolidation. The discussion expands to the integration of crypto into traditional finance. BlackRock is described as a Bitcoin-focused powerhouse given the profitability of its Bitcoin ETF, and Bitwise is praised for educating advisers and pushing crypto into mainstream awareness. The speakers argue that the line between crypto and conventional finance is blurring: exchanges now offer stocks, Bitcoin, and crypto; custody providers pursue bank licenses; and even fintechs blend crypto into their offerings. The idea of Bitcoin as Bitcoin per share in treasury strategies is used to illustrate how growth expectations translate into valuation premia. Premiums to MNAV reflect beliefs about future purchases and balance-sheet expansion, and participants note that markets could compress or expand these premia as capital raises or acquisitions occur. The four-year cycle remains a debated topic, with some awaiting clarity while others favor a straightforward, buy-and-hold approach. On AI and monetary policy, the hosts contend that AI could replace the Fed because a computer can ingest data, synthesize it, and apply programmatic rules, whereas the Fed is described as reactive and political. They argue programmatic policy could fix forecasting errors and give clearer planning for capital costs.

In this episode, hosts Anthony Pompliano, Will Clemente, and Ben Harvey discuss the emerging trend of Bitcoin treasury companies, which have accumulated around 725,000 Bitcoin, approximately 3.64% of the total supply. The conversation highlights the capital structures of these companies, including their debt and equity strategies, with a total of about $9.5 billion raised in debt and $3.3 billion in preferred equity. They note that while these companies have a significant impact on Bitcoin's trading volume, averaging 60 basis points, it is less than some might expect. The report emphasizes the growth of Bitcoin per share for companies like MicroStrategy, which has increased 11x since inception. The discussion also touches on macroeconomic factors, including inflation and interest rates, and how they influence Bitcoin's market dynamics. The hosts conclude by emphasizing the innovative financial engineering these companies employ to accumulate Bitcoin, positioning them as key players in the evolving cryptocurrency landscape.