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Bitcoin is love, man.

Yeah.

Come on, people,
let's go, let's go.

Act like you got
somewhere to go.
Let's go.

Okay.

Hey, Nestor, good morning.
This is Mr. G.

You can bring your stuff out
to the curb.

I'll be there
in about 15 minutes.

Bring 'em out.
Bring 'em out.

Bring 'em out, buddy.
Let's do this.

First stop, Elvis.

Try to have your stuff
out on the curb.

That way it'll be
like a quick pick up,

you get your money
and it's one, two, three.

Thank you so much.

Good.

Got it.

All right.
See you next week.

- Hello.
- What's up, man?

Oh, my God.

Yo Lewis, check it out, man.

Read the pamphlet.
Very important.

Next time I don't
send you paper,
I'll send you a Bitcoin.

Take care, bro.

Hey, big Nestor,
what's up?

Bring 'em out,
bring 'em out.

Hey, Mr. Lawrence,
good morning.

This is Mr. G,
the recycling guy.

I'm Mr. G, I pick up
cans and bottles,

and I facilitate the transport
between people

that want to sell
their cans and bottles

to recycling facilities
around the city.

And that way
I get to spread out
the signal about Bitcoin

and its magical powers.

Yo, Sylvester,
I can give you one thing,

and it's better than that,
it's Bitcoin.

What's up, Pitbull?

All right, look, check it,
you got Cash App?

- Yeah, I got Cash App.
- Alright, look, check this out.

I'm going to show you
another wallet to download.

It's a lot better than
dealing with paper all day,
you know what I mean?

- Okay.
- You want to send money
and receive money,

you just hit "receive,"
one, two, sending a transaction,

three. Done.

So, how this works is that
this is outside the bank, bro,
and it's much better.

See you next time, bro.

- All right bro, y'all take care.
- Yeah, you too.

- Thank you, brother.
- You already know, all right.

Bitcoin is love, man.

I believe that it can do
a lot more for society

than simple trading
in dollars and stuff

because the dollar's just-
it creates all the worst
incentives in people.

- All right.
- This is a good pamphlet
for you.

- Yes.
- Just check it out again.

I'm not here to push people
into Bitcoin.

I'm just here to move
the needle as best as I can.

And the more people that
come in, the more people
can receive the benefits

of having hard money.

Bitcoin itself
is a hyped up fraud.

The asset itself
is creating nothing.

I would short it if there
was an easy way to do it.

I think
it's a scumball activity.

The signs were everywhere,
but now it's official,
we are in a recession.

When I think about
the significance of Bitcoin,

I liken it
to the significance

of fire in the role
of Prometheus.

We're trying
to create something
that's digital gold.

Why the hell
would you want to do that?

Digital gold is no more gold
than digital food is food.

- It's a Ponzi scheme.
-The Madoff scandal

has given greater
impetus to efforts

to overhaul
the laws that govern
the financial markets.

I see the light.

Huh? Avocado toast, wha?

And to me, a little bit,
the cryptocurrencies
are like that.

That's good lighting.

I think all lawyers
and all politicians
are frustrated actors.

By and large, there is
an extraordinary degree

of ignorance about crypto
and Bitcoin in Washington.

The dark underbelly of crypto
is its critical link

to financing terrorism
and human trafficking

and drug dealing
and helping rogue nations
like North Korea and Iran.

Well, a lot of people
are going to hear you make
a hundred grand a year

and you're living
paycheck to paycheck.

That seems...
it seems like crazy talk.

When you
detach and decouple money
from the state,

incredible things
can happen.

You go to Central America,
you go to South America,
you go to Africa,

these are markets
and continents

that see Bitcoin
as a necessity
instead of a desire.

In tomorrow's world,
we will tell our children

instead of buying real estate,
we'll tell them buy Bitcoin.

It brings
economic justice.

People of color
are looking for
alternative solutions

because we know that
we're not getting a fair shake.

If you're starving,
if you're rich, if you're
this race, it doesn't matter.

This thing is going to support
and do its job no matter what.

Okay, I'm a Bitcoin
home miner.

It's a hobby of mine.

I actually also use
my machines to dry clothes.

I got my machines right there,
actually blowing a lot
of heat on the clothes.

It's part of my hobby.

This is no different than
the guy that tunes cars
in his garage.

It's a little far-fetched

for a lot of people
to understand right now, right?

But maybe in like 2028,
2029, 2039,

people will maybe look back
and say, "hmmm,"

he's right.

Cryptocurrency,
blockchain technology
allows decentralization.

Is it a perfect process? No.

Is it more perfect
than our process?

I'm not sure.

But it's a process that allows
more people to participate.

It allows for the unbanked
and underbanked

to be able to participate
in ways that they were
not able to participate in.

It expands
the investor class.

ABUBAKAR NUR-KHALIL:
Bitcoin, from a philosophical
point of view,

it provides a sort of
common ground for people,

which is seldom seen
in the world in general,
politically speaking,

whether you're left
or right or all of that.

For the first time,
we have a common,

I guess, initiative that binds
people from all walks of life
to actually work on this.

For the first time,
we all agree financial
freedom is important,

so let's build towards that
and have a brighter future.

So, I think a lot of
young folks, they're in
the best place possible

to really push that effort.

The payments and money,
they have a long history.

It's hard to imagine an economy
that operates without money.

And you talk money,
you talk payments, you talk
payments, you talk money.

One form of money
is this form.

With this form,
we don't know the history.

What's important is that
you can easily verify

that this is a legitimate
five dollar bill.

Two dollars
and 98 cents,

that's how much money
it will take to buy
a gallon of paint.

It's Friday morning
and Tom Havens is to buy
the paint after school today.

To make the purchase,
his father gives him
a crisp new five dollar bill

that he received
at the bank yesterday.

Finance is typically
not taught in schools,

but it should be
taught in schools

because it's deeply connected
to the real world,

and we're not
letting our kids

when they graduate
from high school

have any sense
of personal finance.

Why is it not being taught?
I don't know.

- You think about what you want?
-Gummy bears.

YUSUF ABDUL-ALI:
I didn't know about
the stock market

or stocks
until I got to college.

My mother didn't have stocks.

The school system
wasn't talking about stocks.

I realized that
a lot of my teammates,

kids that I'm going
to school with,

they're learning that
from their parents.

I got into Bitcoin
end of 2019.

That's when I started
doing my research.

You know,
at first I'm thinking,
I'm not reading this.

I'm not getting into this.

And the first article I read,
it was talking about

generational wealth gaps
in the U.S.

It touched home
because that's something

that, you know,
that I dealt with personally.

I grew up
in Springfield, Mass.

Inner city,
tough neighborhood.

I had two brothers,
four sisters,
two bedroom home.

My mother was working a lot,
so you had to survive
on your own

and kind of be
more reliant on yourself.

What I'm realizing now
is that

because she had all her kids
and she gave us everything
that she could,

she doesn't even have, like,
a retirement really set up
for herself.

Is there, like,
boats in Miami?

I realized that
that's not a position

that I want to put,
you know, my kid in.

I wanted to give
something back.

When she turns 18,
I want to have

the option
of saying, you know,
can I pay for college?

You want
to start a business?

All right, here's some
seed money for it.

Just a little different
from what was, for me,

kind of bootstrapping
everything and digging.

So, you will live
in a boat in Miami,

that's what
you want to do?

Yes.

- What color would your boat be?
- Pink.

- A pink boat?
- Mmmm-hmmm.

You know, Miami's
a Bitcoin city?

No.

It is.

When I read that
a lot of people in Africa
were adopting Bitcoin

to try to help their family,
you know, help themselves out,

that's when I made
my first, you know,
investment into Bitcoin.

And then it kind of
clicked for me.

And I got
the fundamentals of Bitcoin
and what it was about.

Same finish, though.

So, I'm coming up like this?

I'm a coach at heart.

I coached
for ten years straight.

If I have some knowledge
or if I feel like I can,
you know,

help you in any way,
I'm going to try to do that.

I was brought up
to believe that

it's your job to look after
your own financial well-being,

but, I don't remember ever
being given a good education

in how
the financial system works.

There's this idea
that we have

these dollar bills
in our pocket,

and that those things
are in some sense

backed by the government,
and that's what money is.

But that's really only
what money's been since
the nineteen-teens.

We're not disrupting
a system that's been around
for a thousand years.

We're disrupting a system
that's been around for,
like, 50 years.

It did pretty well
for a pretty long time.

But the cracks
are now showing.

And you see this
in a bunch of different ways.

As the central bank
of the United States,

the Federal Reserve is charged
with promoting monetary

and financial stability
and the safety and efficiency
of the payment system.

The Federal Reserve is
creating money out of thin air

by buying U.S. debt
and other financial assets.

As a consequence,
the money is worth less.

Inflation is way too high
and it's really a big burden
on American households.

The purchasing
power of the dollar

has declined
on a straight line basis
since the sixties.

It never goes up.
The dollar only goes down.

The worry is that we've
now gotten so addicted
to easy money for so long

the system of
central bank printed money

is not necessarily any better
in the United States

that it is in a place
like Venezuela

or a place like Zimbabwe,

places that have
1000% inflation.

If you think
about money hard enough,

you realize that
for the past 25,000 years,

the money's
always been defective.

It's just a question of
when will it utterly fail?

I think what you have is
human civilization struggling

with how to solve
the problem

and never quite
getting it right.

All systems fail,

but at the same time,
we're not living
in caves anymore.

So, we make
continual progress.

We figure stuff out.

Because we are now the most
important economy in the world,

most of the world
relies on our system.

You have to have
an element of flexibility
in a currency system

that tries to be all things
to all people.

And so a lot of the debate

and the frustration around
the fiat currency system,

it's actually about
who gets to set the rules

and who gets to decide
how it's flexible.

1989 may be
the most important year

in economic history
since the signing
of the Magna Carta.

You had Communism falling
symbolically, with the fall
of the Berlin Wall.

The West won, the East lost,
in lots of ways.

That created maybe
the best 20 years

we've ever seen
on the planet

in terms of trade
as a percentage of GDP.

We had more trade going on
than any time since the '30s
between countries.

That's all confidence.

So, a confidence revolution
creates a credit bubble

because credit is confidence.

But at '08,

we really should have
thought about something.

Something happened,
and we're like,

"Oh, there's a crisis." Boom.

And it broke.

People lost their houses.

People lost their jobs,
globally.

And I think Satoshi must have
looked at that and said,

"This ain't fair."

I think that's where
the White Paper came from.

Satoshi did
two amazing things
for humanity,

create Bitcoin and disappear.

Us not knowing who
Satoshi Nakamoto is,

I think is a feature,
not a bug.

I have a lot of appreciation
for Satoshi.

I have a dog named Toshi.

You don't have someone
to drag in front of Congress

to answer for
how the software works.

You don't have
someone to sue.

You don't have
someone who's able

to flip a switch
and turn this thing off.

No, I'm not Satoshi.

In 2008, I got the-as far as
I am aware, the first email

that anybody received
from Satoshi.

It was basically asking
about the citation
for hash cash.

I invented this thing
called hash cash in 1997,

and it started a conversation
about it being a bit
like digital gold.

There was a mining,
there's a cost of mining.

You produced
something digital

that you could verify
was scarce,

but people's sort of
next question was,

but won't everybody mine
an enormous amount of it,

because you could throw
more computers at it
and create money.

And if you had a machine
for printing money,

you know, converting
electricity into money,

people would go nuts
and computers get faster

and it would become
hyper-inflationary.

This would be
solved by Satoshi Nakamoto's
Bitcoin White Paper.

It was a criticism of
central bank monetary policy.

And the Bitcoin
revolution began.

We had to find a way
to issue money

in a decentralized process,

so that governments would be
removed from their ability

to debase
and to manipulate currency.

We don't know
who the person is.

We don't know
if it's one person or many.

We have some ideas based on
forum posts and time zones
that they've been in,

but it's all really ultimately
just a guessing game.

It's a little bit
like those people who say
that Shakespeare's plays

are too good to have been
written by one chap
from Stratford.

This White Paper
is pure poetry.

Even if you can't read
the 13 pages,

just the first page

says pretty much everything
that you need to know.

It's a religious event.

It's a once
in a lifetime thing,

and I'm skeptical
because I am one,

I'm a founder
that people lionize

and they look up to
and whatnot.

But whoever this person is,
like, truly gave us a gift.

And it was a selfless gift.

Bitcoin's supply
is capped at roughly
21 million Bitcoin,

and each Bitcoin
can actually be subdivided
into 100 million

what are now known as Satoshis:
units, the smallest unit
of Bitcoin.

In a traditional
banking system,

the bank ensures
that you don't spend
your money twice

because it debits your account
as soon as you spend that money.

With Bitcoin, there's no
central party to trust.

So, we have this
double spending problem.

I could send my Bitcoin
to my first friend,

and then I could go around
and send that same Bitcoin
to somebody else.

Who's to say that I spent it
or I didn't spend it?

And Satoshi
very cleverly solved it

by introducing
the concept of mining.

Bitcoin is not complicated.

The white flag
is in the air.

Two miles
stand between Kyle Bush
and a record-tying victory.

Bitcoin? Umm...

Bitcoin is umm...

Umm...

I've heard of Bitcoin,

but, you know,
I'm kind of an older generation,

I like to hang on to my cash.

I don't use Bitcoin,
but I support it

because that's the new thing.

It was
impossible for man to fly

up until the point
where the Wright brothers

took their rinky dink plane
and then flew it in the air,

and thereafter, at every point
in time, it was true that
man could fly.

So, really,
what is invention, right?

With invention you are
invalidating some rule
of the world, right?

It was true
that you needed a government,

you needed some large entity
to operate a monetary system.

And from the point where
Bitcoin came into existence,
it eradicated that.

I'm not sure
that you can imply,

sort of, any negative emotion
or intents to Bitcoin, right.

Bitcoin made something better,
it made something possible.

The implications of that
I think will unfold from there,

but it's hard to say
if they're going to be
positive or negative.

Bitcoin at its
base layer is what's known
as a broadcast system.

Picture a megaphone
to the entire world.

Anyone that wants to listen
and take in the data
that I'm broadcasting.

According to the protocol,

the world is to take
that information in,

verify it,
ensure that it's valid,

and then
append it eventually

to what's known
as the blockchain.

Blockchain is
a ledger of transactions

that is maintained
by some kind of
consensus mechanism.

In a blockchain environment,

there's no one person
responsible for maintaining
that ledger.

The ledger is maintained
by a consensus of computers
working together.

What is a bank?

When you pull up
your smartphone

and you scroll through
to your bank account,

that's what a bank is.
It's a ledger.

All it is, is a deputized
business that we've given
the privilege

of maintaining this ledger.

It is a glorified bookkeeper.

So, blockchain solves that
because what is blockchain?
Bookkeeping.

And there's a lot
of banks who know that

if we adopt blockchain,
they're out of business.

It exists in the open

and nobody has any more
right than the other
to change it.

And so you can opt in
or opt out of it at any time,

but it's a system
that exists on its own.

The significant thing
about cryptocurrency

turns out to be
that it's not really secret.

It is possible
for a transaction

on the blockchain

precisely because
it's indelibly recorded
to be discovered,

by the authorities,
should they wish to do so.

In its
three count complaint,

the government says
a man known as

the Dread Pirate Roberts

was able to rake in
$80 million in two years

through an illegal site
he created.

A secretive online
marketplace for drugs,

one so perfect

that it could make
the street corner
dealer obsolete.

2011, 2012,

many people speculated
that the only reason
that Bitcoin existed

was to buy drugs
on Silk Road,

and no one really knew
to what degree that was true.

It got taken down
in mid to late 2013

and Bitcoin crashed
immediately after,

but within a month
it had reached
new all-time highs.

The cryptocurrency
market has exploded
over the past few years.

Now most of that growth
has been driven
by speculation and gambling.

But we also know
that crypto provides
a new payment option

for criminals and cheats.

Do criminals use Bitcoin?

Of course. All useful tools
are used by criminals,

including cars, cell phones,
the internet,

food and water,
mathematics, language.

It's not that bad actors,
ransomware, etc.

aren't focused on, today,
on using crypto to try
to transfer value.

But what criminals are finding
they are increasingly

likely to get caught
if they try to use Bitcoin.

In 2021,
at least $14 billion

in digital assets
went to criminals.

Now that's a lot of drugs
and a lot of ransoms
and a lot of bombs

and a lot of
nuclear materials.

"Dear Senator Warren,
I'm a fan.

"I think you're very smart

"and you genuinely care
about building
a more equitable society.

"But respectfully,
when you talk about Bitcoin,
you sound silly."

The crypto industry claims
that it doesn't need to do
all of the know your customer

and other anti-money
laundering checks,

because crypto
is uniquely transparent.

"Bitcoin
is a monetary instrument

"that does not require
trust in governments

"to not inflate away the value
of money or trust in banks
to stay solvent."

So, then,
the question becomes,

so what is it
that the Bitcoin,

what problem is it solving?

Your voters are rejecting
the legacy financial system
because it fosters

economic and racial injustice

and perpetuates
wealth inequality.

Bitcoin is hope.

Bitcoin's decentralized,
transparent democratic network
will inevitably replace

the failed
and corrupt partnership

between governments
and large banks.

Our children
want to believe.

They want
to believe in something.

In the past 22 years,
we've destroyed almost
all the institutions

without recognizing
the importance that they play
in individuals lives.

And many of our children
are unanchored in many ways.

They don't know
what to believe in.

They're searching
for something.

If I buy Bitcoin,

am I buying a share of stock
or am I buying a pork belly?

- What am I buying?
- Or are you buying air?

People can agree that Bitcoin
has value and then they could
decide it doesn't.

I mean, because it doesn't
have any actual value.

I mean, people can agree
on anything.

I mean, that's how
you have a bubble, right?

At one point
people thought tulips

had a lot of value in Holland,
but then they didn't.

I would accept Bitcoin now
only because I can sell it.

There is a market for it,
but I would not want to
hold on to it long term.

There's not that many people
who want to buy pet rocks
right now,

but in the long run,

you know, the pet rock
probably has more value
because at least it's a rock.

I think tulips
are the original NFT.

That was the first time,
you know, at a global economy

they decided,
hey, here's something

that might be worth
a whole lot more

than the strictly
functional value of a flower.

Value is in
the eye of the beholder.

And when we all
convince ourselves that
it's worth something,

and then all of a sudden
we all decide that it isn't,

that's kind of what happened
with tulip mania.

It's easy
to dismiss something if you
can just strap a label on it

and then ignore it.

The tulip mania
that everyone likes to quote

had one bubble
and then went away.

There's something different
going on when an asset continues

to appreciate
over the long term,

goes through
multiple speculative cycles.

As you can see,
I am no longer 23.

I used to be 23,
so perhaps I'm speaking
in a generational voice,

but to me
it is an astounding thing

that people
impute value to this thing

that no human eye has seen,
nor human hand touched.

Bitcoin is not tangible.

You can't touch it, you know,
but you also can't touch,

you know,
your share in a corporation.

Prior to temporarily
going off the gold standard,

which it was supposed to be
temporary, but here we are,

you know, 50 plus years later
and we haven't returned
to the gold standard.

Now, eventually we will.

Gold is money.

If you're waiting
for gold bars to show up

before you release goods
around the world,
it doesn't work.

It's much easier,
more efficient,
more flexible

to have this digital
transaction standard,

this virtual ledger system.

2016,
'17, '18, when you see
the cycle play out,

you start to realize that,
you know, this actually has
something very unique in it,

and it is truly anti-fragile

and it's taking on
its own life,

which is kind of
interesting to observe.

There is a new
and exciting industry

in the United States
of cryptocurrency,

whether Bitcoin or otherwise,
that are generating jobs.

Entrepreneurs who are creating
new values, new hedges
against inflation,

new opportunities,

and it is fast moving.

It is dynamic.

Texas? Texas is
Bitcoin country.

You know,
I'm reminded of an old line,

which is that you never ask
anyone if they're from Texas.

And the reason is simple.

If they're from Texas,
they'll tell you.

The reason Texas has been
so attractive to Bitcoin is
its low cost, abundant energy.

And there's a big debate
about Bitcoin and what is
its impact on energy,

and you have some
environmentalists who hate
Bitcoin because they said

it consumes
all of this energy.

I actually think Bitcoin
is incredibly pro-environment.

One of the challenges you have
is when you drill an oil well,

along with producing oil,
it produces natural gas,

the natural gas is burned
on fire, and the problem
is that pollutes.

Bitcoin is presenting
an enormous opportunity

to go in
to a producing oil well,

to take that stranded gas

and to put it into a generator
right there on site.

Use that gas
to produce electricity

and use that electricity
to run Bitcoin mining rigs.

We're actually
in the Giga mining
manufacturing facility.

This is the covered section.

This is where we manufacture
and fabricate the actual
Bitcoin mining data centers

that we deploy
to on and off grid solutions

in harsh environments.

Most of them we actually use
for ourselves internally

and mine Bitcoin with them.

Some of them we also sell
to oil and gas companies

or other people that need
a data center or a generator
for Bitcoin mining.

Made in Texas.

The first premise is that
there's value in Bitcoin.

Past that,
everything else makes sense.

If you say, hey, there is value
in Bitcoin, then you would say,

hey, there's value
in physically sweating
in 100 degree heat

to manufacture an engine

to more efficiently
mine Bitcoin.

We're going
to pull in natural gas
through this two inch line.

It's going to run through here,
all this natural gas.

And we're going to bring it
straight into the engine,

where we're going
to start combusting it,
running these pistons,

and then getting the engine.

And all we're doing
is trying to turn
that big flywheel

to create electricity.

So, a Bitcoin miner is
a computer that can only do
one simple math equation.

And that's an equation
called SHA-256.

So, it's just
a hashing function

and this computer basically
guesses every day
all day long.

It started off doing
thousands of guesses
a minute or a second.

Now millions of guesses
a minute or a second.

Now trillions of guesses
a minute or a second
as they become better.

There's energy
that is utilized
for every guess,

and they're just always
constantly looking
for new Bitcoins.

If they get one,

they get a brand new
set of Bitcoins,

or they mine
a block of Bitcoin.

You have to do work
to deter people from cheaply
hacking the system, right?

You're throwing up a barrier
for security of the blockchain.

And so when you're mining
Bitcoin what happens is
the Bitcoin software

is throwing up a series
of math problems to solve,

and over time the math problems
get increasingly difficult.

Now the math problems
don't themselves

relate at all to
the underlying transactions.

The transactions
are what they are.

But what the Bitcoin network
is doing is it's saying

you're only going to get
a Bitcoin reward if you
devote enough work

to pass through the gateway
and then be eligible.

Beyond that,
it's basically a lottery.

And so these computers,
they're running 24 seven,

and when you're
running one of them,
they're a little loud,

and then tens of thousands
of them, you know,
you need ear protection.

You need massive
industrial fans,

you need massive
electrical infrastructure.

Bitcoin mining
will happen till 2140.

And now 99% of Bitcoins
will be mined over
the next 20 years.

And then after that,
it's kind of like okay,

what's going to happen
with the last 1%?

Where is the price
is going to be?

But the reality is,
is I believe Bitcoin mining

is here to change
the energy industry forever.

Bitcoin uses more electricity
per transaction

"than any other method
known to mankind."

Just one uses more energy
than a million
Visa transactions.

I mean, cars are bad
for the climate, but at least
they take you somewhere.

So, we're standing here,
it's July 1st.

July 1st last year,
none of this was here.

My dog ran straight through
this facility all on dirt.

I see this is opportunity.
I see it's jobs.

I see it's economic impact.

Bitcoin mining
is a game of scale.

The bigger piece
you are of the global pie,

the bigger piece
of that Bitcoin pie that
you're taking as a reward.

Bitcoin is nuts.

It's insane, from a climate
change standpoint.

It uses all this power
to create this
fictional currency.

And it uses
so much damn power.

That's like,
why are we doing this?

Everything we should
be doing right now
should be focusing on

providing our existing needs,
not adding to existing needs.

You know, last year,
the total Bitcoin consumption
in the world

was represented
5% of the U.S. load.

Why would we add
to this problem

for what I view
as a convenience item,
not a necessity.

I'm talking about
necessity here.

People need to get to work,

they need to eat,
they need to warm,
cool their houses.

They don't need Bitcoin.

So, the usage of energy
in Bitcoin mining is there

to secure the network.

It's so that you have
a fundamentally secure,

immutable ledger
that can't be tampered with.

Is that a good use
of lots of energy?

I think so, but I understand
if some people don't.

Everyone has something
called a utility function.

So I may really value Bitcoin,
but if you don't use Bitcoin

or you don't understand it,
or you don't think
it's valuable,

you are going to think that
spending energy on Bitcoin
is useless.

If people find utility in it,
there will be demand for it.

And at the end of the day,
it's the subjectivity, right,

that makes it
so difficult to have

logical arguments
about energy consumption,

because we all have
very different preferences

and we all have
very different perceptions

of what is
and is not valuable
in a modern society.

What makes Austin
really unique right now

is that not only is it the
strongest community aspect,
but it's also the place

where the builders
on the Bitcoin network
are coming to build.

What's happening here
right now feels very early,
kind of like Silicon Valley.

I'm optimistic that Austin is
kind of going to represent,

for much of
the rest of the world,

the kind of vision
that we think Bitcoin
can create.

Even when
I'm not "working,"

I'm always Bitcoining.

So, like,
you don't really eat it,
you just swallow it.

I never have had
an oyster before,

but I know I'll like them.

Ladies and gentlemen,
I love this community.

Bitcoin's awesome.

Thanks for coming out
for this tonight.

- Enjoy.
- Cheers.

You got me into it,
back in 2019. December 2019.

- I've stuck with it ever since.
- Hell yeah.

I can see, like, naturally,
a lot of acquisitions right now.

Yeah, I think there's some
companies that have cash,

definitely buying up.

It's the bear markets,

like, everyone wants to buy
Bitcoin in the bull market.

But no one wants to buy it
when it's down.

I was a freshman
in high school when
I found out about Bitcoin

through an article
on TechCrunch.

I realized that this idea
that money could be created

and governed by math
and energy and code

and not controlled
by the government,
was powerful.

From there I started trading
cryptos and buying Bitcoins

and eventually
started mining.

I started mining
in my parents' basement
with a few graphics cards,

and from there
we ended up building out
a shed in my parents' backyard

and started running
miners there,

and then raised some capital
from family and friends.

So, my goal is to make
Bitcoin mining accessible

to anyone via an application
or an app on your phone.

I wanted to provide
the opportunity for exposure
to mine Bitcoin at a discount,

without having to deal with
the problems and hassles
of getting into the space.

It's my goal that anyone
can promote this
to their community

and allow their community
to mine Bitcoin.

Today we literally
want exactly that shape.

Wherever you see that shape
in possession on the pitch,
that's what we want.

Get everything. Let's go.

Come on.

Nice.

This referee,
I'm not sure he's--

this referee
and these linesmen,

yeah, they're
all over the place.

Emma, do you have
a Bitcoin wallet,
with Bitcoin on it?

This is the wallet
he set you up with?

- A long time ago.
- Are you joking?

- This is a long time ago.
- Okay, no.

My name is Conor Okus,

and my role on the team is
Director of Bitcoin Services.

I feel like that's quite
a new, unique job title,

and I don't even know
if that exists anywhere.

Full stop. I don't know if
it exists at a football club.

The role has kind of emerged
out of my passion for Bitcoin
and football.

Now I'm just in charge of
helping the club integrate
Bitcoin in different ways.

Some initiatives are around
just, you know, our fans being
able to come into our bar

and pay for their beers,
their snacks with Bitcoin,
helping educate the players.

Some of the players may be
taking parts of their salary
in Bitcoin as well,

and there's
no banks involved,

there's no
third parties involved.

It's just peer to peer, right?

But the beauty of that is that,
like, say someone comes
from another country

and they want
to pay for something,

maybe they don't have pounds,
they don't have whatever.

They can just download
the Bitcoin wallet instantly
without needing a bank account.

So, that opens up,
like, Real Bedford
to the whole world

in terms of being able
to accept payment.

London is beautiful.

It's full of
culture and history

and interesting people
and art

and what I think
is perfect weather.

I want every Bitcoin
user to understand

that Bitcoin works
because the software works,

and the software works

because there are
people maintaining it
and looking after it.

I contribute to the
open source software
called Bitcoin Core.

It is software
that is able to connect
to the Bitcoin network.

It is able to download

the entire Bitcoin history,
aka the blockchain.

We are trying to look
for all the ways

in which
something can go wrong.

I put, like,
my blood, sweat and tears
into some activity,

I know that the labor that
I've put into that can be
preserved for the long term

and there's, like,
no one really

that can take that
away from me arbitrarily.

We've seen countries
now adopting Bitcoin
as legal tender,

whether it be El Salvador
or the Central African Republic.

And that represents,

hopefully a snowball effect
that will see other countries
adopt it

and people really start

to see it as a use case
for them to pay for goods
and services.

We were drawn
to this place four years ago
for the first time.

I was driving through Europe
with a camper van,

there was a small shack
on the beach

and started
to drink my Bacardi Coke.

And then I said,
"can I pay in Bitcoin?"

Bitcoin, eh, no,
it's a scam, blah, blah, blah.

And it took me 2 or 3 days,
and then he started to accept
Bitcoin payments.

And then, you know,
he saw Bitcoin going up.

He saw that I was paying
double price for a Bacardi cola
so he was happy.

And that's when
we fell in love
with the place.

In that bar I met a guy,
we told each other if ever
such a bar becomes free

we will take it.

Four years later he calls me
and he's like,

Didi, there's a bar available,
investment, everything.

So, I will if you make it
a Bitcoin beach bar.

And now I'm here
and we have a Bitcoin
Bambam Beach bar.

Hey.

I grew up in the 90s
as a normal guy buying
a huge house.

The goal of
becoming very rich,

you know,
becoming a millionaire

because that would
lead into happiness.

And then a few years later
my father got sick.

I got a huge burnout.

When my father died
a year later, I had
the funeral and stuff.

And I told my wife,
let's, let's do a trip.

After two weeks,
I felt energy

and I felt
this amazing feeling

being on the beach,
building a sandcastle
with my kids.

And we just said to each other,
let's say yes to everything
in life.

So, we embraced adventure.

We were living on a campsite.

We sold everything we had.
There is no alternative.

I am all in Bitcoin.
There is no bank account.

For me,
it's a stupid question

when people ask
why will you spend Bitcoin?

Because that's the
only thing we have.

Payment coming in.

High five,
Bitcoins coming in.

I am a Bitcoin revolutionist.

It means I want to
support this network.

I'm not in it
for the millions,

I'm in it
for the real revolution.

Let's change the world
and give everybody access
to my beach bar.

If they have a bank account
or not, they can pay.

And that's for me,
the most important part.

And, you know, I don't mind
when they pay with cash,

but filthy cash
will be exchanged

into Bitcoin
later that day.

Cryptocurrency is just the next step
in the evolution of money.

We started with the shells
from the beach and we ending now

after digital currencies like
PayPal into cryptocurrencies

that can be used by everyone

and, you know, decentralized.

We robbed the bank
and changed the gold
into Bitcoin.

There was a tweet
from Jack Dorsey and Jay-Z

saying that they're
setting up this BTrust.

It's 500 Bitcoin to look at
increasing the representation

of developers and engineers

in the Bitcoin
open source ecosystem

from Africa and India
and the global South.

If Bitcoin adoption
is really going to fly
from a, out of necessity,

that's where
the money needs to flow,

and it needs to flow
from the people that
understand and live there

and have
a proven track record

of doing right by their
communities and doing right
by Bitcoin.

I was announced
as one of the four people

selected to be
a board member for BTrust,

and we locate,

educate, and remunerate
Bitcoin open source engineers

starting in Africa
but particularly in
the global South.

Welcome to Nigeria.
Welcome to Niger.

I am Abubakar.

I'm CEO and CTO
of Recursive Capital which is
a Bitcoin venture capital fund

to invest in early stage
Bitcoin companies
such as Bitnob.

I'm also
on the board of BTrust,

where the mandate there
is to grow the Bitcoin

development ecosystem
in Africa initially

and then we can
scale it out globally.

This is Bitnob,
it's a Bitcoin company.

So, essentially what we do is
we build financial services
on the Bitcoin layer.

So, what we're doing is
we're reimagining how
banking works today, right.

How do people get
financial services.

And saying what if the layer
that they're doing that
is part of the problem.

How do we try these
on a new layer,

on a more
global layer, right?

So, that's sort of how
I reimagine everything
I'm building.

So, what we do
is we give people
a chance to save

in Bitcoin stablecoins
to give people the chance

to, you know,
borrow money using their
Bitcoin as collateral.

Around the time I was born
and a few years afterwards,

one naira,

which is the currency
of Nigeria, was at parity
with one US dollar.

Now it's around 600 naira
to the US dollar.

So, over my life I've seen it
lose a huge amount of value.

In that sort of environment
it's very hard to

maintain and hold wealth.

If you can't hold
and if you can't save,

then it's very hard
to build a future
for you and your family.

You're constantly going up
a downward escalator
the wrong way.

The biggest issue
for a lot of Nigerians

who don't use banks
is perception, right?

There's this perception
that banks are not for them.

Banks are for the rich.
I do not have ID.

You know, all those things
that you require of me
to open your bank account.

They don't think it's worth
the hassle of opening
a bank account.

So, they prefer to always have
easy access to their money.

How do they do that
for those who don't use banks?

Yes, yes, yes, yes, yes.

Ordinarily, in America,
if you were to spin up
a PayPal account, for example,

it's going to be
a smooth process.

Here in Nigeria,
you spin it up,

they request for more KYC,
they ban the account,

they think, you know,
it's fraudulent because
as soon as you open it,

most folks just load a ton of
money inside, like $1,000 plus,

so then you end up
getting blocked.

We can't really get our
government to buy Bitcoin.

So, how do we ensure
that we as Africans,
as Nigerians,

get the upside of this
at the end of the day?

One way of doing that is to
make sure that as many people
as possible

are holding Bitcoin,
regardless of the amount.

Sent.

Bitcoin, we can build
financial services.

I think it brings a lot
of freedom for us as well

and going into
a digital world

at least levels
the scale for us.

We officially started
the Bitcoin tour

in the walking street Florida,
where they are, like, people
behaving as small ATMs,

where you can exchange
dollar for pesos

because it's forbidden for us

to buy more than
200 US dollars monthly.

So, when you can't buy
with the official rate,

you have to move
to the blue rate,

where you can get dollars.

So, this is
the free market.

- So, this is how people...
- Wow.

...get access to dollars,
through people on the street.

They are like human ATMs.

- You give pesos,
they give you dollars.
- Wow.

Hyperinflation at more than
3,000% hit Argentina in 1989.

Argentina is second

in a World Bank
ranking of countries

with the highest inflation.

Argentinians have turned out
in the thousands,

demanding state aid to help
cope with the country's
surging cost of living.

When you go from the stable
to the volatile,

you just got to spend it
as fast as possible.

You don't know if tomorrow
we're going to depreciate
20% or 100%.

You just don't know.

So, this is the Central Bank

where actually there is
a sign there that tells
that they will keep

our currency stabilized,
that they will bring financial
prosperity to our people.

And it's funny because
they do exactly the opposite
of what they say.

Our money lost 99% of its value
in the last 20 years.

The government confiscated
my life savings two times.

So, the big lesson here
is that if you hold Bitcoin
with your own wallet,

your keys that you control,
nobody can confiscate.

And that's how
I became a Bitcoiner.

In Latin America, you don't
have to explain why Bitcoin.

Anywhere else, you maybe
in the first world, you have
to explain why Bitcoin.

Cryptocurrencies are
solving a problem.

For people here, it's a way
to protect themselves
from bad economic policies,

protect from governments
that control, sanction people
or control the financial system.

In our community, many have
taken different roads
and different approaches,

and all of them are valuable
because all of them

are bringing decentralization
and these tools to the world.

That's what it's all about.

Hey, welcome to La Crypta.

This is a crypto house,
we are building a lot of stuff,

like, it's a Bitcoin community.

This is the place
we work every day.

Most of the things
we build here are open source

so most of the programs on
development should be like
open for the community.

It should be free.

This is a typical
Argentinian local food.

It's a local barbecue.
We call it asado.

We are in La Crypta, which is
a nice place for Bitcoiners

and people fighting
for freedom connect.

It's like we were ready
to be able to understand,

or to find some solution

that could be a tool
against inflation.

I talk about Bitcoin
like a silent revolution.

It's like evolution
with a silent "r."

We are
in a small neighborhood
called Palermo Chico.

When I was 13,
I got kicked out of school

and I went to to live here
with my grandma.

I was 14 years old
and I met Bitcoin.

This room we called it
the prison cellar because
it looks like a prison cellar.

This is the graphic card
with which I mined Bitcoin.

And we always laughed
because this was also
even more full of things.

We always say in my family,

we joke that I was very lucky
that it never fell on me.

As you can see,
this is very bent
because of all the things.

Then here, this is where
Lemon started for me.

This is the genesis of Lemon,
in this whiteboard.

Argentines, we always like
to find an idol or a passion.

I reckon that this is
one of the cities

with the most active
cryptocurrency users
in the entire planet.

And I said, you know what?

I'm going to do something
related to the finance part
of this.

And I wanted to do
something massive.

- How are you going to pay?
- In Bitcoin.

Using my Lemon card.

Can I show it? Of course.

So, this beautiful card,
it's the first card
on the entire planet

to have, like, a Bitcoin logo
and an Ethereum logo
right next to Visa.

This for us is, like,
the clash of the two worlds.

The merchants might
or might not know about Bitcoin,

but regardless, I can
use my Bitcoin directly
in the transaction.

So, as soon as I put
the card in the POS,

the amount of Bitcoins
get converted
to local currency

and are used for the payment.

It's such a tangible
solution that so many people
are seeing that is true.

People have already understood
what crypto can do

so once you get
to that point,

there is no way back.

San Martin de los Andes is
the nicest city in Argentina.

It's a micro region
in Patagonia

because of its mountains,
the best lakes.

I lead a project
named Crypto Valley.

It is the first region
where people and merchants

make daily transactions
in Bitcoin.

Lots of cities have
tried to really make

crypto transactions real

and we have made it true here
in San Martin de los Andes.

I can go to the main avenue
and with just a little Bitcoin
in my wallet

I can buy a coffee,
I can cut my hair,
I can buy my dog's food.

This future economy
lives in a tiny town.

We are speaking about
a new technology

that is directly
relation with people,

where the power is in
the hands of the people.

Bitcoin.

In Buenos Aires,
you have poor areas,

and those are
mostly neighborhoods

that were built with migrants

from the countryside
of Argentina

that, you know,
they don't have
a place to stay

so they basically settle
with what they have.

The first experiences
I've had were exactly
with people

from the villa 21,
and villa 21-24,

where we invited them
to the Bitcoin meetups
in Buenos Aires

to teach them about Bitcoin
and to see how they experience

and also to learn from them,
because I always said,

this is not about inclusion,
this is about interconnection.

We saw Bitcoin
as the beginning of
an innovation cycle

that would bring
financial inclusion

or financial empowerment
for everybody.

I think it's in
the emerging markets

where these technologies
will, will really thrive.

And that's why you see
all these communities,

because here
it's an exponential
value contribution,

where in other places
it's an incremental
improvement.

Man,
crypto changed our lives.

We need to allow everybody
in this country

and this region
the opportunity that we had.

I think it's about time.

The only thing
that Bitcoin needs is time.

I've spent
a lot of time in Nigeria
and Ghana and Kenya,

South Africa, and I've been
living in, in Central America

so I've seen, like, this desire
versus necessity dynamic.

When you're in a place
like this in Central America,

when you're in a place
in South America or Africa,
people don't look at the price.

They're looking at, like,
I need to send this money,
I need to receive this money,

and this is a way to do it.

I think independent development
cannot take place without
an independent currency.

Ghana is the sixth
largest producer of gold
in the world today.

Our parents, grandparents,
and great grandparents
fought for our independence

in various African countries
as we know.

It is important to acknowledge
the economic effects of slavery

if we are to truly
understand the things
I was talking about today.

Africa only wins
with Bitcoin's help.

And Bitcoin only wins
with Africa's help.

If everyone has access

to Bitcoin and Lightning,
then we don't need banks

to actually settle these
payments and interface
with real people.

Anybody can use
Bitcoin and Lightning.

It means that right now
somebody can send money
from the US

to Nigeria
and it actually settles

and they don't have to actually
touch Bitcoin themselves.

I think
what needs to happen is

for folks to realize that
the Bitcoin community

has to still be more general,
as opposed to, like,

heavily technically focused.

One of the things that I learned
three years ago when I came
to the continent

is just how big an issue
and a gap the remittance
problem is,

and how well Bitcoin
solves that problem.

That is so far detached
from what we hear
in the United States,

and a lot in Europe
about the price

and the digital gold
and all this B.S.

which is not really solving
anyone's real problem.

So, the real problem
is sending money
and the money transmission.

Bitcoin means that, one,

people can
participate in ways

that previously
there was a reason, right,

so you can't work remotely
because, oh, we can't pay you

because we can't do transactions
with Nigerian banks

because they're blacklisted, whatever.

So, some of those barriers
are being removed.

The other barriers about
perception and so on remain.

But at least we're getting
a foot in the door,

and that represents freedom.

And because we're resilient,
because we're innovative,
we have what it takes

to create our own solutions
that are based on Bitcoin.

Hey, how are you, good?

The problem is humans will
naturally over time corrupt.

So, if you could be run by
a non-human benevolent dictator,

- so if a program
could manage you...
- A.I?

And what is that program?
That program's Bitcoin.

I believe that democracy
is failing and Bitcoin
will help it.

A lot of Bitcoiners believe
that democracy is failing
and we should scrap it.

Unlike a human
with all that power,

power corrupts,
absolute power corrupts
absolutely.

But with Bitcoin, we've seen
as its power increases,
it's still following,

it just actually solidifies
and becomes more immutable.

And that's interesting
because the difference
from a human

who would become
more corrupted with more power.

It's more deceptive.

I coached,

once I graduated,
for ten years straight.

When I stopped coaching,

I was trying
to find that piece.

I think that's what
Bitcoin is, is allowing me
to do now.

And still do it through
basketball is allowing me
to have that that piece of,

you know, giving or just
here's some knowledge,
here's a gem.

I started a nonprofit
back in my hometown,

created the Bitcoin Classic,

which was the first
basketball tournament ever
in the U.S.

rewarding players in Bitcoin.

We're going to Rucker,
the most iconic
sports facility,

venue in New York City.

As a kid, I used to watch
VHS tapes of the Rucker Park

people playing, Dr. J,
Kobe Bryant, Allen Iverson.

So, to throw this type of
tournament there, it's like
hitting a home run for me.

I'm going to try to
make it as big as possible.

We're sitting
in the middle of Harlem,

where many of the people
in this area are underbanked.

The blessing
about cryptocurrency

and blockchain
technology is that

anybody can get into it.

The danger
is the same thing.

You do have people
that are swindlers.

You have bad actors out there,
and we need to be able

to have the right amount
of regulation to be able
to address that.

As Bernard Madoff
emerged from house arrest
for a court appearance,

lawmakers from both parties
criticized government
regulators

for dropping the ball.

I want to know
who is responsible

for protecting
the security investor

because I want
to tell that person

that they suck at it.

Every, what,
seven to eleven years

there's a financial crisis.

Usually what that means is
some player got overleveraged
or overextended,

and then the government
comes in and bails them out,

prints a bunch of money.

And usually
there's a price to pay
in terms of oversight,

in terms of regulation that
are hoisted on the industry

to correct for
that particular thing
that went wrong.

It takes a very long time
for regulation to catch up with,

like, how business
is actually done.

This area has been called
the new money,

digital cash.

Some have called it
the way of the future.

I have another name for it:
reckless,

predatory, foolish,
and dangerous.

Nobody should be surprised
that governments generally
do not like Bitcoin.

They don't like it
for one very simple reason,

which is that
they cannot control it.

Individuals and markets need
a money that is not controlled
by any group of people,

and Bitcoin
provides that, finally.

One message that
I've been trying to carry
to the Bitcoin community

is there is one force on Earth
strong enough to kill Bitcoin,

and that's the
United States government.

By and large, there is
an extraordinary degree
of ignorance

about crypto and Bitcoin
in Washington.

The president came out
with an executive order,

in that he tried to
organize the government

to come up with a framework
in which cryptocurrencies
and blockchain technology

would operate in a prudent
and reasonable manner.

That enthusiasm
came in large part because
you had so many Americans

who were invested
in this technology
in one way or another,

had some exposure
or some interest in it.

I'm getting into crypto,
with FTX, you in?

It's FTX.
It's a safe and easy way
to get into crypto.

I don't think so.

In the fall came the mighty
collapse of the exchange FTX.

Breaking news overnight,
FTX founder Sam Bankman-Fried

arrested in the Bahamas,
set to face a judge this morning

after U.S. prosecutors found
criminal charges in connection
with the multi-billion dollar

collapse of his
crypto company.

As you've
had headline scandals,

sometimes the prudence
of the regulation

is overshadowed by the story
that's on the cover
of the paper.

The technology of Bitcoin,

technology behind
the blockchain

is not what
caused the losses

in the case of FTX.

I think the fact that
somebody who people had
so much trust in

and that trust
was misplaced,

that I think has had
a hampering effect

on the evolution of the markets
and regulation that's focused

only on prudence
is now focused on defensiveness.

What we just saw was
a massive collapse of
a centralized exchange,

which sort of resonates
with the manifesto of
the Bitcoin community,

which is not your keys,
not your coins.

People really need to be
focusing on self-custody.

The revolution is to be
your own bank.

That doesn't work if you're
moving your Bitcoin

and keeping it
on a place like FTX.

I think it's ultimately about
ownership of your assets.

With that ownership comes,

also a higher level
of responsibility
and accountability.

I mean, what's the point
of Bitcoin if you don't have
the freedom, frankly,

to touch it,
it becomes useless.

Right now
we're at Auto Club Speedway
in Fontana, California,

racing in the
NASCAR Xfinity Series.

And we've got a 300 miler
up in front of me today.
I'm starting seventh.

I know that I'm the first
NASCAR driver that has
fully taken

my entire sponsorship
and salary in cryptocurrency,
which includes Bitcoin.

It's been better
for me financially than
anything else I've done.

I've seen
the power of Bitcoin.

I've seen what
this technology can do.

It's liberated me from debt.

It's liberated
a lot of people.

As a world,
we throw away lots of tires
every year.

And over the years
that tires have been made,

they've never really been
recycled in a way that is
really economically viable.

And so we've spent a lot of time
trying to figure that out.

We cook them,

so we raise the temperature
of those tires

to the point that
they become a gas stream,

and then we're able
to cool and condense
that gas into oil.

One of the elements of
renewable energy in general

is that you've got
to figure out

what is the use of that energy
after you've generated it.

And in our case,
what we've launched

and what we've
been focused on

for the last five, six years
is taking that power

and running our own
blockchain Bitcoin
data center.

We want to make this
a mass market solution

to a problem that
the world has created
and never fixed before.

One of the geniuses

of why Bitcoin is so secure
is because it uses energy, right?

If we use no energy,
it wouldn't be as secure.

Bitcoin has the potential
of being essentially
venture capital

for new development
of renewable energy.

We are about
an hour and a half
from Des Moines,

the capital of Iowa,

and this is a Bitcoin
mining facility
that I built in 2019.

It all started off
with one shipping container

that was in California
running at a solar farm,

that we ended up dropping
off right behind us

and started using energy
to mine Bitcoin.

Energy is the only commodity
that cannot be stored easily.

You can store oil, coal,
but energy has to be used
the second it's generated.

So, out here, where there's
tons of wind and there's
not as many people,

that energy, it's just
going to be sitting there
and evaporating via heat

and effectively dissipating,
and no one gets to use it.

We incentivize
as a government
and as society

production of energy
and not consumption of energy.

So, we deploy our Bitcoin
mining facilities at these
constrained areas

to utilize and capture energy
that would otherwise be wasted.

People
have done the math,

and Bitcoin accounts
for something like

0.3% of global
electricity consumption,

and people worry about
the climate emissions impact

associated with
Bitcoin mining,

they forget that it's actually
decaying, right?

It's leveling off,
the issuance rate,

and eventually
Bitcoin mining will probably
shrink as an industry

because we will have
emitted most of the Bitcoins

and so the economic incentive
to mine will be less.

We will eventually get
to a point where Bitcoin

is a net zero
consumer of energy.

And all these arguments
about energy consumption
will disappear.

What you might hear
is that there's an increase

in the use of renewables
to power Bitcoin mining.

And the reality
is the opposite,

that as Bitcoin mining
migrated from China
to the United States

and to other countries,

the carbon intensity
of Bitcoin has increased,

the amount
of climate pollution
in Bitcoin has increased.

You have these
massive coal plants
and massive gas plants

that were hardly being used,
that were suddenly repurposed
to power Bitcoin mining.

Bitcoin has gotten dirtier
over the last two years
rather than cleaner.

Sometimes I call it
crypto crappo and sometimes
I call it, well, crypto...

Now, if you told me you owned

all of the Bitcoin
in the world

and you offered it to me
for $25,

I wouldn't take it
because what would I do with it?

Buffett and Munger,
they're old guys.

Old guys have
a harder time getting it.

They just do, and they
don't need to get it.

Buffett and Munger have been
some of the great investors
in history.

You don't have to get
everything right, you know,
they missed Bitcoin.

I don't think finance has ever
been more accessible to people
than it is today.

I mean, you know, anyone
with a pulse can open up
a stock trading account.

You know,
banks bend over backwards

to help the unbanked
get in the door.

To be sure, it's under
the stern gaze

of the federal authorities
who regulate them.

But I think never in the,

ever have things been
quite so accessible.

There's a small handful
of very powerful people,
institutions,

and countries that benefit

from the way that
the monetary system works.

They're not
going to give that up.

If I were them, I wouldn't.

Why would I?
I would not give that up.

I have
an infamous tweet that says

"Hyperinflation is going
to change everything,

"and it's coming."

You look at Venezuela,
you look at Argentina.

It has changed everything
for those people.

And it's happening
in more and more countries.

And it's not something
that's out of reach.

And we can't
be trapped in our bubble
of the United States.

Like it'll never
happen here.

It could certainly
happen here.

Banking has a much more
entrenched...

community of
both lobbyists,

but of people that
have been there, right?

And so it's the devil you know,
not the devil you don't know.

And crypto felt really
weird to people, and...

everyone gets pissed when
other people are making money.

Who are these people?

Got a bodega, this guy's
going to take Bitcoin.

- Smoke shops will take it.
- Yeah.

Smoke shop's definitely
going to take it.

- Eco Green Pharmacy.
- Now I would like the wine shop
around here to take Bitcoin.

But we got to teach them.

Jonathan Logan,

I'm actually from
southeast Queens,
born and raised.

I've been a member
of the fire service here
for just over 20 years,

and that's been
a tremendous experience

because I get
the opportunity
to show up on,

quite frankly, the worst day
of everyone's life.

And I get to step in
at that moment and help.

It comes with a lot
of responsibility,

but it comes with a...

it comes with a desire

to want to change
someone's position.

And for me,
when I came into Bitcoin,

that was also a...
continuum to that.

So, right, right there,
we want to take that sign

- and we want to add
Bitcoin Boulevard.
-Exactly.

We have to be the ones
to tell the story.

So, my name is Daniel Modell,
and I live in Harlem.

We called the group
Harlem Bitcoin.

We had no grand visions
of what this would become.

We just wanted to basically
be a resource

to help people understand
what Bitcoin is.

We were inspired by what
we saw happening in other
parts of the world.

Local communities
get together to try to
educate each other,

to try to build this
circular economy on Bitcoin.

Bitcoin...

It's not intended for
Wall Street guys and day traders

and DeFi guys.
That's not what it was.

It's basically intended
for a daily consumption

of a person that
don't have a bank.

There's people
that I see here

in this neighborhood
every single day,

people just like me,
just normal people

who have worked
their whole entire lives
and have basically no savings.

I remember
being 40 years old
and having $200,

and that being
my entire life savings

and thinking to myself,
what is going on?

You know, what,
what's happening? Why?

I think
most people in America,
maybe worldwide,

but especially in America,

we're pretty much
financially illiterate.

I remember this crazy
A-ha! moment when I first
realized that

really, money is
just an abstract idea.

Why do I believe in this
one particular system,

and is there
any other system?

And is there a way
to quantify it

against the system
I'm currently in?

And for me,
it's become very clear

that, like, Bitcoin is just
a better system, period.

Russia invades
Ukraine in the capital,
helicopter attacks

captured the airports,
and Russian troops
are reportedly inbound.

Right now, there is
a war going on in Ukraine.

Russia has invaded Ukraine
and is attacking cities,

including the city
where I'm from, Kiev.

War is terrible, obviously,
and there's war

all over the world
all the time.

But this is the first time
that it, kind of,

strikes home for me,
because it is my hometown
that's being bombed

and people that I know
who have family over there,

they're now living
in metro stations,
trying to survive.

One of the ways
that we've discovered
to get money on the ground

to people in Ukraine
is by sending Bitcoin
to Ukrainian exchanges.

There's one called Kuna,
for example.

And then from there,
you can actually convert that
to local currency

and send it out
to people's debit cards.

That's really interesting
because you can do that

in the middle of the night
on a Sunday.

And I think that's
really, really important
for giving people a way out.

The Ukrainian government

worked with
a crypto exchange

to set up a wallet address,

and then people
from all over the world

who believe in freedom
and democracy sent crypto.

And the Ukrainian government
was then able to use that

to buy food, medical supplies,
military equipment.

For me, it was the same
country that my parents...

where my parents had been
hiding so many years ago.

You see, Ukraine, Canada,
in the most time of need

you put savings away
for a rainy day,

and it's taken
away from you.

And that's a big problem.

We saw thousands
of truckers in Canada

protesting vaccine mandates
that were destroying
their livelihoods.

And you saw, sadly,
government willing to
exercise its jackboot

to stifle the freedom
of its citizens.

People began supporting
the truckers with Bitcoin.

That freedom is powerful.

148 million
Americans don't have
$1,000 in savings,

and so half our country
is really poor.

And so providing them services
that don't cost a fortune,

that they're not scared
to use is, I think,

like a social mandate.

Bitcoin is part
of the arsenal

of how we're going to have
a more just society.

Understanding
the legacy effects

of how we got to this point
where people are unbanked

is really a important piece
of understanding money,

finance, traditional banking,
and how all that works.

And so if we want to talk
about whether it be redlining

and how certain communities
didn't have access to banking
and financial services,

then we begin
to really understand
where Bitcoin is going

and how Bitcoin can really
be implemented, right?

Particularly here in the U.S,
we've got first world problems.

Our dollar works
pretty good, right?

For the most part,
for mostly everyone,

but not everyone has,
believe it or not,

equal access to finances.

And so all of a sudden
in certain communities you have

payday lenders,
you have check cashing places,

the Western Unions
of the world.

That's a real hardship
for people who are getting

a lot chopped off
the top of their income.

It is that social justice.

It is that leveling
of the playing field.

It is that stating
of the goalposts.

Bitcoin won't take away
the legacy of the effects
of redlining, right?

But what it will do is,
give people a starting point

where they can go forward
and say, you know what?

You know, I'm good now.

Bitcoin Classic's
at the Rucker Park.

Oh yeah, here we go.

See it, he comes up with it,
he's running the point.

RL, let's go baby, 34-27.

It's a minute left
in the half, RL with the ball.

What you gonna do?

I don't think you can guard,
I don't think you can guard me,
here we go.

What you gonna do,
goes up, look at it.

Throws up. Bucket.

I'm gonna give you
some Bitcoin, right?

Don't spend it.

We obviously
try to lead people in
with basketball.

And then while they're there
giving them information on,

like, the basics of Bitcoin
and blockchain technology.

It's over the long term there
will only ever be 21 million.

And the reason why I love
talking to our community
is because

usually this information
don't get to us until
it's too late.

Whoever wins the tournament,
we give them a Bitcoin reward,

and there's that one or two
people that will say, you know,

I'm just going to save it
and give it to my kid.

And just hearing that
one or two times,
it's like, it's amazing.

It's like, dang,
Bitcoin Classic is doing
what it was built to do,

you know, is get people in
and have them understand
the fundamentals of Bitcoin.

- One, two, three.
- Ching, ching.

Yes, sir.

We learn math, we learn history,
learn all this in school,

but you don't learn about

the power of interest rates
and continuous compounding,

and I get this credit card
and you know what I mean?

I buy, you know,
a nice suit or Chanel handbag,

but then it cost me much more
than that in the future
to pay it back.

And we don't understand
the math behind it.

And I think that's
a great disservice
to most people,

because they get these tools,
they misuse them,

and then they spend
years of their life trying
to rectify these mistakes.

This isn't something
you've had to been in

for ten years
to benefit from.

But Bitcoin is not
a get rich quick scheme.
It's not.

Hopefully before you buy,
you learn.

And you should really
invest your time in Bitcoin,

and that's the most important
thing, is you educate yourself
about it, what it is,

how it's different from
the current monetary system.

Crypto is really challenging,

there's a lot
of misinformation

because there is
no center of authority.

There is no Bitcoin entity
that dictates what is true
or what is false.

There is data,

and then there's
the interpretation
of the data.

Crypto gets
a bad rap for a number
of different reasons.

Part of the problem
is the industry's fault also.

The industry has to do
a better job messaging,

has to do a better job
educating lawmakers,

educating the community
on this stuff.

There's many
people that come into
the Bitcoin space

will get a lot
of their information

from either mainstream media,
newspapers, Twitter,

and typically they're all
very toxic environments
to learn about Bitcoin.

And so there's the component
of like

trying to educate people
about what Bitcoin is.

But then there's
the experiences that show
people what Bitcoin is.

The reality is,
kids are growing up
only knowing

that they have a cell phone
24/7 connected to the world
through the internet.

So, yes, there has to be
more education.

Yes, it has to be
more approachable.

And I think the most
approachable education

is always the education
that you can feel.

The only thing
I can tell people to do

is recognize what you do
have control over.

Raise the value of
your human capital.

Invest in yourself.
Take education seriously.

Get your kids
to think that way.

Get your society
to think that way.

Make investments
in young people

because they are the future.

I think that
a lot of politicians fear

changing their minds
on an issue.

But I want to plead to her
is that even though
the Bitcoin community

has probably come down on her
a lot about what she said,

if she were to come around,
we would embrace her
with open arms.

Like, we are so ready to have
such a powerful politician
on our team.

Different countries
are starting to adopt Bitcoin,
and they're prospering,

and here at home,
they're starting
to lose faith

in their government
because things aren't
getting done.

Currency is being printed
left and right.

These things are happening
and people will wise up to it.

You can become
your own bank effectively.

We're actually building
a non-custodial wallet
that I brought with me.

It's just a little thing
we're calling a Bitkey.

This can be used by anyone.

This is the wrong finger,
it's flashing red.

This is the right finger
and it's flashing green.

For me,
it's not self-custodial
versus custodial,

it's that we have the choice
in the first place.

Bitcoin is
an opportunity

to reimagine
how we want to live.

You bring people
closer together

when you cut out
the middleman,

and we're able to do it
with 21st century technology.

Everyone has
a relationship with money,

doesn't necessarily
understand it

but now,
when you come to Bitcoin,

you go down
that rabbit hole,

you're forced to change.

I always say, once you have
knowledge, well, what are you
going to do with it?

How you gonna change?

This afternoon,
I'm laying out my plan
to ensure

that the United States
will be the crypto capital
of the planet

and the Bitcoin
superpower of the world,
and we'll get it done.

Sometimes I do
dream in code.

Josie is a big
Bitcoin believer,

her grandpa is
a big Bitcoin believer.

I bought Bitcoin
at $9,000, $10,000, $11,000,

$15,000, $19,000,
$25,000, $30,000,

$35,000, $40,000, $45,000,
$55,000, $60,000, $66,000.

I will buy Bitcoin
at the all-time high forever

because it's always
going to be superior

to the alternative thing.

Oh yeah, okay,
you got footage.

I will say,
I saw on Twitter

about this thing they called
Brooklyn barbecue,

and they had a picture of it
and it really was pitiful.

It was like
a little piece of meat
and a little pickle.