Global Crisis Meets Macro & The Future of Crypto (w/ Raoul Pal & Dan Morehead)
Vložit
- čas přidán 2. 08. 2024
- Raoul Pal joins Dan Morehead, CEO & founder of the cryptocurrency investment firm Pantera Capital, in a timely discussion about the current state of play in markets and the global macroeconomic outlook in the wake of coronavirus. While Morehead is one of the best-known names in the crypto investment space, he draws on the analytic toolkit he developed earlier in his career, as a macro trader at Tiger Management, the hedge fund run by investing legend Julian Robertson. Additionally, Raoul and Dan explore the opportunities in the digital asset space and discuss more broadly what they’ve learned in their decades as investors about the underlying essence of crisis and recovery.
Thanks for watching The Interview, the premier business and finance interview series in the world.
Subscribe to our channel now for more videos like this one: rvtv.io/subscribe
Do you want even more content like this? And to see this video before we release it here? Become a member of Real Vision -- get started for 30 days for only $1: rvtv.io/membership
About Real Vision™:
Real Vision™ is where you can gain an understanding of the complex world of finance, business and the global economy with real in-depth analysis from real experts.
Connect with Real Vision™ Online:
Twitter: rvtv.io/twitter
Instagram: rvtv.io/instagram
Facebook: rvtv.io/facebook
Linkedin: rvtv.io/linkedin
Global Crisis Meets Macro & The Future of Crypto (w/ Raoul Pal & Dan Morehead)
/ realvisiontelevision
For the transcript visit: rvtv.io/TheInterview
Disclaimer:
This is pretty obvious, but we should probably say it anyway so that there is absolutely no confusion…The material in REAL VISION GROUP video programs and publications {collectively referred to as “RV RELEASES”} is provided for informational purposes only and is NOT investment advice. The information in RV RELEASES has been obtained from sources believed to be reliable, but Real Vision and its contributors, distributors and/or publisher, licensors, and their respective employees, contractors , agents, suppliers and vendors { collectively, “Affiliated Parties”} make no representation or warranty as to the accuracy, timeliness or completeness of the content in RV RELEASES. Any data included in RV RELEASES are illustrative only and not for investment purposes. Any opinion or recommendation expressed in RV RELEASES is subject to change without notice. RV Releases do not recommend, explicitly nor implicitly, nor suggest or recommend any investment strategy. Real Vision Group and its Affiliated Parties disclaim all liability for any loss that may arise (whether direct indirect, consequential, incidental, punitive or otherwise) from any use of the information in RV RELEASES. Real Vision Group and its Affiliated Parties do not have regard to any individual’s, group of individuals’ or entity’s specific investment objectives, financial situation or circumstance. RV RELEASES do not express any opinion on the future value of any security, currency or other investment instrument. You should seek expert financial and other advice regarding the appropriateness of the material discussed or recommended in RV RELEASES and should note that investment values may fall, you may receive less back than originally invested and past performances is not necessarily reflective of future performances. Well that was pretty intense! We hope you got all of that - now stop reading the small print and go and enjoy Real Vision.
Want to stay on top of the news, Real Vision style? We invite you to join our newsletter for our FREE DAILY BRIEFING recently launched to keep up with the latest on coronavirus and its global impact on financial markets. You can find an email sign-up through this link here: rvtv.io/YTDailyBrief
Real Vision Finance Turns out real vision is taking a stance against Trump. Unsubbed.
Here is an UPDATE : it is already here of blockchain in the stockmarket of ASX. A new ASX is born in 2021 by NSX. ISX is the protocol. DLT is here to take over for cheap trading with blockchain security! Wake up! Go google ISX iSignThis
Give a child a silver coin today
No timestamps 👎
Gold & bitcoin is all I need has my investments & rock solid store of value.
*Government:* we have all time high unemployment
*FED:* let’s Print money
*Stocks:* Yeah, all time high!
Crypto: *lurking in the shadows
Gold & bitcoin..
Outstanding. I sit an awe as I watch these videos. Where else do you get to hear industry pros chat about their view of the world?
Thank you very much for having proper captions! Most channels don't do that, I appreciate it. What also would be great value, if you could use time stamps for viewers. Thank you!
Absolutely Awesome Interview! Cheers!!
I love how Raoul's crib looks like a hotel lobby!
i thought it was green screen
Might be a Zoom background
its a zoom wallpaper
Robt. Miller it is cause lights dnt match
@@koma7778 we know Rauol is a boss! Seeing that has me looking at Cayman real estate
Thank you Raoul. Real Vision is my first stop for in-depth financial interviews. Your format is brilliant.
I followed Pantera for years. This guy never played an instrument that I remember!
😂
🤣🤣
45:57 If you like assets with a hard cap supply, are deflationary ones any better?
Excellent. And I love that you live at the bar during the quarantine. Brilliant!
0:00 is that a doll Raoul Pal? Looks like the jigsaw doll
A great read, even a better listen when the author reads it, A Short History of Nearly Anything, Bill Bryson.
Brilliant guest! Would love to see him back again soon
Great interview
Thank You ❤️
Fantastic interview 👍 Really enjoyed Dan's perspective!
I really find it unusual that nobody wants to touch on the topic of why governments don't want to embrace BTC, because they have absolutely ZERO control over it. I really wish you would have touched on that topic. Maybe on another interview hopefully. That aside.... great job. Very informative. Thank you for that.
Its classified info....😎
They are clueless, that's why.
Govs wont touch btc because 1, it cant scale , 2, segwit: segregated witness. Removes digital signatures.
Govs are in talks with BSV. Its only a matter of time.
I one gold & bitcoin, both are easily controlled.
great analysis..very meaty with yrs of experience..90% drawdowns..cyclical..gold..global..relaxed conversations. thank you.
This was amazing! I don’t think it’s gonna take decades. I think it might be few years.
yeah at 30:00. a decade is a long long time...
You overestimate how quickly people will give up old habits. There are still newspapers. There are still checks. There is still election fraud. I mean... all these and a billion other things are unnecessary
Give a child a silver coin today
A decade till Bitcoin is considered the world reserve currency seems pretty fast to me. Consider that it's almost 12 years old already. Even if it takes two decades it won't be 'slow.' But just think how much it will have to grow in that time. Anyone holding a whole bitcoin now will likely be wealthy within a decade or maybe two, that's not bad.
Gold & bitcoin. That's all I need.
@ the 25.00 minute mark he says 5% of remittance to Mexico goes over Bitcoin. That's not true, it goes over XRP using Bitso as an exchange and MoneyGram to send the remittances.
Aren't both statements true?
I think he meant to say 5% goes over in crypto currency in general... highlighting the opportunity
There are several times in the interview when this is done, I think in many of these talks the term bitcoin is used to mean crypto in general, without getting into specifics of positions held/projects backed.
Fabulous interview Thnks boys .👏✌️🌻
6 point plan for new banking system: 1. All Central banks and their right to create currency abolished. 2. All debt owed to Central banks extinguished 3. All assets and interests owned by central banks and central banks owners returned to respective governments i.e. people. 4. A National bank created for each country and owned by citizen tax payers with exclusive right to create national currency 5. All banks nationalised. 6. Banks return to be utilities.
YES. I think this is the only way for it to be possible. A government bank generating interest for its people to then be reinvested to its people is the only idea that made sense to me. I am sure there is a Cost/Benefit analysis compared to our current system.
Use gold & bitcoin has our monetary system.
What a great Interview, thanks Dan, great questions asked
Very inspiring and Timely info.
Raoul is awesome! Really nice interview!
Great conversation!
19:40 Sounds to me like that could be an e-SDR maybe?
brady nields yep
brady nields perhaps XLM STELLAR!
Hi . Will /can blockchain and primarily bitcoin blockchain be used for individual patents .. could you talk about the possibility if so . Thnks keep well 👏✌️
In this video you asked the question what happens to the ledger book of the Central bank that the USA has run up when we make the switch to digital currency. Not sure if anyone has thought of this yet. But.....What if when they shut down to make the switch and go live with the new currency(which will be announced and will take place after they drop 100's of trillions into it) they let everyone know that they can exchange their practically worthless Petro Dollar for the new currency the exchange rate is only 1 USD - .5 XRP? I wonder where all that money they lose in the exchange rate will go? I have never had any illusions about who was going to be left holding the check when they finished printing off this bandaid money, but I was wondering if that thought had crossed your mind and what your thoughts are?
If you wanna know if the Dow Jones is going to go up or down on any given Monday, just look at crypto performance over the weekend. Crypto's been front-running the market for weeks now.
What percentage of gold vs bitcoin in a portfolio with only those for a milenial in his mid twenties with high income, high risk tolerance and saving as much as possible ?? At the moment I only have 100% Bitcoin and some altcoins in the top 10.
Does Gold even make sense to me when I want as much growth as possible in a very long time horizon ? If yes would physical gold make any sense or I should rather look for liquidity and ease of being in / out (plus the premium costs implications). I honestly only see myself with physical gold once I already have a considerable amount of wealth but your thoughts are more than welcome.
DCT raoul said his is 25% BTC, 25% gold, 25% cash & 25% trading or investment opportunities (can’t remember which one)
For me, I'm thinking cash (REAL cash in hand), gold bullion, BTC, and (after there's blood in the streets...not yet) stocks, and eventually some physical real estate investing. Probably some investment grade corporate bonds eventually too. Also I find the idea of a long volatility allocation very interesting (would be nice to minimize losses when markets crash). But if I could buy puts on government I would. They are going to be sliced and dice by deflationary forces,and nation states probably will cease to exist. As said puts don't exist, gold and btc are the best alternative.
And honestly some days I want to just go all in on BTC.
On the gold side, gold ETFs have tax advantages over physical bullion and is more liquid when it comes time to cash out. Also, unless you're able to day trade, equity diversification with a buy and hold strategy will provide income and growth. Bitcoin is a fine hold in value, but like bullion, you don't get tax breaks and it doesn't generate income over time. Spread your bets over the next 12 months and you'll buy the bottom of this trend.
Dan C you should not lie. ETFs More liquid?how can it be that when there’s not even enough gold to back up the certificates?
I think it just depends on whether you're willing to deal with the "inconvenience" of dealing with physical bullion. Personally I find it quite reassuring that mine is "outside the system" so to speak...to me that is a key benefit. But yes it's kind of a pain to rebalance vs clicking a mouse. I think the up side is that because it's kind of a pain, I am far less likely to sell!
THIS WILL BE A DEPRESSION, NOT A RECESSION
Kevin Campbell exactly
Lol no
lol you are most probably wrong. everyone will go back to work as normal in time. bubbles crash when people revalue something as they realise it isn't worth what people thought. this hasn't happened because markets can't find any inefficiencies in pricing so are pricing in future growth after the virus goes. It's disruptive but the likelihood of a depression is low.
Very inspiring! Thank you very much.
Brilliant video interview with many Crypto details. Thank you Real Vision Finance for taking it out of the underground for everyone to think of it from your perspective.
I don't believe this guys . I remember; BITCOIN IS SCREAMING BUY at 10k and in a few months 3k.
Excellent video.
MR. Pal sir what kind of table is that it is beautiful and do you still tickle the felt on occasion
What a legend
Can someone get me a summary of this ?
Tolstoy writes like no other. Keep going,!
The FED going berserk this time will definitely accelerate other central banks efforts to get rid of the dollar as the worlds reserve currency. This crisis is going to hit so hard that they will have no other option, they can't just sit there and watch the U.S print money for free and distributing the pain to other countries.
Great conversation on very relevant topics. I'll be tuning in. Thank you
How can you talk about
remittances, specifically the US/MXN corridor and not include a discussion about XRP?
Great content
Raul, what about Hashgraph? I haven’t heard about it for a while and my guess is that it is the answer - IF they let it free. What do you think? What does your guest think?
I am looking into HederaHashgraph, Solana (5G), Cardano, ChainLink, Algorand, Tezos, BAT token for the Brave Browser.
@@hantusmostert totally into Chainlink. They are working with Swift I believe as part of the Ethereum Alliance
Do we still think there will be a leg down in the stock market? Or because the Fed is buying up junk bonds and proping up the market its not gonna happen because the initial panic has now passed? I love the quote about Bitcoin being "a call option on the future."👍
remember when this guy was on bloomberg shilling ICON at the peak... the korean eth he call it if i recall correctly
Was that back in December 2017? As far as crypto goes ICON is a fair one to shill
He wasn't shilling then...They asked him where they had invested and he answered. ICON has a lot of potential.
you are recalling incorrectly. he was talking about Maker/Dai on Eth and the next question was his biggest holding when he mentioned Icon
Are you still long on ICX? Like why isnt ICX mentioned you were heavily invested at one point Dan.
They dumped it super hard after mentioned. We got rekt by them
i understand that Nakamoto is / are great and all.... but forgetting about this story is a shame. :(
"In 1994, Berners-Lee founded the W3C at the Massachusetts Institute of Technology. It comprised various companies that were willing to create standards and recommendations to improve the quality of the Web. Berners-Lee made his idea available freely, with no patent and no royalties due. The World Wide Web Consortium decided that its standards should be based on royalty-free technology, so that they easily could be adopted by anyone"
Im so grateful i invested an hour of time to watch this video. Superb content.
great video loved the info really informative from well rounded views makes a change from the usual nonsense on some accounts out there.👍
Hi Dan, really enjoyed this convo...just curious...in relation to speed, TELOS has speed and huge scalability, along with great governance. It would seem to be a natural choice for payments....??
There is too much competition when it comes to cheap, speedy, and scalable payment solutions. Having governance can be seen as a downside too. It would be smarter to focus on bitcoin and its ability to be a long-term store of value.
@@SAL-fs1mr Thank you Sal, I do have Bitcoin, but who can compete with the speed of TELOS? It's a real question. Appreciate you answering my last one
Ralph Wiggum's all grown up.
these are great for an American perspective in finances and futures and I know a lot of it can be put into practice in the UK but are there any you tubers out there who look at things specifically from and English perspective? would be great thanks
21:20 What if that level of central bank adoption already exists in the dollar? They all use it as a unit of account already. Collateralize those fiats with a digital asset and you have a unit of USDX or JPYX. Those units can run on a second layer payment network that's lightning fast. The digital asset acts as a SoV while the USDX becomes the MoE. It would be nice to let everyone engage in comerce on a level playing field.
I know very little about crypto but trying to learn... first heard about it in late 2015 and was told to not look at it... so I stopped researching lol. My mistake! But if you look at the chart if you we had a huge recession wouldn’t the bitcoin or Alts also follow downward??
A currency tied to the Euro, USD, Pound, Yen, XRP?
He did use the word ripple
@@diegotejera2742 He did mention the company ripple, but no refrence to xrp which are two very different things. Excuse the tin hat but I've got a sneeking suspicion he's signed something preventing him from discussing it.
@@joeg7435 ...ripple uses xrp ledger...so there is a correlation there.
19:13 I hope he ment to say XRP, unless he's pre IPO.
He totally blew it there.
Xrp is the one
Best talk on Finance and Crypto
Amazing interview Raul - those guys are top macro investors
You may go to Crypto or anything you like!
I dont care!
I have my own money.
I am off your grid.
I choose to live free.
D James why would you need to have your own money if you are completely off grid.
@@T.J right...😆😆😆
@@T.J he trades in potatoes, carrots and don't need no help from no other man... until he gets really ill or another disaster strikes and he wishes he had partaken in sensible capitalism.
not to mention an upcoming election in the U.S. which could see volatility go even higher, VIX
Hey I wanted to thank you two for making me get into crypto back in April because of this video
@17:35 strong dollar
I don’t quite get it. BTC transactions are anything but fast. Has something changed lately? There are tokens that are fast but BTC?
Bitcoin transactions can now be instant thanks to the lightning network (yes, it is up and running).
Could someone please answer this question?? Straight-up, what happens when/if the internet/servers get shut off with crypto? 🙏
We can move to using bitcoin via SMS text messages, meshnetworks (such as gotenna), shortwave radio, satellites (blockstream), and other methods. Bitcoin would likely continue to survive, but other cryptocurrencies are likely to die because they are more centralized compared to bitcoin.
If the internet went “down” across the world, and bitcoin satellites, the last thing you would worry about is bitcoin....
@@resonartmedia948 This. Then you better have a farm and grow your own food.
We use gold & silver until we fix our computers
I really like that Dan guy!
Funny how no one mentions the most solidly developed 3rd gen blockchain in existence. It makes me happy. Longer it stays in the shadows, more money i get in it before it moons.
Neither did u
Agreed; I also hope no one mentions Cardano. D'OH!!
we already have DAi, USDc and others dont need no Facebook coin more control of the peoples money
he difference is facebook has the power to corral people into using their product and leaning on retailers to accept it, whereas Eth based stablecoins have to rely on everyone using them voluntarily. Tough to sell to retailers at this point, but hopefully capital will flow into them as a more and better lending protocols become available.
We will only need the Fed coin of Facebook libera to buy government rationed food and gas, bills. It's coming. If it's not we are fast approaching civil unrest
riveting video
great .we will work for digits.until now was same.we work for digits now!crazy
💛💙🧡💚 Anyone else disappointed to find out that Dan Morehead doesn't have a giant forehead? 💛💙🧡💚
Are their any inflatable crypto currencies? Cant see govts adopting crypto reserve currencies if they cant control the supply
You are missing the point. Cryptos are all about operating OUTSIDE government/FAANG influence. IF you want government, just use your bank. IF you want FAANG, just use Paypal.
The day a government meddles with existing major cryptos (BTC, ETH) is the day people will fork elsewhere. That's the power of open source.
Great interview, please try to interview Charles Hoskinson of Cardano.
cardano is the answer for sure. Nobody sees it
Platforms matter.
This video is 2 gen x'ers Jenkins eachother off over blockchain.
Its bitcoin you pikers
Bitcoin is slow, overrated by people within the bitcoin ecosystem. Hardly anybody uses it in the real world. It's pretty useless except to sell your bags to newbies at a higher price which what we all did or do ofcourse. :)
Cardano is a great ecosystem
Raoul, the Libra-like basket of currencies project you're looking for is called Reserve Protocol ;)
Think the FED will continue to go Brrr and they might even shut down the markets globally if it gets worse - perhaps for several months.
Interesting that he picked 4%. Today is 29April, and news just released stated that the 1st quarter economy shrunk 4.8%
money is not currency (paper). use the right definitions.
Gold is money, fiat currency is a promissory note of account. Bitcoin is pure beauty with the love for humanity in every satoshi.
What if they turn off the internet? Serious question.
The Internet can't be turned off any more than 'they' turn of oxygen. So long as two or more computers can communicate with each other we have 'the Internet'.
So funny...
ETH can already do 1500 tps 💪
BSV is the only one that can scale. Eth is dead.
Dan Moorhead has a very simpleton solution to ending lockdown. It’s more complicated than that buddy.
Bitcoin is a calcified network that will not scale without centralized parties getting involved. Ethereum is where scaling and decentralized solutions are able to flourish.
Wrong. It is very possible to have peer to peer second layer protocols on bitcoin.
That has to be his own bar
When the virus restrictions are lifted, were ( the World ) will be in a Depression not a Recession.
D we’re*
*we
💎👌🤔
Candles won't paint your computer, Dude.
Gold & bitcoin. What more do you need.
A steak.
These XRP dudes are so annoying. keep harping on about it yet they still don't understand why no one takes it seriously except the bag holders. Simple its a centralised database controlled by Ripple. Bitcoin can't be controlled by any one entity.
100%. The XRP fanboys never talk about how Ripple is required to choose all the validator nodes for the XRP network. They always say something like "Ripple only controls 5% of all the nodes" - while this is superficially true, they never mention how Ripple must always choose the entities that get to run the other 95% of validator nodes. XRP is not decentralized, and if you use it, you must always have full trust in the Ripple company. Bitcoin solves the need to trust any institution (not even the miners are trusted).
589 by 2029
i crossed the rubicon with bitcoin too. but dont worry i put in the money i can afford to lose
vezt has done something like that with music i agree with that point
Moneygram XRP RIPPLE XMR VET BTC👍
51min. The speed is partly true. It takes 6 days for Coinbase to release my USDC !
Hbars powered by "Hedera hashgraph" will become the king of cryptocurrency and soon later will be adopted as the world reserve currency. " Just investigate it and have a look at the technology behind it, its far superior then any blockchain"
FIAT is not money , FIAT is currency , gold and silver is money, real money don't loose value over time.
If I don't have $100K, and therefore cannot patronize Pantera Capital where should I invest?
The single most bullish aspect of Cryptocurrencies is their full-on digital-ness: no need to queue at a booth to send, no need to go through paperwork to process, no need to go to a physical location to receive.
It happens almost synchronously in a world that cannot afford to wait. Had the American banks been on to this 10-year old revolution, every American would have received their $1200 2 days after the CARES act was voted by Congress.
Macro or not, capped supply or not, Cryptocurrencies are the money of the future. All is well.
Need to check out Cardano, ADA, again with Hydra / Shelley / Testnet coming online the potential is up to a million TPS... Could be epic. BTC/ETH behind the curve moving to proof of stake whilst Charles / ADA have been working for 2 years on this making it the core foundation.
Tokens are fist, block chain of precious metals is a real solution to money safety, transferability, ... Precious metals are international and need no exchange rates or multi currency baskets.