Do you have to be an extrovert to be successful? You know, I don't

think so.

Because I've seen a lot of introverts that are successful.

I don't know what it is to feel like an introvert.

I have literally been an extrovert from the time I was three.

And I watched my mother.

If my mother... is sitting on a park bench and the woman next door, she'll know everything about the woman's life.

Yeah.

Yeah.

Uh, listen, it's complicated.

I was sitting with two of my mentors who are seventy-two, and we were...

And their kids, I don't know if they did it right or wrong, their kids are roughly the same age as mine.

And I said, "Would you ever think about, you know, giving your kids some money to manage so they can make their own decisions with it? Like, how do you empower them?" And they looked at me like, "Are you insane?" They were like, "We are entering the hardest ten years of our careers in how to preserve and grow value.

And we're at least pretty good at this.

We have no idea if those kids are gonna even be, you know, an iota, iota as good.

Bitcoin is not, quote-unquote, "working." Are you selling Bitcoin? Are you buying Bitcoin? Are you worried about Bitcoin?

How much more pain is ahead?

Listen, you never actually know where markets bottom, right? Crypto, when Bitcoin went through 100,000, that was a major level it broke down on.

And so, you know, when I look at the chart, 70 to 100 is probably the new range.

And, you know, we're at 76.

So I think we're towards the bottom end of the range.

There's a lot of pessimism out there.

A lot of leverage has been taken out of the system.

Why is that, Mike?

I just feel like it's a mandatory

question.

Let's start with broad risk.

It is setting up that we're going to have one last monster rally into year-end inequities.

Everyone wants to short them, including me.

I keep shorting them and then buying them back.

And I look, we're a half a percent, a percent away from a breakout in the S&P.

Some will

do you have a sense of how this kind of ends i mean we're spending more on interest payments than the than the military it doesn't it does let's uh ray dalio who's brilliant at this stuff

uh shout out ray uh He wrote a book about what we'd call the beautiful deleveraging, he called it.

Like there was a chance that you can run growth a little hot and run inflation just enough hot that you start eroding it away a little bit and growth takes you out and you can get at it.

I think he now thinks we're through that, we're past that, that we've lost our chance for the beautiful deleveraging.

We'll see.

I mean, Besson's move is to try to jolt growth so much.

But they originally said, okay, we're going to cut spending and they increased spending.

All the warning signs.

If you think about it, the

thing of...

Was MicroStrategy good for Bitcoin or bad? Categorically good.

Oh, of course.

Michael Saylor deserves two kisses and a hug.

He might not take that well.

But why? Because he brought...

Do you remember anything that's noteworthy?

Where are we at? Like, is this an inflection point?

You know, I think...

Larry Fink is kind of – there's before Larry Fink and after Larry Fink.

And so the guys that know who – the guys that orange-pilled Larry Fink, they deserve applause and they know who they are.

Yeah.

And I say that because he was such a representation of skeptic, turning, advocate, and he runs the largest asset management fund in the world.

And he's symbolically – Before even the government, it was more important that Larry said, this is now an asset.

And that's where I have a tough

You're at

Goldman, right? Yeah.

I was a partner at Goldman Sachs.

Goldman is an amazing firm.

It might be one of the firms that everyone should study because they create a culture there where maybe not good for your mental health, but good for the firm.

People define themselves by what their boss thinks about them.

Lloyd Blankfein was like the big guy at Goldman in the later part of my career.

And I found it very freeing to know that the people I admire were broken.

Why Galaxy? Why now? G-L-X-Y.

Well, listen, I started Galaxy.

I'd been at Fortress Investments.

I think Fortress went public here on the New York Stock Exchange.

It was one of the best days of my life.

That was 19 years ago.

So being here brought back a lot of memories.

And even when there was a huge sell-off in Bitcoin or the like, right? It

What do you think of that and and how you think it affects either the public's perception and credibility of crypto right now or any of the other sort of bigger questions that it

raises? So.

The four years under Biden were really un-American when it came to crypto.

It was just misery, misery.

And this administration has been amazing for the space in general.

The Elizabeth Warren faction of the Democrats are looking at the Trump participation and using that as a wedge to say it doesn't feel good, it doesn't feel right.

What I'm proud about is that the core of the Democrats, Senator Warner, Senator Gallegos, really leading this genius bill, amongst others, have said crypto should be bipartisan.

Jay Powell

What the hell is going on?

Well, first of all, Bitcoin is a part of a macro market, right? That's why I got into it.

And you know, crypto in general is all about narrative.

It's not the technology.

Technology is pretty cool, but we could fork the Bitcoin blockchain and call it the Novochain and it probably wouldn't have a lot of value.

And so it's not the technology, it's the social construct.

That social construct, I think it has value, you think it has value, comes from narrative.

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