Best of the Program | Guests: Andrew Heaton & Teeka Tiwari |12/4/18

The Blaze Radio Network.

On demand.

Stu is on vacation this week.

Somehow or another, Andrew Heaton from Something's Off with Andrew Heaton.

I've assumed command of Stu's chair.

Yeah, and he stumbled in here, I don't know, after a long night of drinking and something.

Stu Heaton.

Yeah, so anyway,

we talked about a lot of things.

We started the podcast today with

the Orwellian freedom, if you will, 1984 that is now happening in

China, and really a brave new world in the U.S.

and the U.K., an update on what's happening with the U.K.

and what the Apple CEO just happened to say about that as well.

Plus,

universities are corrupt and as corrupt as the Catholic Church.

We delve into that.

Bitcoin, $40,000 by the end of the year, Not so much.

We talked to the guy who actually made that prediction all on today's podcast.

You're listening to the best of the Blenbeck program.

It's Tuesday, December 4th.

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Glenn back.

You know, has anybody watched the movie 1984 George Orwell lately?

I mean, here's a, have you watched Game of Thrones?

Remember that scene?

I think it was in the first or second season where they strapped the rat cage to the guy's chest.

It was like, hey, tell us where it is.

I don't know what you're talking about.

And the rat burrowed his way through the person.

Remember that?

Yeah, that's kind of an old-timey version of 1984.

A vision of a world with an authoritarian government that controlled every aspect of its citizens' lives.

It was a brutal surveillance state.

It not only suppressed free speech, but it was in the business of actually changing the meaning of words.

It was called called new speak.

And

Orwell's fictional country was based on the anti-America, the exact polar opposite or negative of America.

A reality our Constitution specifically protects us from, but also a world that Orwell knew was very possible under the European system.

Take a look around you.

Everything in this modern, evolving, and technological world.

The trend is toward Orwell, not freedom.

I won't mention places like Russia, as things like oppression, surveillance,

censorship is what they expect from their government.

But what is happening in the UK now is downright scary.

People like Tommy Robinson, he's getting arrested in the street for filming iPhone videos of Muslim rape gangs as they are going into the courtroom.

Back in the summer, when people gathered around the hospital to protest the killing of another baby, the euthanization of a baby, the UK police announced that they would be monitoring Facebook and social media for anything critical of the government's medical decision.

I don't think it gets any more George Orwell than that, does it?

Now they've announced that if you live in the UK and you use the phrase, bringing home the bacon,

or the phrase, don't put all your eggs in one basket, that's going to be banned as well.

Apparently, it's offensive to vegans, who don't bring home the bacon, and Muslims who don't like bacon.

An academic in the UK wrote recently with a need to do away with such offensive language.

And as ridiculous as it sounds, they're going to do it.

But this is the world of relativism, where there is no right or wrong.

Whether you can speak or not is all dependent on who is in charge of what is politically correct.

Whether something is right or wrong is relative to whatever random person or group thinks is right or wrong, and you better hope that that group that thinks you're wrong never gets into power.

Free speech is a God-given right,

But it may not be relative

to an authoritarian oppressive police state.

And that's what's coming our way.

It could never happen here, right?

We're protected under the Constitution.

We have a right to free speech.

Not if you talk to most college students.

I'd like to argue that even...

Even though the government is limited in what it can do to us, we're already giving up our rights freely and we're not even realizing it.

See, we're not doing 1984.

We're doing brave new world.

Those were the two competing visions.

One was done through happy pills and in advertisements and the other was through just this authoritarian state that would strap a rat cage to your face.

Well, they're both being done.

One's being done in China and one's being done here.

Is there a difference between banning a saying like bringing home the bacon and the current

discriminant re-platforming or de-platforming going on with companies like Facebook, Google, and Apple?

The CEO of Apple, Tim Cook, spoke yesterday about how he feels about de-platforming and free speech.

Listen.

I believe the most sacred thing that each of us is given is our judgment,

our morality,

our own innate desire to separate right from wrong.

Choosing to set that responsibility aside at a moment of trial is a sin.

So he was talking about deplatforming and how not silencing voices is a sin.

No, remaining silent in the face of evil is evil itself.

Not silencing someone else.

Tim Cook's words, a sin, not mine.

It's It's a sin if they don't restrict free speech.

Now, these are the words that I would expect coming from, you know, the leaders of China or Russia, not from a CEO living in the freest nation on the planet, or what used to be.

Last December, Tim Cook spoke in China and told the Assembly that China's vision for the Internet is, quote, a vision that we at Apple share.

Are you kidding me?

China's view of the internet is ultimate censorship.

It is a tool for

propagandists to fuel the police state.

This is the future of Silicon Valley, and it's the future that they foresee for us.

Orwell's nightmare could not be completed under our Constitution.

The government can't take away our rights as they do in places in the UK or in China.

That's why the corporations will do it.

The government doesn't have have to.

We're giving our freedom of speech away freely to the overlords at Facebook, Google, and Apple.

We welcome to the program Mr.

Andrew Heaton, who is new and joining us from the Blaze and

has his own podcast.

Something's off.

Something's off with Andrew Heaton.

With Andrew Heaton.

Welcome, Andrew.

Thank you, Glenn.

Thank you for having me.

Good morning to you.

Yeah, so I know you're a libertarian, and you and I disagree on several things, but we like each other and we agree on most things, wouldn't you say?

Sure.

Yeah.

How are you feeling about the whole freedom of speech thing that's happening in not only in England and China, but also here now in a different way?

I think that there's two things that are worth looking at.

There's two sides to it.

There's the legal side of it, which in the United States, we're pretty good legally in terms of freedom of speech.

That's not so much under assault.

But there is a culture of freedom of speech, which I do do think is problematic.

We're seeing that on college campuses.

We're seeing that in general, where you're going to get in trouble if you say a particular thing, and we're kind of tightening the bandwidth of what we can discuss.

And that I'm very much concerned about.

Yeah, everybody is, I mean, if you are in college and you are taught that you have a right to silence someone, you're going to be the next generation that will change the rules.

Have you had Greg Lukianoff on your show before?

Yeah, yeah.

I'm having him on Friday.

He wrote a book called The Coddling of the American Mind.

Oh, yeah.

And I was reading through it.

And it it was great.

And one of the things I want to talk to him about, and the book seems to get into, is we're both in media, and so it's difficult for me to determine, see, on college campuses,

are college campuses more opposed to freedom of speech now, or are we just talking about it more?

And the book would indicate that quantitatively, it is, in fact, they're disinviting more people.

Oh, yeah.

It seems to kind of kick off around 2013, and he's got some interesting theories as to why that is.

But

I'm a libertarian.

I'm more emphatically a comedian.

And I would say, as a comedian, I think the two places that we should actually have freedom of speech.

Comedy's dead.

Comedy's dead.

Oh, nuts.

So should I become a gardener?

No, I mean, but listen, comedy dead.

You watch television now.

Nobody's trying to do comedy.

There's a few people.

Everybody's going for claptor, not laughter.

That's true.

There's a lot of that.

They just want everybody to go, oh, yes, that's right.

Yeah, I would say political satire for sure is in a slump right now.

Yes, it is.

Slump.

It is in a slump.

Yes.

There's a, yeah, it's turning blue.

It's got rig of mortis lump.

It's you know, and it's funny too because it's not when I tell people I do comedy, they go,

you must love the Trump years.

And I'm like, no, no, this is not.

I mean, for one thing, from just a, from a practical standpoint, in terms of making jokes, you want to be able to heighten.

And so if

President Trump is like, I don't know, trying to hit Rosie O'Donnell with golf balls from a battleship, and that's like the actual headline of the day, like that's what he kicked his morning off with, I can't go from there.

There's nowhere for me to go.

And so it's not easy.

It's tough right now.

Let me bring you back to China here for a second.

Chinese journalist Liu Hu

was

a guy who's always had trouble with the authorities.

He had been exposing corruption and wrongdoing in the government for a long time.

He's used to being hassled.

He's used to government fined.

He's used to apologies that he has to make, forced apologies.

Nevertheless, he continued in doing what he was doing.

He persisted.

He persisted.

Nevertheless, he persisted.

He persisted.

Until one day

in 2017, when he logged on to a travel site and he couldn't book a flight anywhere because the site said he was not qualified.

Then later, he tried to buy a house.

What a surprise.

He wasn't qualified.

High-speed train.

Nope.

Alone.

Uh-uh.

And there was nothing he could do about it.

He couldn't shop at any store that he wanted to go into.

He was basically shut off from absolutely everything.

And there's now 7.5 million people on this list, the dishonest persons subject to enforcement list.

This is all part of their social credit score.

And

China monitors absolutely everything their citizens do and think, their political opinions, their shopping patterns, their travel history, their internet, friends, all of it.

Now imagine a world here in America where you could no longer be able to buy or sell or open a bank account, get a loan, use public transportation, or get a job.

Imagine a world in China.

They are putting surveillance cameras up in the schools so they can constantly monitor students.

Now, listen to this.

The surveillance cameras took data on the individual facial expressions and eyes and used that information to create a running score on each student in class.

If a score reached a predetermined point, the system triggered an alert, teachers were expected to take action to talk to the student perceived to be disengaged or overly moody.

Now, this sounds like crazy dystopian stuff that only China would do.

May I remind you that that is exactly how Bill Gates

designed and described Common Core, that every child would have a screen in front of them with a camera monitoring their eyes so they could see the blood pressure in their eyes.

They could see everything and engage, see when the student was engaged, when they weren't engaged, except this was for the teacher's benefit.

This wasn't for the student.

This was, and he said, over time, we'll be able to use that data to be able to figure out who slots into what job.

So they can be fast-tracked.

By the fifth grade, we can find out, you know what,

he's really going to be good at construction work.

And so he'll go fast track on construction work.

Now, this sounds, I guess, to some people like Utopia.

To me, it sounds exactly like China.

What did you want to be when you were growing up?

Oh, gosh, what did I want to?

I'm still figuring that out, but about 15 different things.

When I was a little kid, I wanted to be a scientist.

And then when I was in high school, I figured I would either be

a politician, an actor, or a priest, which in Oklahoma you can do simultaneously.

You can be all three if you live in Blanchard County.

So I was looking into that.

I'm with you on China.

China is freaky.

And

I think you kicked off the show with this comparison between Brave New World World by Aldous Huxley and 1984, which I think is great, by the way.

A lot of the time we only talk about 84, we don't talk about

Aldous Huxley.

And we've been in the Aldous Huxley realm.

We still are.

Yeah.

I think it's happening at the same time.

We've been arguing which one was going to happen.

Yeah.

Well,

they're both happening.

You have to sell it one way to us and another way to the Chinese.

They're so afraid right now.

They accept the cameras.

They're so afraid of saying anything now, they're all just saying, oh, no, this is great.

In China?

In China.

Yeah.

That was, um, so I, right before I came over here and started working at the Blaze, I was in, uh, I was in China this summer for the China International Stand-Up Comedy Festival in Shanghai.

And I got to, uh, I got to finals, by the way, which is pretty good for a guy that doesn't speak Mandarin.

But they, they were very clear, like, you cannot say anything about Tibet, Taiwan, Tiananmen Square, or any existing member of government, whether it's good or bad.

And they were, and I didn't because it would have got the comedy club in a lot of trouble, and I don't know what would have happened to them.

I think they would have been canceled, like they would have shut the club down.

I don't know.

But you could sense that.

The interesting thing was, if I brought up something about genders or something, you know, men and women are different, I could tell that the audience was a little, I was less worried about angering someone there than places I've been in America on a social level.

But when it got to anything political, even remotely, like at one point I mentioned that I couldn't access my email because they've outlawed Google over there.

They don't have Google, they don't have Gmail, they don't have Facebook, they only have one government-monitored app for all social media so that they can.

Well, until Google started helping them.

Now

it's back.

They're now over there.

But when I was there, it wasn't there.

And I mentioned that, and you could hear everyone in the room just go

and get very uncomfortable for fear of what was going to happen next.

But

that is a kind of, I don't know what you'd call it, a prosperous totalitarian state or an increasingly prosperous totalitarian state.

Like the Soviet Union fell apart, right?

And Gorbachev, who I like because he was a death knell to the Soviet Union, had sort of banked on them being able to open up with freedom and let that happen, and it fell apart.

China has gone the other way where they're like, well, we're going to give you some market freedom, but we're going to keep this tight, tight, tight grip on all civil liberties.

We're going to keep this tight grip on censorship and everything else.

You need to be in favor of the state at all times.

Well, they are not going to be able to

be able to reverse that.

Now, I mean, I don't know how the Chinese people get out of this now.

It would be real tough.

Are you following?

I imagine you're following the stuff happening with Uyghurs in Western China.

Two million.

Yeah.

Two million in 1,300 prison camps now.

Yeah.

They're actively in basically

concentration camps.

And they're documented with biometrics.

I mean, like, there are people talking about how...

And this isn't, I need to stress, this is stuff like from the BBC.

I mean, this isn't like, I'm not reading French stuff.

This is folks that are

very well documented that are being cataloged by the government.

And there's all sorts of things.

There is French stuff about organ transplants and stuff that we can get into.

But the actual...

Well, I want to tell you, did you hear about the guy?

We're going to take a quick break because I have to take a break.

Did you hear about the guy that

I think it was last week or two weeks ago that said he, I think you brought the story to the news and why it matters?

The guy who said he made a clone?

Or no, gene splicing.

That's what it was.

Oh, yeah, that was the first designer baby.

Yeah.

That was in China.

Although I will say the Chinese government was opposed to it.

Yeah.

So, but that did happen over there, and I think that's coming.

Do you know what happened to him?

Nope.

Oh, okay.

I'll give that to you next.

Oh, nice.

Okay.

The best of the Glenn Beck program.

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And if you subscribe for the year and you use the promo code BeckChristmas, you're going to get $20 off.

Makes a great Christmas gift for anybody and everybody, especially with some of the new shows that we have.

One of those is Andrew Heaton, who is,

well,

I think comedian is a little too strong.

But he does an all-new podcast called Something's Off with Andrew Heaton.

And we welcome him to the program.

Thank you.

Glenn, may I do, you know, I've got a different ad campaign than you guys have.

I have to seek out my advertisers to fund the program.

Would it be all right if I went ahead and did one on here?

I guess.

Okay, thank you.

So this is,

as I said, my own ads on Something's Off with Andrew Heaton on my podcast.

This is going to be a sponsor later this week, but I get paid per ad, so I'm going to go ahead and run this.

Times sure are fast-paced.

It used to be that two days was considered a rush job.

But with the advent of the email and the Snapchat and the Twitter, people want everything instantaneously.

And let's face it, you'd be busy even if we cut everyone else out of the equation.

Between paying your bills and buying groceries, taking the kids to Taekwondo, home repair, walking the dog, volunteering, and of course work.

You were stretched pretty thin.

So thank God for Uncle Milton's fish syrup.

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But you hardly even have time to make instant coffee in the morning.

You're not honestly going to wake up another 15 minutes early to mash anchovies into a paste and then stir in the appropriate amount of water and cornstarch to create that pisine fluid you can pour over your waffles.

That would be insane.

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Oh no, this is regular old-fashioned fish syrup, just like grandpa used to make before the cops got him.

Uncle Milton's fish syrup, start your morning the right way.

Start your morning with liquefied fish.

Thank you, Andrew.

Now back to the

to the program.

Have you ever had fish syrup?

Of course, that's fine.

I'll get every morning with a party dose of fish syrup.

I know you're a little bit more than a little bit more.

I'm going to speak ill of my sponsor.

Sure, okay.

Did you hear about the substitute teacher?

Yes, I did.

That has told the first grade students that Santa is not real.

First of all, kids, not true.

Don't listen to this crazy person.

That's Pennsylvania right there.

Was that Montville, Pennsylvania?

Yes, no, New Jersey.

Oh, it was New Jersey.

Okay, so a substitute teacher.

Substitute teacher for first grade students told the kids that Santa isn't real,

then went on and said

parents just buy presents and put them under the tree.

Oh, I wish that were true.

And

reindeer can't fly.

Elves are not real.

And the elf on the shelf is just a pretend doll that your parents move around.

That covered a lot of ground in that

third grade math class.

What exactly?

This is first grade.

First grade?

Oh, first grade.

What?

I mean, that doesn't sound like a teacher having a bad day.

That sounds like an angry teacher.

Can I tell you about the time that I think I almost got fired?

And I'm going to make this G-rated.

Okay.

But

I was in my colorful career.

I was a substitute teacher in the Deer Creek School District in Edmond, Oklahoma.

And I...

They'll take anybody.

Yeah,

yeah.

I subbed between, I think first grade was the youngest I did and up through high school.

And when I was subbing

first grade one day, a kid came up and he went, Mr.

H, Bobby said the C word.

And I went, oh, no, Bobby, do not say the C word.

You shouldn't.

Yeah, he said crap.

Oh, yes.

Don't say crap, children.

But I was about to like gather the come here, children.

Don't, here's a word I never want you to say.

Here's what it means.

Don't say this word, the C word that I'm about to utter.

And I like that, I was so close to getting fired from that job, I think, if I, if that had happened.

So, but you, you also, did you not tell children about being eaten by?

Yes, I, yeah, well, multiple things.

So, like, most

substitute teaching, a lot of the time, the teachers don't want you to, they don't want you to continue their lesson a lot of the time because they want to do that, right?

So, they're kind of giving you, a lot of the time they're giving you busy work.

And so, for high school students, I could do that.

I would roll in and go, look, don't do anything that gets you in trouble or gets me in trouble.

One of you needs to play chess with with me.

As long as we do that, I'm not going to make you do this ridiculous worksheet.

You can just go on your phones or whatever.

But yeah, with the...

So you were making sure us as parents were getting our money's worth.

I can smell busy work.

And I'd make them do the busy work.

They usually give me like an optional worksheet.

But with elementary school students, we'd have something to do and we'd get through it.

And then I'd go, okay, if we get through this worksheet, the rest of the day will be Velociraptor Awareness Day.

And we would, and like the kids would go, they'd get on Wikipedia.

Apparently, Velociraptors are basically large, angry chickens, is what we learned in real life.

They were feathered and they were about knee-high.

You wouldn't want to tangle with one, but they're not as depicted in Jurassic Park.

That's from the research that I've commissioned for you.

Really?

So they were not,

they were not rip you apart.

They were not anatomically accurate.

Yeah.

Yeah.

They were not as nasty as that.

They really were just.

I'm not, well, I mean, like a honey badger is not that big, but I wouldn't tangle with a honey badger.

So it's possible that a velociraptor was really nasty.

It's just that the kind of like man-sized velociraptor, that wasn't.

Okay.

So they might have been smaller, vicious, and looked like a chicken.

Yes,

I think they were super angry chickens.

And I would also do, I would like for fifth graders, I would go, okay, you know, we're done with the work.

Let's do a

let's do a middle exercise.

What do we do if zombies attack?

And I would really gear it up to like, what do we do if there's a flood?

What do we do if there's a fire?

And then be like, okay, zombies attack.

What do we do?

And, you know, got those kids to start thinking about that.

I actually think this is a good teacher.

Thank you.

I mean, I think, I mean, I think our teachers are so trapped in the box that they have to do it a certain way.

They have to follow this.

No, a good teacher is somebody who makes it theirs, you know?

And,

you know, if you're going to use Santa as an example, that's great.

Don't go there.

But, you know, use Santa as an example or if you use motivation for, you know, Velociraptor Awareness Day, I think that's great stuff.

The kids were jazzed.

I would also, when we were walking to the computer room, I'd say, okay, you have to be quiet, but I want every kid to act like a Tyrannosaurus Rex.

So there'd just be this line.

I I think this is what got me in trouble with other teachers.

As you see a line of children in various stages of weird, angry faces all walking in dead silence.

Fantastic.

Fantastic.

You're listening to the best of the Glenn Beck program.

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Forbes recently described student loan debt as a $1.5 trillion crisis,

adding that student loan debt is now the second highest consumer debt category behind only mortgage debt and higher than both credit cards and auto loans.

It's affecting 44 million borrowers in the U.S.

That is this is outrageous and bone-crunching.

There's also the cultural effect that having that college is having, the indoctrination of young people are being subjected to.

More and more powerful people now are starting to recognize that college is an institution that has real problems.

Last Friday, Peter Thiel gave a keynote speech at the Intercollegiate Studies Institute's Collegiate Network Editors Conference.

Wow, that's a mouthful.

He told a room full of students, quote, universities today are as corrupt as the Catholic Church of 500 years ago.

He's exactly right.

And I don't know.

I don't know how the universities don't see that they have become the Catholic Church, and anyone who has a different idea is Galileo.

He says, at some point, if it's 100 to zero, you start to suspect that you're in North Korea.

Does the unanimity mean that you've gotten the truth, or does it mean that you're in a totalitarian state?

We have this illusion that all sorts of important decisions have been decided.

He added, we are not on the losing side of history.

It's It's the other side that's on the losing side.

The reformation is going to happen, and it won't come from within, but without.

Teal now has actively worked to bring about the change that he's been talking about here.

The lawsuit he led against Gawker helped topple their empire.

And he also created the Teal Fellowship, which gives $100,000 to young people who want to build

new things instead of sitting in a classroom.

The idea that we're losing on the losing side is a form of psychological warfare, he said.

And he's right.

We're not on the losing side, not in the slightest.

We're on the up and up.

Things are going to get worse for the old institutions and better for the people.

This is the best of the Glenn Beck program, and we really want to thank you for listening.

Tika Tiwari

was on this program a few months ago, and he made a very bold prediction.

I said, Don't do it, Tika, don't do it.

And he said, Cryptocurrency, Bitcoin in particular, is going to be at 40,000 by the end of the year.

It's kind of gone in the opposite direction.

When he said that it was maybe 7,000, it is now today at 3,900.

I have talked to him, I called him, and I was like, so Tika,

what's the deal?

And I want you to hear his answer because

I think it's logical.

Maybe it's wishful thinking, but I think it's totally logical.

Tika, welcome to the program.

How are you?

Glenn, I'm great.

Thanks for having me here.

And thanks for giving me the opportunity to talk about really two things today.

One, my Bitcoin $40,000 prediction, what's going on with Bitcoin right now, and two, why the selling is not over.

And I want to explain what's behind that.

So, uh,

because

I've set a price to where I want to buy more Bitcoin.

Uh, I don't know if that makes me a double sucker, but I, uh, but I'd like to hear what you think the low price or when you think it's going to start to hit towards bottom.

Okay, the first thing I want to talk about, though, is the, is Bitcoin 40K.

So, yes, whenever I'm asked a question, I will always tell somebody what I truly believe,

even if it could come back to make me look foolish later.

I hate it when people talk out of both sides of their mouth.

Well, maybe it'll do this, maybe it'll do that.

I want to know what you believe, and then so I can make up my own mind.

And

you said to me,

you said to me the night you made this prediction, I said, off air, I said, Tika, what are you doing?

Don't do that.

And you said, Glenn, I have to because that's what my analysis says.

So I'm just telling you what the facts tell me.

You can believe it or not.

Right.

And because every fundamental reason that I forecasted behind my projection of Bitcoin 40K came true.

I said a major endowment would buy Bitcoin.

On October 5th, David Swenson of the $30 billion Yale endowment bought into crypto.

Then Harvard and Stanford followed him.

I said Wall Street would open up their trading platforms and provide custody for crypto.

Now Fidelity, TD Ameritrade, Citigroup, Morgan Stanley, the owners of the New York Stock Exchange, and Nasdaq have all announced plans to start trading Bitcoin.

Northern Trust is creating a custody product, and even State Street, America's largest custodian, is getting active in the States.

So, what's the piece I got wrong, right?

So, all the fundamental research that said, okay, all these new players are coming into space, everything that I predicted came true.

But the one piece that I got wrong that I'm absolutely willing to own 100%

is I got the investor sentiment piece wrong.

I misunderstood just how bad investor sentiment was.

The market does not believe anything but bad news right now.

It's just taking this stance of, well, okay, yeah, Fidelity, okay, great.

Let's see it actually happen.

Now, all of these things are actually happening.

The last time, Glenn, I saw such a disconnect between the fundamentals and investor sentiment was an Apple Computer back in 2003.

Back in 2003, everybody thought Apple Computer was going out of business.

They had the hottest product in the world, the iPod.

They said they were going to open it up to the PC realm.

Nobody believed them.

The stock actually dropped 40% that year.

It wasn't until 2004 when they actually

opened it up to the PC realm and their sales started going gangbusters that Apple stock started taking off.

So

again,

I so what do you think it's going to take to change the investor sentiment?

We're going to have to see this new platform by BACT, which is ICE, the owner of the New York Stock Exchange, that has to launch.

That's going to be launching on July 24th.

We're going to have to see Fidelity launch their custody product and actually integrate Bitcoin trading into their desktop platform.

That's going to launch between Q1 and Q2.

TD Ameritrade has said that they're going to add Bitcoin trading to their platform.

We're going to have to actually see it, right?

The market is taking the stance of we need to see this happen.

So that's, but the good news is all of that is going to happen.

Within Q1 and Q2 of 2019, all of those institutions are coming into the space.

Not a single one of these institutions has said, oh, you know, we don't like the way Bitcoin's trading.

We're pulling out.

In fact, NASDAQ just said, We don't care Bitcoin's going down.

We're moving full ahead with our Bitcoin products.

Fidelity has said the same thing.

TD Ameritrade has said the same thing.

Not a single institution in the space has backtracked on their plans to open up their trading platforms to Bitcoin buyers.

And that, to me, is the news that we have to look at because the news that's dominating the market right now is all this forced selling of Bitcoin and Ethereum that's happening because ICOs are coming under the regulatory magnifying glass of the SEC.

The SEC is yes.

I apologize for jumping in, but I do have a question I'm burning to ask you.

I'm Andrew Heaton.

I'm the delightful funny man that's accompanying Glenn today.

Hey, Andrew.

Something that I want to ask someone that knows cryptocurrency very well about is why it's not being adopted in places like Venezuela.

Because

one of the selling points of cryptocurrency, as I understand it, is that it's inflation-proof.

And

if the government decides to implode a currency to inflate away the debt,

your value would not be lost.

But

I don't see any stories of mass adoption of cryptocurrency in Venezuela.

Why isn't that happening?

Oh, it is happening.

That's how people are living.

People are living.

They're taking Bitcoin and buying gift cards on Amazon, ordering goods on Amazon, and that's how they're surviving.

There's the two top currencies in Venezuela right now are Bitcoin and another one called Dash.

In fact, there's more than 22,000 people, 22,000 businesses now just using cryptocurrency down there because you can't use cash.

It's completely worth it.

At one point, they were literally, I read a story about how shopkeeps were weighing piles of money instead of counting it.

They would weigh it by the pound or probably by the

kilometer or whatever, the kilo.

The kilo, yes.

Yes.

But to talk to you about the price action, right now, if you remember back in 08 and 09, we had all that forced margin selling, right?

So you had great companies like American Express trading below $10, which is ridiculous.

Nobody wants to sell American Express at nine bucks, but they had to because they had margin calls.

This is in 2008.

2008, 2009.

So we're seeing something similar right now happen with Bitcoin and Ethereum.

Thousands of companies raised money, and there were only two ways to do it.

You had to raise it in either Bitcoin or Ethereum.

Well, now the SEC is saying, well, all of you guys broke the law.

You're actually securities.

Now we're going to fine you and you're going to have to give money back to your investors.

So there's this huge rush of where the lawyers are saying, look, guys, you've got to raise cash and and you've got to do it right now.

And so, there's this massive forced liquidation of Bitcoin and massive forced liquidation of Ethereum.

Now, how long does that last?

Probably a few weeks more, Glenn.

That's not a one, two, three thing and done.

So, that's why I say let's take a step back, let's get this forced selling out of the way, and then I think the dust will settle here probably in about a week or two.

So, I

kind of said that I would, in my own head, when I

saw it start to fall, that I would reinvest some money in it if it hit

3,900.

It just hit 3,900.

And I thought I will make the same kind of investment in Bitcoin that I made at first if it hits 3,000.

Do you think it could hit 3,000?

Yeah, I think on a panic low, we could go 2,500, no problem.

Wow.

On a panic low.

Yeah, because this is panic selling.

Listen, when I went to 08, 09, I couldn't conceive that a stock like JP Morgan could drop 80%,

or a stock like Amazon could drop 66%, or Amex could drop close to 90%.

But when you have forced selling,

logic goes out the window.

Finance goes out the window.

It's just, it's blind panic.

And that's what we're in the middle of right now in this market.

Right.

See, you've got to, you've got to look at the market and you've got to say, okay, where are we?

And we're in this panic selling.

The panic selling doesn't last forever.

I think within a couple of weeks, everybody that had to sell, needed to sell, wanted to sell will be out.

But I still think there's probably a bit more downside ahead.

Atika, is this an app comparison that

the reason why we don't have self-driving cars right now is really not the technology of the car.

It's the 5G network.

It's we need to cure the latency problems, right?

And so

it would be like you saying, well, I've invested all this money

in self-driving cars and they can't do anything but lane assist.

Well, yeah, yeah, but there's other things that have to happen.

And then that technology is just going to explode because it's already.

It's ready.

It just needs the follow-up technology.

Do you think that's a fair comparison?

I do think that's a fair comparison.

I think what we have to look at is we have to look at the greediest, smartest investors in the world, and that's Wall Street.

And the greediest, smartest investors in the world are running to this asset.

They are building the on-ramps to bring their investors and their investors' capital into this market, right?

They're not running away from it.

It's like the internet when you had the first blow up in the internet.

If everybody just stopped using the internet and the internet went dark, we could say, oh, that was just a fad and what's the point?

But that wasn't the case.

People kept building.

And that's exactly what's happening here within the blockchain cryptocurrency space.

And if you look at every product that is being built by Wall Street to be sold to their 500 million customers, they're all being built around Bitcoin.

And what's good for Bitcoin is good for the entire ecosystem.

So what I'm saying.

Go ahead.

don't go ahead.

What I'm saying is we've got to get through this forced selling, just like we had to go through 08 and 09, and then we've got to go into 2019, and we've got to let these big banks build this infrastructure into cryptocurrency, and we will watch literally hundreds of billions of dollars of new money come into the space.

So it's unpleasant, absolutely unpleasant, but

the worst thing you could do is just liquidate down here and it would just be terrible timing to do that.

The sun will shine again.

One last question on this.

I've had people tell me, Glenn, Bitcoin will never work because it's too expensive to trade in and too slow.

Can you answer that?

Yes.

So the answer to that is what's called layer two solutions.

So that's called the Lightning Network.

And the Lightning Network allows you to trade.

using the Bitcoin network.

It reduces the feeds to almost zero and virtually limitless amounts of trades per second.

The other piece that I will say is that what will happen with Bitcoin is I think it will be used more for higher dollar transactions if you want to write directly to the Bitcoin blockchain.

So complaining that Bitcoin is slow and expensive is complaining, it's like saying, you know, my Ferrari sucks because it can't haul firewood, right?

It's built for something very specific.

But again, the good news is layer two solutions are coming that will allow Bitcoin to scale, where if you want to buy Bitcoin, if you want to buy a cup of coffee with your Bitcoin, you'll be able to do that once layer two is live, which I would say we're probably about a year away.

So if you say that Bitcoin is going to be for major investments, you know, kind of like a gold reserve, if you will, what gives it its value?

What gives us its value is that it's completely tamper-proof and sensor-resistant.

So you can't go in there and change the amount of Bitcoins that are going to exist.

You can't go in there and change the document.

Let's say you and I are two different countries and we create a document and we want to be able to prove that that document can't be tampered with.

We can take a hash of that document, which is basically a code, and write it into the Bitcoin blockchain.

And we can arrange it so the Bitcoin blockchain is constantly checking our document.

If our document, if one sentence, one line, one period gets changed, the hash will be different and it will say, hey, somebody's tampered with this document.

So being able to have tamper-proof documents being able to move money without the need for a trusted third party being able to move enormous amounts of money for fractions of a dollar

is valuable being able to self-custody your money in a way that is portable in a way that gold isn't is incredibly valuable So I think that that value will continue to be realized as we move forward.

And I would remind you, Glenn, that this isn't our first rodeo with Bitcoin going down 80%.

This is the fifth, sixth time that it's experienced this kind of a pullback.

And one thing that I've always said, and I said it when we had our meeting together, is that

if you're going to get involved in crypto, you have to know that there'll be at least one or two times when your whole portfolio is down 80 or 85%.

That makes me feel that way.

That does, doesn't it?

Yeah.

I mean, I think all of this stuff makes it.

And then plus two, I think, like, I'm not a,

this was kind of my first foray into investing outside of an index fund.

And the thing that strikes me is that it's so fast in the cycle.

Whereas normally I think you would kind of, you know, get into something and wait a while.

Whereas with this, it'll change week by week.

So I've been kind of impatient with it.

Yeah.

So go ahead, quickly.

I'll just want to say one quick thing here is that in the stock market, we get crashes like this maybe twice every hundred years.

In the crypto market, we get crashes like this every two to three years.

So it's very different.

Okay.

Tika Tiwari from the truthabout cryptocurrencies.com.

Truthabout Cryptocurrencies.com.

He is also the educator on the Smart CryptoCourse.com, which is an advertiser on this program, but also something that we asked Tika to put together for this audience so you can understand it.

SmartCryptoCourse.com.

Tika, thank you so much.

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