GLENN: I just want to do a couple of minutes here on bitcoin because I find it interesting. Stu and I both have very little money in bitcoin. Just enough that you are like, okay. I can walk away from this and not worry about it. So we both have about $6.75 in it.
STU: That's too much for my blood. But I have some.
GLENN: Yeah. So Stu bought about $300 a coin. And it is now -- is it about to cross the 1800 mark?
STU: Yeah, it's right around there. 1800.
GLENN: 1800 per bitcoin.
STU: They're saying a lot of it goes to the --
STU: In China --
GLENN: Instability. Oh, yeah China.
STU: And instability. It's true. China though. Both of those are true: Instability, and the Chinese market has blown up. They're throwing money into this like crazy. And remember, we haven't even hit a point where there's an actual collapse of an economy. And a lot of people think that if this happens, where currency collapses in this environment, a country may switch to bitcoin as its actual currency.
GLENN: I know.
STU: I mean, if that were to happen, I mean -- God only knows what could happen to this. I have no idea.
GLENN: And at the same time, it could completely collapse and go nowhere.
STU: It could be zero tomorrow, without -- without any doubt at all.
GLENN: Yeah. This is one of those things that, you know -- that you're either going to look like a genius or a dummy.
If you put a lot of money into it, you have a better chance of looking like a dummy. But, you know, this is something that your family could talk about for generations. "Yeah, I know. My great grandfather, he bought bitcoin when it was $300 an ounce." When it was, what? For a coin.
GLENN: When it was what?
But there are some changes going on with that. And I think, you know, when things go unstable, at least until they can get their arms around it. See, this is what happened to gold. Look at bitcoin. This makes no sense. Bitcoin now is more expensive than gold. That doesn't make sense.
STU: Right. No. Of course not.
GLENN: And that's because they do reverse treasuries and all of those games. They shut this down and they play all kinds of games with the manipulation of the price of gold because they know that people see gold as a signal of trouble. And so when they see gold start to fluctuate in big jumps, they freak out.
Gold should probably be closer to 2,000 to 2500. If it wasn't the artificial barriers, it would be at least -- I bet you it would be $2,000. But these artificial barriers keep them down.
STU: And that's what happens -- bitcoin is even more susceptible to that.
GLENN: Oh, yeah. It's not susceptible -- I don't know if anybody is trying to keep it down. But people don't know. And it's not stable. And it could go to zero. Gold will never go to zero. You know what I mean?
GLENN: But it depends on what happens. Do they -- same with bitcoin. Do they seize it? Do they not seize it? Do they make it illegal for trading in it? I don't know.
STU: Right. That's my biggest concern. My biggest concern, as is, my biggest concern with everything is the government coming in and saying, "You know what, people are doing X, Y, and Z, that we don't like with this currency. Therefore, it will no longer exist."
And the people who love bitcoin say, "Well, they can never do that because it's digital and it goes around the government." And all that's true. Like, it is true -- it would be very difficult for the government outside of shutting the internet down completely to turn off bitcoin.
However, if you make it so that you -- you know, if the government creates a law and somehow it makes it possible that, you know what, you're not allowed to accept bitcoin. No one is allowed to have bitcoin, it's going to chase everybody like me out of it. Because I have no interest in being on the wrong side of the law. I'm not looking to make some weird, you know, currency point here. I just find it generally interesting. And at that point, while, yes, it will still exist in some world, it will no longer, I think have the -- the number of people involved in it that will create the increase in value.
GLENN: Unless it's China. Unless China says, that's our currency. Or that's how we're going. If China does it, then you still have all that money in bitcoin available to China. Your job is to get to China. You know, if you had $10 million in bitcoin --
GLENN: -- because you bought it -- this is not crazy.
GLENN: Because you bought it today and currency went out and China said, "Oh, by the way, this is our currency." And a few markets were using that as currency, you could see that -- you could see $10 million in bitcoin. Now, get to it, you couldn't do it here in the United States. But if you could get to someplace where it was free, that's -- you know, that is one thing about -- you know, people in the 1930s had to try to smuggle everything out. They were eating diamonds and everything else, to try to smuggle it out. This is all up in your head.
That's different than gold or anything else. You don't have to move around with it. You just have to find a way to access it, which, you know, today is easy. But if you had real global, you know, authoritarianism, that changes. But that changes everything anyway.
STU: Yeah, exactly. At that point, you're beyond --
GLENN: Yeah, there's no -- there's no scenario -- oh, let's see. If Blade Runner comes true. There's no scenario for Blade Runner.
STU: Well, considering there's a sequel coming out very soon.
GLENN: Well, I forgot about that. Yes, I forgot that.
STU: Then I would say yes. Sequel to the documentary Blade Runner 2049.
GLENN: Right. Which looks really good. It looks really good.
STU: It looks kind of interesting.
But that's the thing with this, is the crazy scenario in which bitcoin goes to 10 million, the world is such a crazy place, you almost can't prepare for it.
STU: The situation in which, you know, let's say Chuck Schumer decides, you know what, people shouldn't be able to have the freedom with their currency, so we're going to ban it, that's not an unrealistic scenario at all to me. And even if the rest of the world continues to use it, if you're an American citizen, you don't want -- like I'm not interested in being on the wrong side of the law. I'm not Jeffy.
GLENN: No, nobody is. Nobody is.
STU: Nobody except Jeffy is interested in that. So the business --
GLENN: No, I meant nobody is like Jeffy.
STU: Nobody is like Jeffy, that's true. But the businesses will stop accepting it.
STU: That won't happen anymore. And when that happens, it just becomes irrelevant to the average person in America.
GLENN: Well, same thing could be said for gold or silver and not --
STU: It's true. But gold or silver is so much more established, right? This is something where the average person knows nothing about.
GLENN: Yeah, yeah. The government -- I guarantee you, the government it -- at some point, if it crashes, the government will have to get control of -- of the currency. They're going to have to get control. And so they will say, the only way you can sell is with X, Y, or Z. Then you just have to have the courage to barter. You know, it's one thing to have gold buried in your backyard -- which I would never do --
STU: You just don't want to dig.
GLENN: What? I don't know what you're saying.
You know, it's one thing to have gold buried in your backyard. And then, you know, take it out slyly to your neighbor and say, hey, look. Bury this in your backyard. I need to buy, you know, a chicken. You know, or whatever.
STU: A chicken?
GLENN: Well, that's the only -- let's be honest, guys.
JEFFY: Right. That's right.
GLENN: If you're buying gold like I do -- I don't buy it for the investment. I didn't buy bitcoin for the investment.
I buy it for an insurance policy that the whole freaking world is burning down. So, yes, I will be in the market for a chicken so I can have an egg.