Debate on Cryptocurrency Value and Market Trends

What represents a form of exchange?

And the way that Bitcoin is structured, there are people that would argue with you that it has a hard asset.

Other than the fact that some people have made a lot of money like a chain letter, what does crypto do?

I don't understand the question.

What is the use of crypto?

It pays no dividend.

It doesn't represent an asset you can put your fingers on.

There is nothing there there.

It is just an idea that it will go up in price.

If you trust me, it will go up in price.

On an island, when shells were used to represent an hour of work, you got a hundred people each one.

A good comparison.

This is completely faith-based.

It represents proof of work.

Completely faith-based.

It represents proof of work.

You're going to be totally wrong on Bitcoin, too.

You're going to be wrong on everything you've covered.

Proof of unnecessary work shouldn't be worth a bucket of warm spit, and it will not be.

All right.

It's only been 20 years so far, so someday you might be right about this.

Well, look, Warren Buffett's in the same camp.

Oh, I know, yes.

So is Charlie Munker.

But you want me to...

Let's list 10 people that aren't in that camp that are...

I'm just suggesting that there's a lot of smart people who also have that view.

A lot of smart people who have a different view.

The point is it hasn't outlived a general bull market.

We've been in a bull market since March of 2009.

And when we get into a bear market, which Joe may think we never will be again, a serious

bear market of down 50, 60, 70, do we think it will prosper in that environment?

Anybody that listened to you from 2010, you've done a grave disservice to them.

So if you feel fine with that, that's what you do for a living.

That's fine.

I don't have a problem.

Andrew invited you on.

I'm just pointing out the facts of the situation.

If someday you might be right like a broken clock, that's what we'll see.

This may be a huge bubble that we're in.

But you've said it again and again and again and again and again and again and again.

This is your track record.

It isn't my track record.

I can go through and give you quarterly letters, which I have written.

Bracing yourself for a melt-up, a market melt-up, 2018, that's already eight years proved you

don't know what you're talking about.

And there are plenty of others like that.

I don't know where to go with that, Joe.

You can take them on if you're so...

I said my piece.

You booked them.

You've got your 1929 book out.

Maybe it happens at some point.

Maybe it doesn't.

But, you know, hopefully it doesn't.

The market at this point, the S&P is pushing 8,000 eventually.

And you've probably been bearish for 80% of that.

I've been saying that the market is overpriced by long-term standards since...

We were at 2,300 at the bottom in April of 2021.

Did you ever turn bullish?