Kara Swisher · 40:54
Bitcoin somewhere in
Scott Galloway · 40:55
the closet. Can't find because he lost the password. I love that. I love
Kara Swisher · 41:01
If it goes to a 100... I literally... That's a million dollars somewhere in my trash or in my box in my house. Ugh. God. It's gone. I think it's gone.
Scott Galloway · 41:09
You know, pretend like most rich people that you don't think about money. That's the one I that's the one I love. They're like they're like, oh, I think about money. Yeah. I
Kara Swisher · 41:17
can buy a hitman and
Scott Galloway · 41:18
get rich hot. Yeah. Right.
Speaker · 41:20
I know. I hate
Scott Galloway · 41:22
when rich people say that.
Speaker · 41:23
I don't... I've never really
Kara Swisher · 41:24
thought about gotten
Speaker · 41:24
the I've never really
Kara Swisher · 41:25
out.
Scott Galloway · 41:26
Anyone who says they've never really thought about money is
Kara Swisher · 41:28
obsessed with it. I have investigated hitmen, and they're very expensive. Anyway.
Scott Galloway · 41:34
All right. Let's answer the question of this young man who asked the question primarily Scott.
Kara Swisher · 41:37
Primarily Scott.
Scott Galloway · 41:38
I sort of answered this one. I'm going to buy a few coins so I don't just hate myself if the thing goes crazy. And I but I don't want to buy an investment. My the way I make my living is through teaching, writing, and speaking. And I don't want to be tracking and I fall into this trap. I don't want to be checking my phone 20 times a day and tracking I find it exhausting. And I find that it leads you to an emotional state where you end up trading a lot. And there's just a ton of research showing the more you trade, the more you lose because you can't trust your emotions, and there's fees. Even when you're trading on what's supposed to be a fee less platform, you're not. There's fees because the way they make their fees is by giving you a worse price on the bid or the ask. So one, I will probably buy some coins and then just ignore them, but I don't want an investment that you have to track and invest a lot of time.
Kara Swisher · 42:28
You're totally gonna track it though, aren't you?
Scott Galloway · 42:30
If you
Kara Swisher · 42:30
buy like two, you're just gonna be sitting there watching.
Scott Galloway · 42:32
Okay. Maybe a little bit. Maybe a
Kara Swisher · 42:33
little A lot bit. You're just gonna talk about Bitcoin incessantly.
Scott Galloway · 42:37
But you What about
Kara Swisher · 42:38
other cryptocurrencies? Is there any others you wanna buy?
Scott Galloway · 42:40
Something like 99% of coins have gone to zero.
Kara Swisher · 42:45
Doge? Not Dogecoins.
Scott Galloway · 42:46
Dogecoin was was constructed or invented by a 34 year old who's basically said this is a fraud, it has $11,000,000,000 market capitalization or capitalization right now. But if you think about... So let's go back to why why my thesis is around Bitcoin going to I predicted we'd go to 15 when it was a 19. It's Also, going to one I should disclose. I also thought Palantir was going to get was going go down. It went public at ten. It's at thirty. So I got that one wrong. Anyways, Bitcoin right now has got so much heat around it. And I think you're going to see several dozen companies, big companies announce that they're converting part of their treasury to
Kara Swisher · 43:27
Bitcoin. That'll do it.
Scott Galloway · 43:28
And it's gonna potentially end the limited... The scarcity around it, very intelligent people, including Michael Saylor or intelligent people.
Kara Swisher · 43:37
Just getting it. It's a speculative purchase. Right?
Scott Galloway · 43:39
As are most stocks since most... Know?
Kara Swisher · 43:42
Well, no. You know, you've known Disney as a business. Some of this is not this gold, I guess, would be. Although you can do things with gold.
Scott Galloway · 43:48
Right? See, that's an interesting point. Gold funds are going down and it's... It... The correlation, the inverse correlation, it's definitely... There's definitely a correlation between Bitcoin going up. And I don't want to say I don't even think of Bitcoin is investing. I do think it's speculation because you could wake up tomorrow and it could be down 40% or 50%. And I personally don't like anything. People say... People who are pretending to give investment advice think that they assuage their bad advice by saying, you should be prepared to lose it all. That's not investing. If you're investing, you should not be
Kara Swisher · 44:23
prepared assuage? It's a swage.
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Scott Galloway · 44:27
A swage.
Kara Swisher · 44:28
I like the cut of your jam, but
Scott Galloway · 44:29
not the
Kara Swisher · 44:29
English pronunciation.
Scott Galloway · 44:31
By Jean Claude Jean Claude Jean Jean Jeancker is the EU commissioner who said, I didn't give him credit the last time. We all know what needs to be done. We just don't know how to get reelected. Yeah. Assuage my fears. I'm not
Kara Swisher · 44:41
gonna assuage you.
Scott Galloway · 44:42
Assuage my fears, Carl.
Kara Swisher · 44:43
Dirty. It sounds dirty. Listen to me. So what? You're not gonna buy anything else. You're just gonna buy your two Bitcoin and pretend you're not paying attention to it every second. Is that correct?
Speaker · 44:50
Is that
Scott Galloway · 44:50
the rule? The thing. Any investment that you have to track and spend a lot of time either is filling a DOPA hit where you you should be getting your DOPA somewhere else. And it also lowers your returns because you have to track it and follow it. I don't
Kara Swisher · 45:01
wanna do that. Maybe It's like owning a lizard.
Scott Galloway · 45:03
And also I have I have trouble personally. I can't quite get my head around. I think I understand Disney stock. I think I understand even currencies. I think I understand real estate. I do not understand Bitcoin. I can't figure out if it's an asset, a currency, or payment method. And I think it benefits from hiding in that nether nether land where no one really knows what it is.
Kara Swisher · 45:21
Smart. Scott, you are on fuego today.
Scott Galloway · 45:25
Alright.
Kara Swisher · 45:25
That is correct. Thank you, Michael.
Scott Galloway · 45:27
Trying to assuage your criticism of
Kara Swisher · 45:29
it. You tell us when you buy the Bitcoin. Okay? Let us know.
Scott Galloway · 45:31
When you buy the coin.
Kara Swisher · 45:32
And by the way, if I find mine, we're gonna go somewhere.
Scott Galloway · 45:34
Champagne and cocaine for the
Kara Swisher · 45:36
cat go. We are getting... We're doing Where are go?
Speaker · 45:38
Let's go to Cancun and party with Heidi Cruz. Heidi, let's do rails with Heidi Cruz. Oh my god. So damn with the young people.
Kara Swisher · 45:46
Oh my god.
Speaker · 45:47
The young the young drug lingo. The lingo.
Kara Swisher · 45:50
Another moment and talk about Ted Cruz. Okay.
Speaker · 45:54
I like the party with Heidi. Think Heidi seems very like him.
Kara Swisher · 45:56
The whole thing is fantastic. It's like... You know what? It's like a several different movies. We've got contagion going on all the time. You know, the movie contagion. Mhmm. And now the day after tomorrow, which is the Jake Gyllenhaal, like
Scott Galloway · 46:10
Where? Freezing cold?
Kara Swisher · 46:11
Freezing cold thing. And, like, there's the evil vice president who is played by Ted Cruz, who doesn't believe anything. Right? Like... So... And then he, like, dunks on reporters all day. People... Like, the stories of people in Texas, like, starving. There's ice everywhere. If he did this, man, oh, man. What is go... And someone said... They said they said the problem is if Ted Cruz went to Cancun in the middle of a Texas weather crisis, energy crisis and weather crisis, it's only the second worst thing he's done this year, which which is, of course, backing the insurrection, which was a nice move.
Scott Galloway · 46:48
To certify the vote.
Kara Swisher · 46:49
Does he not wanna get elected again? Beto O'Rourke is busy, like, calling seniors and bringing the seniors warm soup. Like, that's what he's been doing the whole time. Jose Andres is making food for everybody. Like, do they do they wanna turn Texas blue? Is that what their goal is here? What is the deal? And Abbott, like, blaming wind energy, like, that he's freaking Donald Trump? What is going on?
Scott Galloway · 47:10
I just I just sand Beto next to Ted Cruz, and I literally think of, like,
Speaker · 47:15
don't assuage... Go assuage yourself. Anyways...
Scott Galloway · 47:19
And I I put Beto next to Ted, and I literally thought this is the the least and the the the most sexy people in the world, and they're running against each other and less sexy one. I just... I couldn't... That made no sense to me.
Kara Swisher · 47:33
I did. Because I think now, I think he's fit... Maybe. If he isn't finished, Texas has got us to see at this point.
Scott Galloway · 47:41
You've decided they
Kara Swisher · 47:42
need to secede.
Scott Galloway · 47:43
By the way, Texas. Okay. Just say Make yourselves
Kara Swisher · 47:46
instead of Texas Florida.
Scott Galloway · 47:48
Just so you know, Texas and Florida, if they secede if they secede Flexes. Flexes. Flexes.
Kara Swisher · 47:53
Yeah.
Scott Galloway · 47:53
There are no states doing better right now than Texas and Florida.
Kara Swisher · 47:56
Fine. Other than the other than snowstorm. Back and we'll, like, carry... California, New York will be back and we'll carry everybody. Don't worry about it. Like... And they can have, like, other states. I'm not I'm not against secession at this point.
Scott Galloway · 48:08
They can have other states.
Speaker · 48:10
Well, that's mighty fine of you, Cara.
Kara Swisher · 48:12
We'll give them
Speaker · 48:13
the back. Oh, Cara.
Kara Swisher · 48:14
They take some... We take... You know, whatever.
Speaker · 48:17
How old are you, Cara, Dean?
Kara Swisher · 48:19
Know, a lot Silicon Valley people want to secede California. Anyway, and break it up too into pieces. Whatever. Alright, Scott. One more quick break. We'll be back for predictions.
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— Predictions segment begins —
Kara Swisher · 49:21
Okay, Scott. Prediction time. I'm I'm not gonna predict Ted Cruz loses the election, but okay.
Scott Galloway · 49:26
That's my prediction. Four or five years.
Kara Swisher · 49:28
Maybe so.
Scott Galloway · 49:29
You know he's in some tacky hotel in Cancun.
Kara Swisher · 49:31
I know.
Scott Galloway · 49:32
You know he's into some bad hotel that's like all you can eat. It's like sandals or something. It's just, you know.
Kara Swisher · 49:37
No, I know the name of it. It's, they had it on the internet. The encyclopedia grounds of the internet have located him. Called It the was like they were looking at his wrinkles. It was such a good moment for Twitter. Like, just even
Scott Galloway · 49:49
You're giddy.
Kara Swisher · 49:49
You are literally fun to watch. It was fun to watch the whole thing. And, you know, people were actually being like, if he was in Cancun, this would be... His haircut wasn't right. This belt he was wearing and his face mask had this thing saying, come and take it. Or, you know, it's a stupid gun reference. And, so anyway, so, prediction time. Prediction time.
Scott Galloway · 50:10
Well, I stole my thunder. I I just think you're gonna see, and I said this on Tuesday, there's what I call an honest pump. An honest pump is Bill Ackman going on CNBC and saying why JCPenney's is undervalued. An honest pump is a CEO talking about why their sector is powerful and trying to position a kid in their accounting department using a spreadsheet is AI, right? There are these honest pumps. I think what the Reddit movement was at its core kind of an honest pump around coordination, people trying to and it's nothing anyone hasn't done. I think there's going to be a ton of what I'll call honest pumps by companies converting treasury to Bitcoin. And that is going to similar to like the craziness when Kodak said it was producing, I forget those machines where you can mine Bitcoin and the stock went up 400% in a day. Twitter, Facebook, MicroStrategy and Tesla have all, gone into Bitcoin. And the stock bump has ranged from MicroStrategy stock is up 500%, since in the last twelve months. And everybody, and I've even heard some discussions on some of the boards I'm on, is thinking about this. In addition, one specific company and we've talked about this. I think Jack Dorsey has an incredible feel for products and also he obviously understands a lot about payment given that he's the full time CEO of a company called Square. I think he is going to announce something at Twitter around, around crypto, involving, like, your ability to start your own coin trading plan. I don't know what it'll be. He's brighter than me. But you're gonna see some big announcements from what I'll call old line, old economy companies around Bitcoin. And I think that honest pump, and I'm not saying Bitcoin is a good long term investment. I don't understand it. I don't own any. But it's gonna be in the news a lot in the next sixty days. Anyway, that's my prediction. Corporations and Bitcoin.
Kara Swisher · 52:10
Gonna make a tiny prediction Yeah. About today's hearings since we already talked about it. I think it'll be a real test of Vlad Tenev, the CEO of Robinhood. He's finally clarified his his stances and everything else and is trying to be articulate. They've hired a lot of fancy people to help him, by the way, a former SEC commissioner and a lawyer that's... That helped Mark Zuckerberg at the hearings. So I'm interested in how he performs and whether he stays in his job.
Scott Galloway · 52:32
I'm not... I'm I'm biased because I don't think... I think these young men don't lack a... Are are the new menace economy. I think their idols are Facebook and Google. I think they have the wrong role models. And also, I've heard him speak. I don't think he's ready for prime time. If there's a really ugly
Kara Swisher · 52:49
woman hired some fancy people to help him. I'll tell you that.
Scott Galloway · 52:51
Yeah, but they hired a of fancy got
Kara Swisher · 52:53
some fluffers. Got some fluffers in there, as they say.
Scott Galloway · 52:55
I'm so glad you said that. But they had a lot of fancy people around Mark Zuckerberg, and he looked like he was gonna have a stroke when you interviewed him and started asking him real questions.
Kara Swisher · 53:04
You work with what you got.
Scott Galloway · 53:06
I I... I've heard that guy respond. When he was on with Andrew Ossorkin, I don't think he served himself well. Yeah. No. And by the way, that shit's hard. I say stupid things on TV all the time. So I'm not saying it's easy. I don't think he's ready for prime time. We'll see.
Kara Swisher · 53:20
He wouldn't come on my sway program. Need to call it.
Scott Galloway · 53:23
Come on sway? Yeah. That's Yeah. But that's what you call good judgment.
Kara Swisher · 53:27
What? I'm a pussycat.
Scott Galloway · 53:30
Step into my lair.
Kara Swisher · 53:31
I'm a pussycat.
Scott Galloway · 53:32
I'm a pussycat until I rip your fucking aortic artery. I
Speaker · 53:37
hit you a
Kara Swisher · 53:38
knife and say, would you like to use this? I was like, look at this sharp knife. You should put it at your neck and say something.
Scott Galloway · 53:44
Please say more.
Kara Swisher · 53:45
Say more. Say Continue? More is what I always Continue. Go on. Anyway, there's so much news, everybody, and there's gonna be lots more news next week. And I think it'll be interesting to see what happens in Australia. I mean, in one way, it'd be kind of nice if people go to actual people's websites and they don't... I think breaking the... As Casey Newton wrote, breaking the the idea that they need Google and Facebook for everything could be an interesting moment for news organizations.
Scott Galloway · 54:08
This is the slow ban in go Australia. Australia. Don't fuck with Australia. Yeah. They're not scared of anybody. No. They are not scared of anybody.
Kara Swisher · 54:17
Well, I don't know. I don't think we should necessarily follow some Australian things. In any case, it'll be fascinating. Well, interesting to come here. Interesting where it goes. Scott, as usual, this has been a fascinating discussion about you being bullied and, your feelings, Sapham, or feelings about Bitcoin.
Scott Galloway · 54:32
I'm just trying to assuage your insecurities, Kara.
Kara Swisher · 54:35
I don't like the cut of that jib. Anyway, that's the show. Go to n... I can't I can't believe you just... You said that. I'm gonna keep... That's gonna keep going for... It's gonna be a bit for a while. Go to nymag.com/pivot to submit your questions to podcast. The link is also in your show notes in the show notes here. And read us out, Scott.
— Predictions segment ends —
Scott Galloway · 54:51
Today's show was produced by Rebecca Sinanis. Ernie Indratot engineered this episode. Thanks also to Hana Rosen and Drew Burrows. Make sure you subscribe to the show on Apple Podcasts. Or if you're an Android user, check us out on Spotify or, frankly, wherever you listen to podcasts. If you liked our show, please recommend it to a friend. Thanks for listening to Pivot. From New York Magazine and Vox Media, we'll be back next week for a breakdown of all things tech and business, a democracy, one of
Speaker · 55:16
the most beautiful regions in the world, unafraid of anybody over indexing in the Olympics every four years because they're amazing athletes. Go Australia. Boom.
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