Wall Street Veteran on Crypto Street : Interview with Max Keiser ①

Max Keiser is a prominent figure in the Crypto space, and we had the opportunity to talk to him about his show, his life and the podcasts he is running with his wife, Stacy Herbert. He has contributed to the markets, technology inventions and exchange, as well as a broadcaster and filmmaker. He hosts Keiser Report, a financial program broadcast on the media channel RT that features heterodox economics theories. In 2020, he started another podcast called The Orange Pill. Please read about his interesting way of looking at life and economy.

Max Keiser

Interview Date : 4th August 2020

How do you think about the economy, digital stock market, and has the stock market changed since the 1980s? 

It has not changed in terms of the disconnection between the economy, and the stock market, which started to get quite pronounced during the 1980s. This was due to the creation of the derivatives market, and it has grown ever wider since the 1980s. Here we are in the 2020s, and the disconnect and the economy have reached kind of a fatal disconnect. We are starting to see the economy completely collapsing because those people who are manipulating the stock market are running away with the goods. This is basically a heist that we have seen, and the top millionaires are succeeding in stealing the global economy.

How do you feel about the current market situation, and how would you like to change it?

I started my career on Wall Street in 1983, so I rode this way for 40 years. I feel like I was lucky to be riding on the right side for 40 years, but I feel bad for young people today who are unfortunately not going to be in good shape because of the situation even though the way to fix it is quite simple. It would be to raise interest rates because you want to raise the cost of financial terrorism. If you want to stop financial terrorism, you have to make it too expensive for the financial terrorist to engage in financial terrorism. The only way to do that is to raise interest rates. Instead, what is going on is that interest rates are going down, and that is to facilitate financial terrorism that is making it easier, cheaper, and more profitable. We have to change that.

Can you tell us about how you started your career and how your journey has been?

I started on Wall Street in the 1980s as a stockbroker. I was in Los Angeles in the 1990s, and I invented a technology for digital scarcity as part of a currency that I invented for an exchange I launched. The exchange was for trading mediate derivatives that I also invented as part of what became known as the prediction market industry. So, I did all that in the 1990s. Then, we sold out to a bank in 2001, and later I started Bitcoin in 2011 at a dollar, and we have been talking about it now for almost 11 years. I saw it as a more perfect technological solution for digital scarcity.

What does gold mean to you?

Gold has evolved to become the best form of money around the world. It took a couple of thousand years for gold to become the primary form of money around the world. It is the only form of money that is trusted on a central bank level, and the central bank still deals in gold. They still are on a gold standard, even though they don’t recognize it as a currency. Central banks still use it to back up their banks to exchange with other central banks. It is the one monetary standard that connects all points in history going back thousands of years, and Bitcoin, of course, is digital gold. It was able to replace gold, in my opinion, and it approves of gold. It means that we have a new chapter in monetary history that started in 2009 with Bitcoin.

Is there a Gold and Bitcoin disparity?

Anyone in the Bitcoin space who doesn’t like gold, doesn’t understand either Bitcoin or gold. Thus, it is a question of education and knowledge. If you are a Bitcoiner and you don’t understand gold, you don’t understand Bitcoin. Likewise, if you are a gold bug, and you don’t understand or appreciate Bitcoin, then you don’t understand gold. So, there are not a lot of people who really under-stand what gold and Bitcoin are, or how they work.

Are there any issues that yet have to be solved?

I think that what we don’t know about Bitcoin is an issue. Right now, what we don’t know exceeds what we know about Bitcoin. I always say that Bitcoin changes you, and you don’t change Bitcoin. As the hash rate goes up, as it becomes more secure, as the price goes higher, it changes human behavior and human society and we are still in the process of this transformation. A lot is still yet to be revealed. All of the misunderstanding and squabbles that you hear from different camps are all immaterial to the path of Bitcoin as to where it is taking us as a species into the future.

Is Bitcoin moving parallel to the stock market?

I don’t think that it would be correct to say that Bitcoin follows the stock market. If you take a step back and look at Bitcoin and the stock market over the past 10 years, you will see that statement is not true. Nassim Taleb wrote a book called Fooled by Randomness, and that describes this situation the best. Occasionally the two appear to be trading together, but that is just a random situation that you shouldn’t be fooled by. Take a step back and look at the 10-year chart, and you will see that Bitcoin is on a unique path, not correlated to any asset at all.

Is there anything pumping of Bitcoin to raise its price like the Fed is pumping money into stock market prices?

Demand is! On the periphery, there is always a lot of noise and a lot of trading that can create short-term moves in any market. However, in the long-term, the price will move up based on demand. The demand keeps growing as the fiat money around the world keeps collapsing.

Is there a free market in the market space?

In Bitcoin, there is a free market. However, I would say that it is not true for the other crypto coins. I don’t believe they are trading in a free market at all.

How do you feel about people coming to your show, and learning about Bitcoin from being on your show?

I feel humbled by channeling Satoshi Nakamoto, and I am pleased that so many folks around the world have been educated about Bitcoin thanks to the Keiser Report. We estimated that we have created 100 thousand millionaires.



Interviewer , Editor : Lina Kamada


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