#764: Revenge Of The Blue Collars with Peter St. Onge

**SPEAKER_1** (0:07)
You've had a dynamic where money's become freer than free.
When you talk about a Fed just gone nuts, all the central banks going nuts. So it's all acting like safe haven.

**SPEAKER_2** (0:18)
I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor.

**SPEAKER_1** (0:29)
I mean, that's part of the bold case for Bitcoin.

**SPEAKER_2** (0:31)
If you're not paying attention, you probably should be.

**Marty Bent** (0:36)
X's professor is back, the econ professor, Professor Peter St. Onge. Welcome back to the show, sir.

**Peter St. Onge** (0:43)
It's good to be back, Marty.

**Marty Bent** (0:45)
It's good to have you. I mean, AI is so hot right now. You texted me this morning saying, I really want to talk about AI today. I said, hey, I'm really willing to talk about AI. You notice that we've been leaning into more AI content before we just hit record. I said, why don't we just hit record? I'll tell you why. It's because we've been using AI. We've built basically a company brain and an agentic system that all of our employees can interact with that has allowed us to really expand the breadth of content that we can cover, which has been a very cool process.
You were also mentioning that it seems like a lot of the number go up people are focused on AI right now, which is true. I'm trying to bridge that gap, which is like I'm still fully dedicated to Bitcoin, never more bullish, despite the fact that we're back in the $58,000 range right now.

**Peter St. Onge** (1:37)
Yeah. And that's not what was it like a buck 20 a couple months ago?

**Marty Bent** (1:42)
Yeah.

**Peter St. Onge** (1:42)
Right before the war.

**Marty Bent** (1:44)
Yeah.

**Peter St. Onge** (1:44)
Yeah. If the eight that's insane.

**Marty Bent** (1:46)
Yeah.

**Peter St. Onge** (1:47)
I think you're right. I think that a lot of the number go up crowd.
They, you know, the sort of hot money, they're parting an AI at the moment. AI has longer legs than AMC, some of the stonks from a couple of years ago. So that'll probably hold their attention for a while here, as my best guess. You know, I think the underlying argument for Bitcoin is unchanged.
But, you know, a lot of people talk about Bitcoin like it's stable money. But then in the back of their mind, they really think it's money that's going to go up a bunch. And, you know, like, welcome to maturity in Bitcoin, you know. And yes, there will be a huge jump, you know, if it takes market share from gold and from fiat, you know, there obviously be the massive step jump where it goes up 10x or 50x or whatever. However, you know, I think that this current sort of crab walk, I mean, that's what gold's been going through for 50 years. You know, sometimes gold will triple, sometimes it will drop in half, threefold.
You know, I think it has nothing to do with the sort of fundamental thesis of Bitcoin. In fact, you know, if you just sort of step out and look at gold, like if you didn't know the history of the world, then you would look at gold and you would say, no way can gold be a currency because look, you can't have a currency that doubles and drops in half in the course of a year, right? And, you know, of course, the reason is because if it's not the main money, then it's a much thinner market. And so, you know, speculation and, you know, its value is going to be derived based on interest rates and this and that. And it's going to be much more volatile than the main currency will be. So, you know, what we're seeing in Bitcoin right now, this sort of boring crab walk that we've been in for, I think over a year, more or less. I think that's, you know, probably going to continue as long as AI is sucking all the sort of hype oxygen out of the room. But even after that, you know, we're not sure that we're going to see this sort of having, you know, process where, like, you know, you have these huge run ups in prices every single time. I think those days, I think for the moment, they're gone unless we get some major step up in adoption, at which point, you know, of course, you know, if we take a big share from gold, if we take a big share from fiat, then you'll see another step.