E167: Bitwise Advisor: Why Buying a House Is the Worst Investment You Can Make

**Kevin Follonier** (0:00)
Occupy AI will be the moment that turns Gen Z and Gen Alpha into Bitcoiners.

**Jeff Park** (0:05)
Everyone needs an awakening. That's how they discover Bitcoin. It takes a certain aha moment, like a little light that just goes off, and that aha moment for a lot of millennials is the context of the great financial crisis, because they know money is not what money looks like. One thing I'm very bullish about crypto is tokenization, because if tokenization works in the way that I'm hoping it will work.

**SPEAKER_3** (0:23)
Jeff Park, the ex-CIO of Procap Financial and advisor to Bitwise. A strategist advancing new monetary frameworks and a thought leader behind radical portfolio theory and Bitcoin hyperfinancialization.

**Jeff Park** (0:35)
There's now a better way to save wealth, and that wealth has to be the kind that doesn't require servicing, doesn't require maintenance, doesn't get taxed, and that is Bitcoin. The person who is buying a $40 million penthouse because they need to move $50 million can now just buy Bitcoin.

**Kevin Follonier** (0:51)
Why is decentralization so important when it comes to AI?

**Jeff Park** (0:54)
Because I think the entire point of AI is that it's ultimately centralizing all your data and harvesting it to replace you. If my data is being fed into things for which I'm making the model smarter, I need to be compensated somehow in a way that I feel as though I've contributed towards that machine that may end up displacing my labor. That kind of stuff, in theory, can happen only with crypto.

**Kevin Follonier** (1:16)
Let's say 35 year old guy or girl who saved or invested some money and say, OK, now I want to invest in something that makes sense in terms of return, right? What the fuck do you do?

**Jeff Park** (1:28)
Yeah, look, I think...

**Kevin Follonier** (1:33)
Hi everyone, this is the little bit that I know none of you like that can help us make a huge difference for this show and we want to take it next. 71% of the people who regularly watch When Shift Happens have not subscribed. And so all I'd ask you if you want to make a huge difference is the following. If you've seen this show before and you like it, help me, help my team, hit the subscribe button and we'll continue to build this show for you. Thank you.

**Jeff Park** (1:58)
Well, let me say like healthy body is a healthy mind, right? I truly believe that. So and I used to go two to three times a week for CrossFit. And CrossFit is pretty efficient because it's like a 45-minute block. You can carve out and it's pretty intense and it's pretty efficient for that purpose.
But then the problem is it can get competitive and then it can get a little dangerous. So actually, like once upon a time, I got a little bit of an injury from dead lifting. So now I just do it like a little bit more recreationally and carefully. Now that I also have kids, I don't want to be like limping back and forth.

**Kevin Follonier** (2:37)
Well, I hear some stories where like the injuries actually happen at home, right?

**Jeff Park** (2:41)
Yes.

**Kevin Follonier** (2:41)
Like you're just throwing your kid around or you're getting out of the shower. That's what happened to Roger Federer, actually. Like he just got out of the shower after an entire career of tennis.
And it's when he got out of the shower that he just smashed his, I think it was ligament.

**Jeff Park** (2:56)
Well, no, the kids grow up, right? And they get chunkier. And so my daughter is four and I used to lift her up all the time. And I enjoy doing it still. But over time, I realized, you know, she's getting heavier and heavier. And if you underestimate that, you can definitely hurt yourself very quickly in those moments.

**Kevin Follonier** (3:12)
That's why you still need to go to the gym.

**Jeff Park** (3:13)
That's why you got to go to the gym for the kids. It's always for the kids.

**Kevin Follonier** (3:16)
The mental gymnastic of macro and trading is not enough for that. No, it's good to hurt your brain.

**Jeff Park** (3:23)
But one recovers a little faster than the other.

**Kevin Follonier** (3:26)
Absolutely. How are you doing?

**Jeff Park** (3:28)
Good. Let's get the show on their own.

**Kevin Follonier** (3:31)
I think we're on already.

**Jeff Park** (3:32)
Oh, are we recording?

**Kevin Follonier** (3:34)
Are we closing the... Yeah, we're on, we're on.

**Jeff Park** (3:38)
All right.
Bring the heat. Take segments.

**Kevin Follonier** (3:41)