Digital Money Advisor

In a Nutshell: Matthew Pines says trying to speculate and reason about the future evolution of geopolitics and state relations in the absence of Bitcoin is extremely difficult. "In fact, it's probably one of the things that stresses all world leaders out and economists and hedge funds. Everyone's trying to predict how the global system is going to evolve so trying to answer the question of how the global system's going to evolve WITH Bitcoin imposes an additional complexity," he said. Yet, this difficulty doesn't stop us from trying or from gaming out different possible scenarios. In today's show, Matthew Pines and I discuss the current state of geopolitics among Russia, Ukraine, China, and the US, and the potential role that Bitcoin, stablecoins, central bank digital currencies, and US treasuries might play in shaping the denouement. And we zoom out as well and discuss whether widespread Bitcoin adoption can act as a deterrent to war in general and why Bitcoin might reduce certain incentives to initiate war but not all of them. Guest: Matthew Pines, Management Consultant, Fellow - National Security, International Policy at the Bitcoin Policy Institute.

Margot Paez says the financialization of the US economy is one reason why it's been difficult to take decisive action on climate change. She views Bitcoin "as a very important tool in this whole process because it exists outside of the system. And it's also kind of an attack on the existing financial structures because it takes away a centralized power basically from Wall Street and decentralizes it in a very non-coercive way. And everybody has an opportunity to participate in it and use Bitcoin to their benefit." The challenge for bitcoiners like my guest today, Margo Paez, is how to dispel the FUD and encourage companies and governments to actualize the benefits that Bitcoin offers. We don't need to wait 10 or 20 years to harness Bitcoin's ability to address climate change or wealth inequality. And emphasizing the power of Bitcoin's present might be the surest path towards realizing its potential for a more equitable future. Guest: Margo Paez (aka jyn urso on Twitter), Fellow – Renewable Energy, Environmental Studies, Bitcoin Policy Institute and a PhD candidate in the civil engineering department at Georgia Institute of Technology.

In a Nutshell: This was a thoughtful, introspective, and heartfelt conversation with Mark Stephany. As a doctor, he's been on the frontlines of the culture war that's flamed up around Covid and vaccines. As the son of a priest and a nun, he's explored and questioned the meaning of religion and the power of myths and metaphors. As a person concerned about the direction of society, he's explored racial and social justice issues. And as a curious person, he's deeply explored Bitcoin and how it can be a force for good. In our conversation, we explore these big issues and discuss connections to Bitcoin. For example, many of the current Twitter wars about whether Bitcoin is -- or should be -- progressive are missing the point. The ultimate promise of Bitcoin isn't a particular political ideology, it's sovereignty for the individual user. A progressive might use that sovereignty to help marginalized communities facing unjust barriers to our current financial system. A conservative might see sovereignty as a means of separating their finances from the control of the state. And people in other countries might define sovereignty as building and transporting wealth outside the reach of oppressive regimes. Bitcoin can actualize beliefs that are important to us and help us gain a better understanding of what's important to others. Guest: Mark Stephany, doctor, entrepreneur, and host of The Progressive Bitcoiner podcast.

In a Nutshell: People tend to get triggered when you talk about the politics of Bitcoin. Bitcoin is a technology but it is also a political protest statement in the sense that it is separating money from state and it gives you the option to opt-out. Whether you are left, right, center, up, down, sideways, progressive, libertarian, non-labeled, or Trumpian, almost everyone who coalesces around Bitcoin agrees that monetary policy left in the hands of a few unelected bureaucrats is, and has been shown to be, a relative disaster. But when you go beyond that, look out, it becomes a politics of Bitcoin food fight (at least on Twitter!). Recently, the political power of Bitcoiners has come into focus and one of the people leading the charge is Dennis Porter. Guest: Dennis Porter, host of Smart People Sh*T, a podcast focused on exploring bitcoin as a technology and as a tool to help reshape society for the good. We Discuss: Is Bitcoin inherently political? The social and political philosophies that might have factored into the creation of Bitcoin. What the "milkshake theory" says about a future where the U.S. dollar and Bitcoin coexist. How a renewed focus on states' rights could lead to competition that's healthy for Bitcoin and the broader U.S. economy. Why Dennis believes Bitcoin could turn down the temperature in our political debates and, potentially, help the U.S. steer clear of another civil war. How Bitcoin could create both a check on government overreach and a safeguard for individual rights. The ramifications of getting Bitcoin-friendly politicians elected. What Bitcoin "fixes" related to politics. How Bitcoin can hold politicians accountable to their constituents. The nuance of the Bitcoin single issue voter. What a Republican sweep in 2022 and 2024 could mean.

In a Nutshell: One of the beautiful things about Bitcoin is its interdisciplinary nature. To really "get" Bitcoin, you have to have at least a working knowledge of a wide variety of disciplines. That's one reason why I love talking to academic philosophers who are also Bitcoiners. They have frameworks to help us understand the expansive and interconnected nature of Bitcoin and the kinds of questions we should be asking ourselves about it. Here's Andrew Bailey, Bradley Rettler, and Craig Warmke writing at Coindesk: Philosophy is all-inclusive,​ the ultimate bundled interdiscipline. Bitcoin pairs well with philosophy because every one of its ingredients falls within the purview of philosophical research. Philosophers draw from whatever evidence is relevant – and evidence relevant to Bitcoin spans psychology, economics, cryptography and more. But neither psychology, nor economics, nor cryptography, nor computer science alone provides a deep understanding of the system as a whole. A bird's eye view of Bitcoin is necessarily a philosophical one. In today's show, I combine four previously released conversations with the leading Bitcoin philosophers into one mega 5-hour show. Necessarily, we cover a broad range of topics that I hope will add to your knowledge and appreciation for this thing we call Bitcoin. Guests in Alphabetical Order: Andrew Bailey, Associate Professor of Philosophy at Yale-NUS college in Singapore Bradley Rettler, Assistant Professor of Philosophy at the University of Wyoming, Craig Warmke, Assistant Professor of Philosophy at Northern Illinois University Troy Cross, Professor of Philosophy and Humanities at Reed College in Oregon.

In a Nutshell: Bitcoin is for everyone including people who align with progressive values. A growing group of progressives see Bitcoin as a tool for furthering social justice and leveling the economic playing field. Nicole passionately shares why people with progressive values should adopt Bitcoin now to ensure they don't get left behind as the world financial system moves toward a Bitcoin standard. Guest: Nicole Dobrow, a prolific Bitcoin writer, social worker, and progressive Bitcoiner who fell down the rabbit hole and now sees Bitcoin as a life raft for people in marginalized communities and the LGBTQ community.

In a nutshell: Troy Cross and I discuss philosophical angles related to Bitcoin including what Plato and Aristotle would have thought of Bitcoin, how to influence skeptics of Bitcoin, a new proposal to incentivize green mining, and why Troy does not regret paying 5 bitcoin for a pair of Alpaca socks. Guest: Troy Cross, Professor of Philosophy and Humanities at Reed College and a self-described "Philosopher, Environmentalist, and Bitcoiner."

In a Nutshell: The tentative embrace of Bitcoin and other digital assets by advisors and institutions was one of the biggest stories in financial services this year. As more professionals clear the emotional ("It's a scam!") and educational ("I don't get it.") hurdles, now we have to overcome the operational hurdles. The story of 2022 could very well be how a new wave of fintech platforms and forward-thinking leaders solve those challenges and make digital assets an essential tool in helping clients build wealth. Guest: Steve Larsen, CPA, CFP® is a Partner at Columbia Advisory Partners where he manages financial planning and digital asset strategies. He also teaches financial planning and cryptocurrency classes at Gonzaga University and develops continuing education courses for CPAs and CFPs. Adam Blumberg, CFP®, is the co-founder of Interaxis, a company that provides research and education to advisors and companies in the cryptocurrency, digital assets, blockchain, and DeFi space. Steve and Adam are the Co-Founders of Planner DAO, a decentralized autonomous organization owned by financial planners.

Guest: Matthew Hanzelka, the Pastor of Community Care at Peace of Christ Church, just outside of Austin, Texas. Matt has a Bachelor's Degree in Financial Planning from Texas Tech University and a Master's Degree in Divinity. He's also a U.S. Air Force Reserve chaplain, a hospital chaplain, and a Bitcoiner. Insight: NGU tends to drive mainstream conversation about Bitcoin. But as I've learned more and become more active in the Bitcoin community, what grabs my attention isn't the price, it's the size of the tent. Since I started this podcast, I've talked to folks who think Bitcoin is the vanguard of a new global economy, a store of value that could rival gold and real estate, a tool for social justice, a hedge against inflation, the future of rapid payments, and, increasingly, an investment that shouldn't be overlooked when advisors are designing portfolios. That Bitcoin as an asset and as a community can be so inclusive is a big reason why its user base and its market cap continue to grow. However, if all this potential comes to fruition, Bitcoiners could also find themselves facing a new set of responsibilities. The sooner we start asking questions about what "Bitcoinization" might look like, the more innovative, equitable, and productive our answers will be.

Insight: Who you are when you start your Bitcoin journey and who you become as you go further and further down the rabbit hole could be two very different people--in a good way. People get attracted to Bitcoin for many different reasons. But one passion that unites many advocates is the belief that Bitcoin is pointing us towards real solutions to longstanding problems such as wealth inequality, inflation, labor inefficiency, and even climate change. So, what could the future look like if the true believers are right and "Bitcoin fixes this?" Who do we become as we contribute our part to the Bitcoin community? That's a major theme of today's conversation with Christian Keroles, Managing Director of Bitcoin Magazine at BTC Inc. And I expect it will also be a hot topic at Bitcoin 2022, which is happening April 6-9 at the Miami Beach Convention Center. Tickets are going fast and, true to the Bitcoin spirit, they're programmed to increase in price the scarcer they get. But if you register right now and use my code BELAY, you'll get a 10% discount. Want an additional discount? Pay in sats!

For the second year in a row, I was invited to speak at the Bitcoin for Advisors conference produced by Coindesk as a member of the FA Advisory Board. And I think I can sum up my main message as a panelist in two words: Don't wait. A confluence of socioeconomic and political factors continues to drive up the price of bitcoin. If a year ago you would have allocated just 2% of a client's portfolio to bitcoin, it would have added five percentage points to the portfolio's return, all else in the portfolio being unchanged. That would have paid for roughly five years of your advisory fees! Yes, bitcoin's value will continue to fluctuate. But the headlines surrounding bitcoin and the interest it's generating among your prospects and clients aren't going away. That's why more and more companies are developing resources that help advisors learn about bitcoin, crypto, and DeFi, as well as building out technology to allocate securely to digital assets. Even if you ultimately decide that bitcoin isn't right for your firm or your clients, you have to learn enough so that you can have an opinion and answer client questions. Otherwise, folks are going to look elsewhere for advice -- and not just about bitcoin.

Guest: Andy Edstrom, CFA®, CFP®, a financial advisor at WESCAP Group, where he manages more than $300 million for high-net-worth families. Andy is also an advisor and board member of Swan Bitcoin, and the author of a great book called Why Buy Bitcoin. Insight: At the top of the Bitcoin funnel, there are an almost endless number of entry points that could attract curious investors, consumers, business owners, thinkers, activists, and, yes, financial advisors. But you don't have to travel down the funnel very far before you hit some legitimate questions about Bitcoin and our broader financial system. Does Bitcoin really have the properties that we've historically associated with money and investible assets? Could the U.S government ban Bitcoin? Will the Fed develop a competing cryptocurrency that could hurt Bitcoin's value? And what does the ongoing "digitization of everything" mean for how we assign value? These are just a few of the questions that Andy and I tackle in this wide-ranging conversation.

Guest: Andrew M. Bailey, a professor at Yale-NUS College, where he teaches classes and conducts research on money, philosophy and politics. He is one third of the Resistance Money Bitcoin Research Collective alongside Bradley Rettler and Craig Warmke, both of whom are past guests on this podcast. Insight: Bitcoin can be many things to different people: a store of value, a tool for social justice, a means of exchange, an organizing principle for folks who think the traditional financial system is broken. Detractors often cite this multiplicity as a negative. But recent trends in our industry have pushed advisors to start understanding that money itself means so many different things to our clients. From that perspective, Bitcoin is just one piece of a much larger financial narrative in which people are constantly defining and redefining what their money is for and what/how much they need to be happy.

Guest: Justin Castelli, an executive at Onramp Invest, which is a technology company that provides access to crypto assets for registered investment advisors. He's also the founder of RLS Wealth, which is an RIA firm in Fishers, Indiana. And he's the co-founder of The AGC, which is an organization that connects financial advisors across the globe to collaborate and grow both personally and professionally. Insight: Think Bitcoin and other crypto investments aren't right for your client base? You may be right. But what happens when their kids and grandkids are looking for an advisor who does know what an NFT is and can advise them on how to manage digital assets? Retiring baby boomers are starting the largest wealth transfer in history. Their heirs are digital natives, many of whom have already bought Bitcoin on their own. If you don't want to add crypto to current portfolios, you at least need to have a working knowledge of the technology and an informed opinion that your clients can trust.

Episode: Bradley Rettler, Assistant Professor of Philosophy University of Wyoming. Insight: Bitcoin's practical applications can appeal to folks across a wide spectrum of social, political, and economic thought. But from a philosophical perspective, the most important question to ask about Bitcoin might be: How can it make people happier? Answering that question could be a key to helping Bitcoin skeptics understand this technology's potential value.

Episode: Chris King the Founder and CEO of Eaglebrook Advisors, which provides independent financial advisors with seamless, secure, and compliant access to Bitcoin and digital assets through their proprietary separately managed account platform. Insight: The Bitcoin conversation is mainstream and it's difficult for financial advisors to avoid it. Educational resources about Bitcoin, Ethereum, and other digital assets is widely available. Consumer access to buying digital assets is now as simple as opening an app. But until recently, it was difficult for financial advisors to have a seamless way to trade, monitor, and get paid on digital assets. Eaglebrook and other forward-thinking companies have now created platforms that make this technology more accessible and more secure. In today's conversation, I talk to Chris King, the founder of a company that offers a digital assets SMA platform for advisors that greatly simplifies the process of getting your clients into crypto.

Jim Crider, CFP® and CEO of Intentional Living FP discusses what led him down the Bitcoin rabbit hole and why he now allocates 5-20% of his clients' portfolios to Bitcoin and Bitcoin-related companies.

Episode: David Z. Morris is the Chief Insights Columnist at CoinDesk. Previously he was a staff writer for Fortune and Breaker magazines. David also has a PhD in Communication and Media Studies from the University of Iowa. Insight: To its growing base of users and enthusiasts, Bitcoin is many things: a global currency, a store of value, a payment system, a shared delusion, a weapon for social justice, and even a means of communication. And while folks with a more casual interest in crypto might get turned off by the maximalist meme culture espoused by its most fervent believers, Bitcoin is embodying traditions that have existed in mainstream culture for centuries. These next-gen symbols and signifiers are revealing and challenging built-in assumptions about money that many of us didn't realize we had.

Episode: Steve Horwitz is an American economist of the Austrian School and currently the Distinguished Professor of Free Enterprise in the Department of Economics in the Miller College of Business at Ball State University in Muncie, Indiana. Jeremy Keil, CFP®, CFA, CIMA®, is a retirement-focused financial planner with Keil Financial Partners and the host of the Retirement Revealed blog and podcast. Jeremy was also the Wisconsin Libertarian Party executive director in 2003 and served on the Libertarian National Committee from 2004 to 2008. Insight: Many cryptocurrency enthusiasts believe Bitcoin a solution to the ongoing economic fallout from the Great Recession, wealth inequality, high debt, and massive money printing. Bitcoin and related digital assets can be particularly appealing to folks who view our financial system through the lens of Austrian Economics or libertarian politics, which, broadly, emphasize the freedom of the individual. But as this discussion shows, the intersection between Bitcoin, economic philosophy, and politics is still very much a work in progress. There's promise, but there are also some potential obstacles to what Bitcoin can and can't deliver within our society's existing frameworks.

Episode: Dan Eyre, co-founder of Blockchange, the world's first digital turnkey asset management platform for financial advisory firms, family offices, hedge funds, outsourced CIOs, and private banks. Insight: Twenty-five years ago, many people thought that giving your credit card number to that new online book seller was crazy. Online banking and investing sounded even crazier. But just as ecommerce and finance platforms developed their stability, security, and ease of use, a new generation of tools is making it much easier for financial advisors to buy, sell, and manage digital assets for clients. Understanding how these platforms work and what they offer could open up a valuable new service lane for part of your client base.