2013-05-16 - LondonReal Podcast - Bitcoin, Bernake and Buffett

[meanig]

http://www.londonreal.tv/episodes/max-keiser-bitcoin-bernanke-buffett/

Max Keiser of Russia Today drops by to explain the genesis and implications of the digital currency Bitcoin, why The Federal Reserve and the banking system should apologise to the people for manipulating interest rates, how Warren Buffett is complicit in the Mexican drug trade by purchasing Wells Fargo, and Max’s crazy times in the 1980s as a New York City stockbroker by day and punk-rock party animal by night.

Super podcast featuring a tour de force from Max Keiser. They spend most of the hour speaking about Bitcoin but Max also drops in some nuggets about Krugman fellating Bernake and the CFTC guy wanting to be a stripper  

There's also a brilliant movie plot about an options trader sitting at his desk in the WTC on Sept 11.

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[cypherdoc]

that was priceless.

[telemaco]

above link was not working for me atm.

Here it is aswell

https://www.youtube.com/watch?v=_onv9-fHoEc

[RationalSpeculator]

Thanks so much for posting this. Enjoyed it very much.

Max revealed how many bitcoins he has. He said when bitcoin crossed $45 his holdings became worth over $1 million, so that's around 21 000 btc.

He also revealed after that it became worth several million and dropped back to a few million at the price of $105, and indeed with 21 000 btc it went up to around $5/6 million and dropped back to around $2/3 million.

It looks to me that he did not sell many bitcoins in the runup. Maybe because of his frustration with exchanges, or maybe because he is a buy and hold investor.

He also said bitcoins do not represent the 'largest' part of his portfolio, which makes me think it's still pretty large.

He mentioned he started buying after the Prague conference around $2/3. If he has payed an average of $5, times 21 000 = he invested around $100 000 originally.

He also mentioned he lost many bitcoins by losing the private key. I'm guessing those were bitcoins he might have received/bought before the Prague conference, and before it really clicked with him, hence the losing of keys.


I find this very interesting. From my estimations the facebook brothers bought around 100 000 btc for an average price of $10, investing around $1 million originally.

Max responded also he 'takes the inverse trade' to the other interviewee that finds bitcoins too risky right now, which makes me think he has continued to not sell any and does not believe in a prolonged deep correction.

He have great respect for Max. Not for his socialist thinking that pops up regularly, but for his amazing calls on markets in the past. His call on Iceland being in a bubble, before it all collapsed stands out to me. And with bitcoin he proved it again.