Bitcoin vs Gold: Why It’s Getting Harder to Ignore Bitcoin – Bob Burnett

Welcome to the Next Level Income show where it's our goal to raise your income, your investments and your life to the next level. I'm your host, Chris Larsen. You can get a free copy of our book@nextlevelincome.com just click on the book link. I even send you a copy if you put your address in. You're not going to want to miss part two of today's show with Bob Burnett where we dive even deeper into bitcoin, bitcoin mining, as well as what he's doing with his companies. Stay tuned. Today's show is sponsored by Money Insights and their investment optimizer strategy. In my book, I share how I use the strategy starting over a decade ago to invest my money in two places at one time. This strategy has been used by the wealthiest for generations for estate planning, minimizing taxes, preserving wealth and increasing stability for their investments. Now you can do the same thing. In addition, you can build a plan to build an emergency fund, pay for college, fund a business plan for retirement, and ultimately optimize your total financial picture. To find out more information, check us out at the banking link@nextlevelincome.com on today's show, we welcome back Bob Burnett. Bob Burnett is a technologist and entrepreneur with over 35 years of experience in technology related companies. He spent 11 years at Gateway Incorporated in a variety of management positions including chief Technology officer, executive vice president of products and executive vice president of International markets. Since Leaving Gateway in 2004, Bob has also founded or co founded over 5015 companies, mostly into the technology space. Among his most recent ventures are two companies focused on cryptocurrency. Hey Bob, welcome back.

Thanks Chris. Good to see you.

Yeah, likewise. I'm a little jealous since you're down in Florida, although I think it's about the same temperature up here today, which is nice to get a little sun for a change. But I went back and I was actually listening to our first podcast, which I don't usually do, but I really enjoyed the conversation. And again, we don't often do two part interviews, but we got into so much stuff. I really was excited to have you back for part two here.

Thank you.

Absolutely. Thank you. We finished part one, we started talking about bitcoin mining, and again, I'm in a process of learning about this. One of the things that's fascinating to me that you brought up in our first conversation is that the combined power of the bitcoin network is more powerful than the computing power of. You mentioned the United States government, the Chinese government, Apple, Facebook, I forget all the different companies, but just a massive amount of computing power. And you mentioned how it's never been hacked. So if you would, let's start off by talking about how Satoshi set this network up to become stronger over time and ultimately become this organic, growing, impenetrable network.

Sure, sure, yeah. And just to clarify on the statement about the power work, the bitcoin mining network is comprised of computers that use what are called ASICs, that stands for application specific integrated circuit. And this circuit, these, you could think of them as CPUs. They are designed to do thing really well, which is run something called the SHA256 hash algorithm. Nobody needs to care about that, but that they do. And so when I refer to having more computing power than anybody in the world, what I'm talking about is the ability to run the algorithm which really secures the bitcoin network. Now what happens is, if you want to be in the bitcoin mining business, we'll talk about a simple thing about the way it works. The bitcoin works on roughly a 10 minute heartbeat. Every 10 minutes, the transactions of the world get bundled together and processed. And when they get processed, I'm going to oversimplify. Basically the collective power of the mining network around the world, mines. That block, which is process and mine, basically mean the same thing. At the end of that block, as it finishes processing, when the block is complete, it gets sent to what are called the nodes. The nodes maintain the ledger. Okay, so the balance of accounts, you could think of the equivalent of how much money is in everybody's checking account, sits in the nodes. And the miners are processing the transactions which feed that. The miners are doing all this work and they get rewarded. And the reward that they get for doing that is every 10 minutes, a little bit of bitcoin gets released into the money supply. There's only ever going to be 20 million bitcoin. There's 18.9 million now and a little bit of that gets released. Right now it's 6.25 Bitcoin. And additionally, individual transactions within that block have the option of adding a fee. You can think of it as a way of buying your way into some priority. And those fees are also shared by the miners. Now, if you are a miner and you own 1% of the world's computing power, you will get 1% of the proceeds averaged over a period of time. Essentially what happens is if you're in the mining business, you can guarantee yourself that you're going to get paid 144 times a day. So there aren't many businesses like that. 24 by 7365 on this 10 minute heartbeat, there is an opportunity. And you're not fighting for customers, you're not to deal with tenants, you're not trying to do any of those sort of things. You have a very predictable engine. Now the, the biggest variable over time is, well, how many other people are doing it. As you guess, if the price of bitcoin in dollars is going up, then more people want to participate and so you would find that you own less of the network.

It's like oil, because when oil prices jumped, you had fracking and other types of technologies that made sense at $100 a barrel, were at $25 a barrel, they went offline.

Yeah, there's one difference though, and that's that the supply doesn't change. It's the only thing in the world. So if you compare it to oil or gold or something like that. And the word mining, by the way, pays homage to the gold mining because a lot of the thought behind bitcoin was how can we make something even better than gold? It was kind of a belief that the era of the gold standard was the best time period, economically, the fairest time period in the world. So how do we take that but make it better? But in gold. So for instance, in gold, the average inflation rate of gold, meaning how much does supply increase every year, is about 2%. But if the price of gold goes up, obviously gold mining companies say, well, we're going to work overtime. We'll open up mines that maybe were less productive. They'll do sort of things like after they do that for a little while, what happens? The supply increases. As the supply increases, the price corrects back down and vice versa. If gold prices are greatly suppressed, they have to lay people off, shut down mines, and then eventually the gold supply reduces and the price. So there's this natural balancing. Bitcoin is a phenomenal thought exercise because say, well, what if those things are happening but the fly still comes because the 10 minutes doesn't change. The six and a quarter Bitcoin that get released doesn't change. So that's a fascinating. If you multiply that out, by the way, six and a quarter Bitcoin times 10 minutes segments of the day, there's 104 of those, you'll end up with 900. So right now, 900 new Bitcoin get minted every day, which is only ever going to be 21 million. So what happens well, every four years, approximately, there's what's called a halving. And that reward cuts in half, as you probably can guess, and you half six and a quarter and you get 3.125. And then you half that. You have half that. Then you'll find a few decades down the road that there's not much left. Right.

And when. Just to review, Bob, what's the date that we're going to hit the end of the 21 million?

About 2140.

Yeah, 2140. We probably won't be around. I'm keeping my fingers crossed that well. Yeah, I might get close.

You got a better shot than I do because you've got a little more Runway speaking, but I guess you never know. But here's an interesting thing. So crude terms, the first 90% of all the bitcoin came into circulation in the first decade. The next 9% comes into circulation in the second decade, which we are early stages of the second decade. And the last 1% comes in over the last century. So it's essentially at the end of this time period, then bitcoin doesn't change. We all know there's only ever going to be 21 million, but almost all that is in circulation by the end of this decade. But remember, the fees are still there, so the miners are still incented to do that.

Yeah. So that's a question that I like to pause and ask here. And this is something that I didn't quite understand at first. So the incentive today is for the bitcoin reward. Essentially, I was trying to explain this to my wife. That's when I was trying. If I can explain it to my wife, who's an architect, then I probably understand it. And then she was like, well, what happens when the bitcoin runs out? I said, well, there's fees, so there's still a reward after.

Still a reward.

We'll still call it mining at that point, you think, yes, it's 2140, so.

It will be called mining. The same function occurs. And here's the interesting thing about bitcoin. So interesting data point. I know we like data points for numbers, people. So in 2021, Bitcoin processed more value than either Visa or American Express. If you want to put it into perspective. How big is bitcoin now? That's how big it is. Pretty big.

That's pretty solid.

Pretty big number.

Yeah. And I like your comparison because I've heard it called digital gold. And that's what, in my conversations with my friends and investors that are novices or don't really know about it. And it's like. Well, it's kind of like digital gold and I like that term. And whoever designed it, Satoshi, whether it was an individual or a group. Yeah, that pure genius in my opinion, when it looked.

Yeah, yeah, really was. Because I recently on LinkedIn got drawn into a little bit of a, let's call it a friendly discourse with a gold bug. So a guy who believes that we are going to return to the gold standard and IMF is going to drive this and there'll be a gold backed currency that runs the whole world. There are a lot of people who hold a lot of gold believing that that's going to happen. And I guess it would be up to the public to decide who won the debate. But at the end of the day I said the problem is bitcoin is scarcer. We just talked about what it is. It's easier to transport. By the way, think about if you had a billion dollars of gold.

I'm sorry, is that how much? A million?

A billion doesn't matter. A billion, A million, A billion doesn't matter.

Well, I'd prefer a billion personally, but.

You have a billion in gold and you're sitting there in North Carolina and you need to move it to Albania just for whatever reason.

Yeah, I'm thinking like illegal arms purchase in Albania or something like that. But let's say I'm going to. Yeah. What's the cost to move it?

Right, yeah. So what's the cost to move it? What are the logistics and the difficulty of doing that?

So yeah, you have to guard it, have to move it, have to put it on a ship, move across. It's in the probably 1% range is my guess.

I would say that, I mean we're just swagging it 1 to 2% with a lot of risk. Right. I mean, if the world knows you're moving, some guy in Albania finds out, hey, there's a billion dollars of gold and he might be waiting for you. There's all kinds of things that create. Actually, I'll come back to this in a second. I call that resistance. And by the way, how long does that take? How long does it take you to coordinate that? Several weeks, probably.

Yeah, that's reasonable.

Sure, probably.

So there's time cost.

So I can move a billion dollars of bitcoin to a guy in Albania and it'll be done before this podcast and it'll be for no money. And he will know with 100% certainty at the end that it's Valid because by the way, even when you get the golds to the end of, to the guy in Albania, he's now then got to hire somebody to authenticate it.

Oh yeah, and a billion, that's a lot to authenticate. And yeah, if that concept. So if you just heard that and that concept's formed, you listen to part one of the interview because Bob talks about how that process works and how it's transacted in real time. And it's out there. It's not anonymous. It's anonymous, but it's public.

Yeah. And this, I think obviously your audience here is primarily money oriented people. This is about money. But what I find, because I talk to a lot of people about money is that very people really think about money. What is it, they want it, they know that having it is a good thing, but they don't really know what it is. If you kind of. Sometimes we use this term first principle, sometimes. Let's go back. What is money? Money is a representation primarily of work and work is energy. A monetary system is a system by which you move energy through space and time and things like inflation and taxes and fees. Those are resistance points. So if it moved like water through a pipe, then inflation and taxes and fees would be stealing some of the flow of that water in the papen. If, if you start with a gusher at the beginning and you have a trickle at the end, well, then there's a whole bunch of loss of energy down that pipe. And so bitcoin is designed for that. And monetary systems, financial systems, what happened in Argentina four times, what happened to Rome, all those sorts of things thing where they created too much resistance in their monetary system and it failed ultimately.

Yeah, and that's, I think, I love the way you say that. I was on a podcast late yesterday and we were talking about essentially what money represented. And I said it represents your life like life force, like energy. And it's a store. And we were talking about that and was talking about it in the context of educating my children and how you have to have respect for money. And I think that is interesting. You can take your own energy, you can transfer that into and trade your time and life force for money. And then if we can take that same energy and transmit it to digital, to energy back into bitcoin. It's very fluid. If you think about in that capacity.

And to move it through space and time. We just talked about moving it through space to Albania. If you want to move wealth to a grandchild that maybe in your case isn't even born yet. Bitcoin's already thought about that. Bitcoin, how does it do that with the least amount of resistance? I promise you, the fiat system, they thought it all right, and they thought about, oh, yeah, stopping you blind trying to do that.

I just finished up with our attorney going over our estate plan last week, and I'll tell you what, the government's thought about all the different pieces and chunks, and it's, It's. It's very inefficient to go from generation to generation, that's for sure.

Yeah. So you know that because I think. I mean, we were a little off where you wanted to go with this, Chris. But I. I think understanding that bitcoin, it's not like a stock. It's not like it is a monetary system. It's a network, it's a protocol, and it is money. And there's nothing like that. You can't think, well, okay, I understand real estate, or I understand equities, and bitcoin's just like this, or. No, it's not that way. It's radically, radically different.

I think that's what's really kind of intrigued me as I've gone through the process of learning about this is exactly that. It's thought through in the fact of it's a store of value. So I guess that you said we weren't going where I wanted to go, but actually you went exactly where I wanted to go on this, Bob, because I wanted to talk about the concept, because there's a lot of people are trading cryptocurrencies. I have conversations with friends, and it comes up, they're like, oh, I'm trading this crypto and that one, and you should look into this. I made 50% here. Whereas what I found in the bitcoin community, it's a slightly different conversation. You do have traders out there, but the larger conversation that I found is that it's people that are buying and accumulating bitcoin, much like the gold bugs that you refer to that would buy and accumulate gold. I know people. We give silver coins or gold coins as presence in the family. So maybe you could talk a little bit about how bitcoin is different in that respect to other cryptocurrencies. And as an investor, in your opinion, how would one think about this in terms of a fit in their portfolio? Again, in your opinion?

Sure. Okay, so there's bitcoin, and then there's about 10,000 other cryptocurrencies. And there is, in my mind, a pretty radical distinction between them, even though they tend to get lumped together. So I Even in my terminology, when I say bitcoin, I mean bitcoin. I don't mean anything else. And if I say crypto, I mean everything else, don't mean bitcoin. And I think that's the vernacular I wish everybody would adopt. And why is that? Bitcoin is not an experiment. Bitcoin has a very specific goal and objective we've talked about. I think a large part what that goal and objective is. It's proven to do what it says that what its intended purpose is. It said that it could do that, and that is to fix money, to remove government control from money. And it is the only cryptocurrency. So it's the. The only one that is truly decentralized. So if you go out, people go out and they start looking at Ethereum and polkadot and this one and that one. What you're going to read about almost every single one is that they claim to be centralized. But what I would tell you is now go see. Well, what website are you on reading about this cryptocurrency? Is there a CEO of that company? Is there a centralized server that runs that cryptocurrency? Is there a committee or governance group that decides if the money supply expands and contracts? Well, those are all centralization.

Let's take Facebook's. Is lira. Is that right? Or. I'm sorry, not lira.

Well, Libra, they're kind of. I think they're wandering aimlessly now, but.

But yes, they were calling it Libra, and I think that's a great example. There's someone controlling the process with that.

And it's my belief, and we could probably have a philosophical argument. I don't believe decentralization will ever occur with anything else. Now, that's not all bad. Not everything has to be decentralized. Some things are better centralized. But money decentralized is the way to go. And if the network hadn't grown exactly the way that it did, if the protocol wasn't developed exactly the way that it did, if Satoshi Nakamoto had not disappeared and turned over the. Which is a massively. Satoshi created it. I'm not sure how much we talked about this before. Satoshi has on the order of 900,000 bitcoins. So about 4% of the supply is in a wallet with Satoshi. Never moved a single one. Not a single one. Satoshi's never leveraged or taken advantage of what he did. We'll never know if he will or he won't, but I doubt he will. I think this is a person coming from a philosophical perspective of fixing what he believed to be the biggest problem in the world, which I believe is the biggest problem in the world, which is broken.

We talked deep about that and the roots in war and the Fed and everything. Yeah, right.

And I think he realized one the only this works is to be decentralized and the only way to be centralized is for him to disappear. And so a huge act on his part because this is a guy even at the time he walked away that was already walking away from massive life changing wealth and he did that. 12 it's already worth tens of millions of dollars and he walked from it. So anyway, back to your whole thing of cryptocurrency. So bitcoin fixes money. I just stating my opinion, I don't believe any other cryptocurrency has a chance of being money now. Are there other problems that these companies could solve? Yes. For instance, there's a cryptocurrency called Handshake. And not endorsing it or anything, but I own a tiny amount of it by the way. Tiny amount. But the purpose of it is to rest control of domain services from a central authority. Okay. And so we don't have time for it and probably bore the tears out of people. But basically A website like www.yahoo.com isn't really owned by Yahoo. It's, it's kind of rented by Yahoo. And you know there's, there are organizations that give them control and in the right circumstances, I hear it because then.

We get it, we can start to get into like how Google shut the Internet down for.

Yeah. And so you know, it's, you know, Handshake is a project that I think has some technical merit that attempts to solve one of those problems. If you have the technical aptitude to go in, read the white papers. If they are solving a real problem in the world, which I would say that's one, they have the technical aptitude and the funding and all those sort of things to make it happen. Wonderful. In the old days we would just call that investing in a startup by the way. That's really what you're doing. You, you're so if you are somebody who's used to being an angel investor in technology firms, then investing in cryptocurrency might be right up your alley. If you're not, I'd probably recommend that you stay away. And unless there is somebody you absolutely trust with that because what you're basically Doing is you're trying to figure out if you know, you're trying to figure out what technology company out of a whole host of them is going to emerge and solve these problems.

Yeah, it's like with the Internet revolution you looked at the Internet service providers, you look at, you know, which one of these technologies out of you know, 100 then 10, then 5 is going to ultimately win. And it's tremendously asymmetric proposition, right?

Yeah, yeah. Whether it's a music service provider or you know, why did Amazon win and pets.com lose or yeah, MySpace law. I mean, you know, so if you want to take those kind of flyers and I'm not telling you whether it's good or bad, but just know that if you. Another thing you can do is go look at, that's easy, Google, go look at the top 10 currencies by year for the last decade and what you'll see is every single year for one by a monster is Bitcoin 2 through 9 through 10, excuse me, change every year. And if you go back seven or eight years, I'm not sure anything in the top 10 from seven or eight years ago still in the top 10. So even three or four years you're going to only get a couple like these things flame out at amazing dates and the Shibu inus and I don't know, the dogecoins and all those that have the thousand extra turns and then they have the, the 800x correction back down and they're just people gambling frankly. And that bothers me I think because those same people could take an investment in bitcoin. And you asked about this too. So bitcoin people don't look at it the same way. Most people in bitcoin don't even look at it as buying bit, they look at it as selling dollars. What they are saying is hey, I want to place a bet in an alternative monetary system in the future. So I'm going to take some of my wealth that's currently value in this fiat monetary system, the current financial establishment system. I'm going to move it into this new system over time. Yes, I absolutely expect the exchange rate between the two systems. Just like the exchange rate if you Japan as exchange rate to change. But I really don't want to then sell my bitcoin, buy back dollars because if I buy back dollars, what am I going to put it in that's better than where I just moved it? Now this is where people will probably think I'm crazy. I want to be really explicit that's right. I'm giving my opinion. But as we sit here today, bitcoin priced in dollars is just under. It peaked in the high 60s earlier this year. To me that's completely irrelevant. Doesn't matter because I believe at the end of the decade that bitcoin will be priced as a seven figure number in 20, $22. I can't even predict what it'll be in 20, $30 because I don't know what a dollar means in 20, 30.

Yeah, you asked a great question on the first episode. What would it mean if I was going to have $100 million 10 years from now? So many variables.

Yeah. And there's a bunch of reasons why I say that. One is we talked a little about El Salvador, I think, but bitcoin is now becoming the legal tender of countries. It is already in El Salvador. Go pull the headlines. There is legislation in place in Wyoming, Arizona and Texas already for states to make it legal tender. I can tell you without being specifically that I have been consulted by two other states to help with them in trying to draft similar from politicians within those states to draft other legislation. So we may not see the government make it legal tender, but you may see there's this whole states rights thing which we don't want to go that rabbit hole. But the states are starting to.

I do, I do, but we don't have time.

Yeah, states are starting to.

That's like part four of the series here, Bob. So.

Yeah, okay. So you know what you see though is if, if that's happening and you know, El Salvador, there's a, there's a nice little phrase. As you know, I worked some with them on their transition. So why, why is that important to El Salvador?

Yeah, let's talk, let's talk about that. This is great.

So here's one first. El Salvador back in the 80s was a, was a bad place. Civil war, it was a mess and their currency failed in that time period. As they came out of that, they said, you know what, they made a smart move which was we're not even try. We're just going to go to a dollar based economy. Okay, fine. Now it turns out that El Salvador has a population of diaspora. Diaspora are, you know, citizens living overseas, working that's as large as the local population. There's about six and a half million people there. Yeah, there's about six million, most in the United States. And those people have over the last several decades been more prosperous. Of course, people in El Salvador and they send money back. That money that goes back represents 25% of the GDP of the whole country. It's a phenomenal number.

Yeah, that's incredible.

One of every four dollars in their economy came because somebody here did some work and they moved it. Now they had two things going on. Okay, they're a poor country, they're working their way out of debt. The IMF has been brutal to them. And again, rabbit hole we probably don't have time for, but just say the International Monetary Fund is set up to typically help second and third world countries finance their debt and help bring them out. The history of the IMF is like 7 old now. Not a single country they've helped has ever gotten out from under them, though.

It's not a great track record.

It's a horrible track record. And what they do is they just lock them into these loans and they can never get out. And so El Salvador said, screw that, we got to get away from that, number one. Number two, we do a whole lot of dollars in our treasury and the US is over here. They have billions of dollars in their terms, the US is over here and they're printing money and they're dropping helicopter money to people in the US and they're fighting Covid and they're doing this well. How much of that helps El Salvador?

None hurts them.

The inflation that results from the printing of the money kills their treasury. So if they're sitting on a billion dollars and we're sitting at inflation at 14%, which is the real number, that means they're losing $140 million a year sitting on cash. So they need to away from that. Second reason, third reason, we'll go back to the diaspora. 25% of the GDP is being sent into the country. It came into the country through one of two mechanisms, bank wires or Western Union. Most of it through Western Union and most of it $200, $300 at a time. The people in El Salvador at the back end of those transactions were, in the best case, getting 90% of the money. In other words, if I had family members and I sent them 500, they're getting 450. And Western Union is taking all this money. Additionally, the Western Union offices. More people were robbed outside of the Western Union offices than anything else because.

Oh, wow. Well, that makes. Was it binary?

Where's the money?

Right, where's the money? No, no, no. Who's that? Who said that?

Oh, the bank robber. Yeah, yeah, famous quote from the bank robber. So why did you.

Why do you rob banks? That's where the money is that's where the money is.

Yeah. So they were doing that. So they made the switch to Bitcoin. One, to say screw you to the IMF, two, to stop the melting iceberg of their treasury. And three and three, think about this. 10% of the money that got sent overseas was absorbed by Western Union. 10% of 25% is 2.5%. If they could cut Western Union out, the GDP of an entire country lists by 2.5%. That's a big number. That's a big number. That's more growth in GDP than we in our economy. And kudos to Chris, who identified the robber. We were trying as Willie Sutton.

I have to. For the audience. Somebody's out there saying, it's Willie Sutton coming through the universe. No, it's phenomenal. And I know you had a part. You had a part as you went through that or help them go through that process, Bob. And just the economic opportunities for the citizens, the country as a whole. And then if you multiply that across the world, I think as Americans, we're a lot of times insulated from these issues.

Yeah, we are. And it's hard a lot of times. When I speak, one of the first things I'll do you and I have done this, so you might remember, But I'll say, what. What country do you think has the highest usage of cryptocurrency? The answer is Nigeria right now. I'm sure in the next survey it'll be El Salvador, but previously it was Nigeria. And other countries at the top of the list are countries like Turkey, Vietnam, the Philippines, places like that. Well, what's the common denominator of those countries? You have countries that are relatively poor, relatively unstable politically, relatively unstable economically. And so these people go, hey, I can't have faith in the traditional system. I'm jumping on board here. And people here, probably even a lot of people listening to your podcast, they probably have some level of affluence. The system, they've done okay in the current system. Now, they may have been robbed blind by the system, but they still did okay. So I think that's the question is, would you have done better? But the other thing is there's a whole other people who didn't get a chance to play because there's a couple billion people in the world who can't even get a bank account.

Yeah. And that's the thing that's so powerful. If you look at Bitcoin, if you look at it as an opportunity to trade, if you look at it, digital gold as we've been talking about. But then you look at it as more than that of a stabilizer, as an opportunity for countries and the individuals in those countries to relieve some of this unrest and open up economic doors that we take for granted in the United States. I think that's what's really, really fascinating to me. Bob, I know this is really important to you and what you're doing. I'd love for you to share again a little bit more before we wrap up about Barefoot Mining, what your company is doing to participate in this and the best way for people to keep up with you as you know, as you share information, articles.

Great. Thank you. Yeah. So my main thrust is through a company called Barefoot Mining. You can find us@barefootmining.com what we do is we like to develop small to medium sized mining sites. We especially like to do it what I call stranded energy, which may be some sort of renewable, typically hydro, wind, solar, natural gas things, and go directly to the source of the power and put a bitcoin mining facility right adjacent to wherever the power source is. We do things in traditional ways as well, just plugging computers into the wall, essentially. But regardless, our emphasis is on small and medium sized. We do frequently work with investors. So as we're bringing a new site up, one of the things that may shock people is that the traditional banking industry doesn't like my company or my industry very much. So we generally don't get a lot of cooperation from them. When we loans, we traditionally bring in investors to work with us to do that. And we just, as Chris knows, we closed around on a new site about a month ago and we're working on a couple more that become available here shortly. So those of you who may have interest in that, feel free to reach out to us through the website. I can also be reached on Twitter @BoomerBTC and that there's some significance to that name because I think the bit community kind of looks traditionally at the older folks, including the boomers like me, as the people that own the system.

That ruined it for them.

And so I use that name, I get some jabs of it. But I'm trying to let the younger generations know that I get it, that some of those are a little more seasoned. Get it. And we're fighting for them. And I'm fighting for my kids, I'm fighting for my grandkids, fighting for people in other areas of the world. And so we've had a really good run financially. Those of us in the mining industry have had a really good four or five year run. I believe it'll continue to be good for several years, maybe even decades ahead. We've done well financially, but I also think we're working and providing stability and infrastructure to something that fixes what I believe is the biggest problem in the world too. If you decide to get involved, whether that's with us or independently or there's a lot of different ways to invest in mining in bitcoin, you're more than just looking at numbers on a spreadsheet and some sort of return on your investment. You're doing something much bigger.

Yeah. No. And for that reason, Bob, for the reasons you're doing it, your door's always open to come back on the show, and we certainly hope you do. It's been a pleasure expanding this conversation again for part two. And so barefootmining.com, we're going to have that in the show notes along with all the other information to get a hold of Bob again. If you haven't yet, go back, listen to part one with Bob Burnett. String them back to back together. You'll learn a tremendous amount about bitcoin today. Bob, thanks again for being with us.

Thank you, Chris.

Hey Chris, here again. I hope you found this episode valuable. Now I have one more thing to gift you. We have a page for my coaching clients where you can get a free copy of my book as well as much more from previous guests on the show. Just check out nextlevelincome.com coaching to get a free copy of my book, audiobook and much more. I'll send you a copy of my book and cover all the shipping costs as a thank you for listening to the podcast. Also, please like share and take just 90 seconds to give us a rating on Apple Podcasts.