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DAN MOREHEAD Yeah so I think the reasonIm excited about Bitcoin is when you have a disruptive technology they call it a categorykiller Bitcoins a serial killer Its going to go through 40 or 50 differentindustries well storage cross border money movement property titles voting rightsidentity Those are all the biggest use cases on earth DAN TAPIERO Good afternoon everybody Im Dan Tapiero of DTAP Capital GBI GoldBullion International Today Im happy to be here with an old friendone of the few guys with a strong macro background who is in the Bitcoin world Dan Moreheadand I have to say weve known each other probably 20 years so this might be a little lightheartedchat as well Now Dan was the first traditional macro fundmanager to identify the Bitcoin opportunity Just so the audience understands what thatmeans is that the macro world that were in is filled with some of the greatest investorsof all time George Soros Julian Robertson who we both worked for and Dan was the solemanager in this space to identify it and execute on it in that world Of course others followed Some of our contemporaries as well I think generally as a macro guy and lookingout at the Bitcoin world Dan is one of the guys on the Mount Olympus I know I said that the other day and you chuckleda little bit but from our perspective the guys who saw the opportunity but didnt executeand transact on it Dan really lead the way With great pleasure I introduced Dan Morehead Dan DAN MOREHEAD Its great to be here Thanks DAN TAPIERO Yeah Why dont we just talk about that initialmoment Theres a lot of-- youve done a few interviewsand Ive watched them and I dont want to go over the same stuff like what was yourBitcoin moment but in a way having your macro background what in that allowed youto see that Bitcoin was a great opportunity DAN MOREHEAD Yeah In macro were always traveling around theworld looking for asymmetric opportunities You put 1 in you might be able to make fiveor 10 but you can only risk one There are a few those that come along Every three four years theres somethinglike Russian privatization or Argentine farmland or Tesla Motors Theres a trade like that that comes up Thats been a fun experiences Tiger and my career before that looking aroundfor those things and then in 2011 my brother introduced me to Bitcoin It took a while to get my head around it There was only a few things on the white paperand Wikipedia was like a half a page I thought oh yeah thats really great idea I hope it happens but didnt really do muchabout it The funny bit is that was back when they weregiving away free Bitcoins Gavin Andreessen who was the chief scientistof Bitcoin had a thing called the Bitcoin Faucet and all you had to do is log in andget free bitcoins thats how fuzzy that thing was Then in 2013 Pete Berger of Fortress andMike Novogratz who Id worked with and gone to school with called and said hey werestarting to think about Bitcoin you want to have a coffee and talk about it After about an hour my...
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