I think long term I think money disappears as a concept. Honestly, it's kind of strange. But in a

future where anyone can have anything, I think you're no longer need money as a database for

labor allocation. If AI and robotics are big enough to satisfy all human needs, then money is

no longer. Its relevance declines dramatically. I'm not sure we will have it. So what he's saying is

in the future there will really be no cash per se, or no monetary system. However, we will have a

store of value. Surely what's interesting on that level is Elon is talking about no monetary system.

We could have anything you possibly want. I wonder, does it actually mean. Hey guys, welcome to this

episode of Crypto Collective. I'm going to be jumping into reactions today, and I've been told

on the down low that this episode is going to be around the future of money. All right, let's jump

into it. You have a $50 bill, and I give it to the barber for my haircut, and then he

goes and buys groceries with it from the grocer, and the grocer goes and gets his car wash to $50,

goes from place to place, and after 20 or 30 transactions, the $50 bill belongs to somebody and

it's worth $50. Whereas if I pay by card, 1.5% goes to the bank. And then if he takes the

money I've given him and pays for the groceries, 1.5% goes to the bank. And after the groceries

have been paid for when he goes get his car wash, 1.5% goes to the bank. So after 20 or 30

transactions, the $50 has gone. The bank has it all. I think that's why they're so desperate to get

rid of cash. The banks love it. CBDCs are the next level because most of the money is completely

digital. Then they control everything you do with it. They control where it goes, but they can also

control how and when it can be spent. Imagine some terrible future dystopian

society where your money arrives and they say you can only be spent on food, or it can only be spent

on vegetables because you've had too much meat this week, or you can't buy transport to a

particular area because there's resistance to government oppression in that area. So your money

won't work for trains right now, because nobody can go down there because we don't want everyone

in a large group. We want everyone at home in their pods And they can track everywhere it goes,

and they can also track how it's spent. They control how it's spent. They put a time limit on

it. They have an hour to spend this money. It's scary. This is scary. Andrew Tate is talking about

what could happen in the future. We've seen this now rolling out all through China. It's got

programable money. Even the UK is talking about this exact dystopian type of monetary

system. But what's interesting is, on the other hand, in Australia, we've got Jim Chalmers only a

few days ago said they're mandating cash. And I thought I didn't see that coming. I thought they

were definitely going to say, we're going to roll back cash because you can't even get cash out of

the bank. In fact, maybe that's the play they're saying that you can actually get. We want to

mandate cash, but you can't actually get cash out of the bank, you see. And then ultimately it'll

just become CBDCs. They're slowly working on it behind the scenes, and it'll be all programable

money. Because we know the Labor Party loves control. They're socialists at heart, I think long

term I think money disappears as a concept. Honestly, it's kind of strange. But in a future

where anyone can have anything, I think you no longer need money as a database for labor

allocation. If AI and robotics are big enough to satisfy all human needs, then money is no longer.

Its relevance declines dramatically. I'm not sure we will have it. The best sort of imagining of

this future that I've read is from Iain Banks The Culture Books. So I recommend people read the

culture books in the sort of far future of the culture books. They don't have money either, and

everyone can pretty much have whatever they want. There are still some fundamental currencies, if

you will, that are physics based. Energy is the real is the true currency. This is why I said

Bitcoin is based on energy. You can't legislate energy. You can't just pass a law and suddenly

have a lot of energy. It's very difficult to generate energy, especially to harness energy and

a useful way to do useful work. That's really interesting. So what he's saying is in the future,

there will really be no cash per se, or no monetary system. However, we will have a store of

value. Surely what's interesting on that level is Elon's talking about no monetary system where you

could have anything you possibly want. I wonder, does it actually mean anything? Can we just go and

say, well, we want a Lamborghini and we want, you know, a brand new house anytime we want. What I do

know is that the governments, I believe, will slowly start moving towards a universal basic

income. What I think will happen, it'll be the haves and the have nots. The haves own the Bitcoin

and the have nots do not own the Bitcoin. But do you want to be in the position where you're

reliant on the government under a universal basic income? I know I wouldn't even if it said you can

have whatever you want. I guarantee you that's not going to be the case. It will be. You can have

whatever you want within your universal basic income, but it'll be sold to us as you don't have

to work anymore. You can just sit back and relax and we'll all become absolute zombies. And that's

not the world that I want to live in. Hey, just quickly, if you're ready to dive deeper into

crypto and Bitcoin and build real wealth. Join my free crypto collective community. It's where I

share exclusive insights and strategies and live discussions to help you succeed, whether you're a

beginner or scaling your portfolio. Click on the link in the description and join us today. Now

back to the episode. I've actually lived like this before. This is

what it is actually like living paycheck to paycheck. In fact, during my many, many years of

living, there was a period of time where I didn't even have this luxury of living paycheck to

paycheck. I was living from credit card to credit card. Then I had to make some pretty drastic

decisions in my life. I had to start thinking about investing in myself, and that's exactly what

I did. I spent money that I didn't even have invested in myself, which ultimately worked out

quite well. I then became a multi-millionaire, and I don't have to now worry about living from

credit card to credit card, or what many people do now is they live paycheck to paycheck. But I want

to give some words of wisdom from myself who've now got out of that paycheck to paycheck system.

And that is invest in yourself. Learn a skill might be learn how to invest.

Certainly fundamentally, I believe learn how to stack Bitcoin. I'm going to buy some strawberries

and I'm offering exactly the right amount of money here. I've actually seen this one. So you

people take that money 1.90 pound and I will take my strawberries

outside. You want to call the police? You can take all the pieces and get away. You can't take it.

They just put the money on the counter, and the shop owners say you can't take them. You can't

take the merchandise. The strawberries break the law. I paid by legal, obviously, just

trying to prove a point. And this has happened in Australia too. A

friend of mine went to a place legal tender. They wouldn't accept cash, this dystopian claim. Is this

going to be what it's like in the future? Ironically, the treasurer, Jim Chalmers, just

mandated in the past couple of weeks that shops have to accept cash. Right. We

have to accept cash, which is interesting because obviously places in the UK they choose not to

accept the cash. But let me know in the comments. Should we keep cash or should we just do away

with it because most people don't even use cash? Really. We all like to use our tap and go.

Ultimately, the question isn't going to be whether you're going to pay with cash or card, because

what will happen in the future will all move to the Bitcoin standard. Everyone will be paying with

Bitcoin. And that's what I think the important thing to understand about central bank digital

currency in an all digital financial system is it's it's not a currency, it's a

control grid. Now, the process to implement central currency around the world is being

overseen by the Bank of International Settlements in Basel, Switzerland. The BIS, the Bank of

International Settlements is owned by its members. The New York Fed and the fed are both. The Board

of Governors are both shareholders in the BIS. 63 of the top central banks are in the BIS, and they

are running a process with a major partnership with the Federal Reserve to implement CBDCs in

their prototyping around the world. In 2020 October 2020, there was a panel at the IMF,

IMF on cross-border payments. Jay Powell, chairman of the Federal Reserve, is there. Augustine Carson

was there. And Augustine Carson said the following. Our analysis on CBDC, in

particular for the use of general to the general use, we tend to establish the

equivalence with cash. And there is a huge difference there. For example, in

cash, we don't know, for example, who's using a $100 bill today. We don't know who is using the

$1,000 bill today. A key difference with the CBDC is that

central bank will have absolute control on the rules and regulations that will

determine the use of that expression of central bank liability. And also it says

it all that this total CBDC rollout is all about digital control.

And that's why you need to break out of the old Fiat and the soon to be coming

central bank digital currency system. You need to get out of that system and move to the

decentralized system. And the only system that currently exists is the Bitcoin standard, right?

That's what you need to be doing right now. And stacking as much Bitcoin as you possibly can. Now

don't take my advice. Don't think about what I'm talking about. If you want to stay in the old

system of the of the debased fiat system. Sure. Stay in that and then you'll happily then move

over to the central bank digital currencies, where you're going to be completely controlled within

your little mini city of what you can and can't do, how much groceries you can buy, how much steak

you can buy, how much fuel you can buy. Right. It'll all be tracked and you'll be the one who will be

suffering under that system. Okay, guys, that's it for this episode. That was all about the future

monetary system. Tell me what you think. Would you want to. Three options. Stay in the current

debased, inflated fiat system, move to a central bank digital currency and be completely

controlled. Or move to a Bitcoin standard where it's completely decentralized and you have

full control? Let me know in the comments. All right. Take care. Hey, thanks for tuning into Crypto

Collective. If you enjoyed this video, the best way to show your support is to subscribe to the

channel. Or if you're listening on Spotify, leave a five star review. It really helps me to create

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find more of me at. I'm Matthew Fraser on all social media platforms. Take care.