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In this short clip, Patrick Bet-David, Michael Saylor and Adam Sosnick talk about the absence of high-rolling crypto entrepreneurs in nightclubs.
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You were talking about the nightclubs Miami if you want to thank God I want What's going on with my story there well We both live in Miami so this is a story That's near and dear in my heart but Obviously FTX sponsored the Miami Heat Arena formerly known as American Airlines love it but you know there's a Story out there in the financial times That here it is Miami nightclubs mourn The absence of High rolling crypto Entrepreneurs so they started Interviewing Um people I know friends of mine who run Groot Hospitality Dave grotman's um Nightlife Place and then also the everyone over at 11 right and I think the Gina lopinto is Who runs 11 he says last year's six Million dollars was spent in crypto this Year it's down to 10K so the Ripple Effects is what you're asking wait wait You got to say that slower yes 11 Started accepting payments in crypto in April of 2021 the club processed more Than six million dollars of transaction In 2021 but in the past three months the Club is only processed less than ten Thousand right holy moly so Michael you Got to go up a lot of money enough Lately two two thoughts right first of All he bought everybody And how to okay and and let me just make A stark observation
He counterfeited 10 billion dollars in One year If you could counterfeit if you know if You created 10 it's look you have a 300 Million ftt tokens move the price 30 Bucks do the math Right thirty dollars on a token when you Give yourself 300 million of them is 10 Billion and that's just one token so if You fall off the turnip truck and you Find that you can generate 10 billion Dollars in a year what do you do you go By everybody you buy every influencer You buy every politician you buy every Celebrity you buy the stadium you buy All of Albany you buy the government you Buy the everything that's for sale Right it's hard to find a crypto Influencer that didn't take FTX money But he hired everybody go as fast as you Can how much can you spend a billion in A year two billion a year they thought They had found the Fountain of money Right there is nothing more lucrative Than a license to print money this is Why the Bitcoin Maximus just get so Angry right they declare war on the Coiners and coinery the idea that You can just create your own token sell It to the general public and manipulate The price of it and dump it on but but Here's where the poor Bitcoin has never Figured out their view is they're Creating a coin and dumping it on
Retail but again Sam's Twist on it was No I'm not going to dump it on retail I'm driving into the sky I'm never gonna Sell it I'm going to use it to buy other Banks and then I'm going to drain the Assets out of the bank by giving myself An under the table loan it's so much More diabolical than just dumping a Coin on unsuspect acting retail Traders So yeah he did it he you know and he Invited that scrutiny and and uh it was Inevitable he reminds me of one other Person by the way if you if you want to Know the antecedent ten years before Sam Bankman freed came along yeah who's that Jolo Cholo cholo uh if you talk to these same Club guys Not JLo Jolo how do you spell that yeah A billion dollar whale I I guess was uh Like Jolo Set I'll check out one MDB Scandal one MDB Jolo how do you spell Jolo Michael J-o-l-o just like Jolo okay so here's What Malaysia yeah who this is what Happened 27 year old guy Comes all of a sudden hooks up in a Relationship with the prime minister of Malaysia convinces the Prime Minister That they should set up a sovereign Wealth fund and they're going to raise Money and invest it for the good of the Malaysian people was the Malaysian uh
President a male or female male so They're gay lovers no no it was najib uh He it's all Resident was the Prime Minister and najib was in cahoots with Cholo uh and uh Jolo ended up raising 14 Billion dollars and the way he raised it Was he he sold fraudulent bonds They took the money and of course none Of the money found its way to the Malaysian people Jolo just took it and Stole it and spent it at 1.700 million Was wired into the prime minister's Personal account 50 million dollars Worth of diamonds and shoes got bought By the Prime Minister for for his wife On a weekend The Wolf of Wall Street the Entire movie was financed by Jolo Right there there he is at The Wolf of Wall Street Premiere it looks like it's Very famous the great get out of here Okay that entire movie cost more than 100 million bucks it was paid for with Money stolen from the Malaysian people Cholo wanted to be a movie star cholo Cholo dated starlets he uh he bought Multi-hundred million dollar yachts he Would spend five million dollars a night In clubs he would come down here to the Miami nightclubs I wish I ran into him Yeah and uh Jolo J-h-o-l-o-w two words Joe Lowe and Here's the point the guy would he would Walk in a nightclub and he would spend Uh
Four million dollars he would buy a Hundred two thousand dollar bottles of Champagne like that spray it over here By a hundred dollar hundred more of them And people said how can this guy spend a Million a night or two million a night Or the like And the answer is she stole the money Yeah he stole billions and billions of Dollars and he spent it like he stole it If you made 20 billion dollars you Wouldn't spend money like that right any Event he's a fugitive internationally But he but before Um Sam came along and the entire crypto Thing blew up it was this massive Sovereign wealth Scandal and uh and There are lots of colorful stories yeah You bring up such a good point with this Wasteful spending because anybody that Legitimately makes money knows how hard It is to make money Kevin O'Leary talks About if I forget to claim my air miles Like I'll go back and call the airlines Because I know what it takes to get the Amount of money to do this but these People that fraudulently just come up With money they'll gladly Make It Rain Millions of dollars because it's it's Fake it just came too fast yeah too fast So what all the craziness taking place I Believe future looks right if you Believe future looks bright get your
Latest Future looks bright hat of Valuetainment it says future looks right Here future looks bright here we got Them in white we got them in Black we Got them in red our black on black sold Out these are about to sell out if you Haven't ordered one yet we had a person In Michigan but one then he bought three Then when those three people weren't in The office they had to order 58 of them Because people wanted the future looks Bright hat especially during times like This because ain't nobody's saying Future looks spread toward your future Looks bright hat click over here and to Watch the entire podcast click here take Care everybody [Music]
