RADIOApril 19, 2024

Bitcoin Halving EXPLAINED: Will This One Be DIFFERENT?

The Bitcoin halving is here, but what is this event and will it be different from previous ones? Glenn and Stu explain what a Bitcoin halving is, what usually happens, and why some believe there won’t be a spike in Bitcoin value this time around. But are they right? Or is it still a good time to buy?

Transcript

Below is a rush transcript that may contain errors

GLENN: Hey, today is Bitcoin. What they call the havoc. Right?

STU: Happy havoc day, to those who celebrate. Yes. Ten hours away from now, it looks like.

GLENN: It sounds like something that would maybe happen, in -- what was that?

That film happened in Norway. It was like that summer festival.

It's like the halving, and they're all gathered in some beautiful place.

STU: Yes. What was that movie?

What was that? It was very -- it was one I wouldn't watch.

GLENN: It was creepy.

It could have been called the Halving.

Or, you know, When Magic Goes Bad. David Copperfield stars in the Halving. Now, I have to cut this woman in half. And he can't put her back. Maybe I don't --

STU: That would be a good plot. That's not what the halving is for Bitcoin though.

GLENN: Yeah.

STU: And you've seen the price go up. There's been various reasons for that over the past year.

The ETFs. Meaning a lot of money is flowing into Bitcoin for the first time, really. That is a big catalyst of it.

The other is the halving, which happens, what? Every four years.

You don't know exactly what will happen. As they get closer and closer, they can specify.

And it will be today, at some point. About ten hours from now.

GLENN: And what does it mean exactly?

STU: Basically, when Bitcoin started. You have to have miners with, who are going to mine the Bitcoin to kind of bring it into availability for everybody.

GLENN: And you knew this would involve minors.

STU: No, it's not like Jeffrey Epstein. Think of a coal miner, except digitally.

GLENN: Different kind of miner. Okay. All right. What are they wearing? Are they wearing pants?

STU: That's not important. That's not important. By the way, Bitcoin miners know they're not wearing pants. They're in their underwear in their mother's basement. At least that's how it started. It was people in their underwear in their mom's basement, basically. And they were mining tons and tons of Bitcoin.

Now, remember, Bitcoin, there will only ever be 21 million of them. They are sort of -- think of them being mined. They are slowly mined, this time, I think we've mined, 2140. I don't know. It's a long way. But the basic idea with the halving, is every four years the reward for the miners gets cut in half. So the reason that's important, is the supply shrinks.

So maybe, you go back years and years and years. There's tons and tons of Bitcoin going on. Getting mined every single day.

Now, that number gets cut in half.

It was like each block, which is about every ten minutes.

Each one of those, it was six Bitcoin. Were freed into the world.

Like released into the world.

Now it's like three. It shrinks every four years. 1.75. 1.5. Or 1.25. It's not exact numbers.

GLENN: Until it gets to zero and there's no more Bitcoin left.

STU: And that's at 21 million Bitcoin. So you are now at -- I think it's six to three, roughly, in this particular halving. And the other part about the halving that has been important to note, is every time, there has been one, over the next six months, there has been a massive increase in the prophesy Bitcoin. Now, will this happen this time? No one knows. Past performance is not indicative of future results, we all know the disclaimer.

GLENN: We really do know that disclaimer. You may not know that disclaimer, but we do.
STU: Yes. Very true.

GLENN: The views of Stu are not necessarily those of the host.

STU: This is not financial advice.

Past performance is not indicative of future results. We don't know. We have also had a very large rise over the past year. So some people theorized, it's already built in.

Right?

This time, the rise we've already had, is basically part of what the halving would bring. However, when you look at the charts over the past three or four or five halvings. We've had massive increases. All those times, where all of a sudden, everyone around you, was talking about Bitcoin. Almost all those periods happened between six months.

Three to nine months after a halving.

GLENN: After. Not before.

STU: Well, you've seen some rises before. Generally, speaking, the real pop has happened after.

GLENN: This has been a real pop. This brought us back to where it was.

STU: There's a reason to believe, there's more here. Again, the last one was in 2020. Do you remember the 2021 phenomenon?

Then you had a drop back down. We are now down back to where we were, 2021.

GLENN: Making a case that somebody should buy, just a fraction of Bitcoin.

STU: Okay.

GLENN: I mean, you know, when it first started, and everybody was on board. Everybody was buying Bitcoin.

Because it was like, I have three Bitcoin. You know.

STU: Yep.

GLENN: And now, most people cannot afford to buy -- no.

STU: Of course not. Let me put it this way.

Right now, you would say, Bitcoin, $60,000. Basically, it's only for a millionaire.

Someone who wants tons of money, who will throw into a Bitcoin.

You might say only millionaires can afford that.

You might say something like that. Think of it this way, there are 24.5 million millionaires just in the United States.

GLENN: 24.5 million millionaires.

STU: Yes. Right. Right now, there will never be enough Bitcoin for every millionaire in the United States to own one. That doesn't include millionaires around the world. There are already too many millionaires for just millionaires to get one of these things.

GLENN: How much of it do you think is lost? Permanently, forever, lost.

STU: Permanently. Like, for example, we know the Satoshi's account. Which, the guy who invented Bitcoin. We don't know who it is. Group of people. Or if he's dead. I think they're dead. That's my opinion. He has an account with 1 million of it, in it, that's never moved.

So we basically know, unless this guy reveals himself somehow in the future. Which is not likely, that a million of them are lost. We also know, early on, people were mining these things and getting thousands and tens of thousands of them. And just losing -- turning their computer off. And not thinking they were worth anything.

The estimates are that probably something like a third of them are lost forever. So instead of 21 million, maybe it's 14 million. Maybe it's 15 million.

Somewhere in that vicinity. Now that they're valuable, people are not losing them, of course. At least as often. It's still happening every day.

People screw it up. They lose it.

They send it to the wrong account. That stuff still happens. But you're probably talking about, let's say 15 million, that actually will exist.

You have 24.5 millionaires in the United States. In the world, you have about 60 million millionaires. So if you split up all the Bitcoin in the world, just among millionaires, they can only get a quarter of one each.

Now, if you can put some in there. The idea that these things will go down in value.

Over the very long-term. To me, is unlikely.

And part of that is, at the beginning of this, nobody knew. Right?

Like when I first invested in Bitcoin. And I don't have a lot of money in Bitcoin. But when I first started in Bitcoin. My thought was, I'm going to throw some money in this, let's see what happens.

I have absolutely no idea.

My thought was, there's a good chance. I said this to you, at the time. There's a good chance it goes to zero. It was a total gamble. I had no idea.

I liked the concept of money that can't be inflated and printed. Right?

I like that concept. That's why I was interested in it.

But, I mean, how many multi-trillion dollar industries can you remember going to zero?

I mean, is there any example of this?

GLENN: White star line. This has I don't think they were worth trillions. Right?

Enron was a big company, right?

Don't remember it being worth trillions. Bitcoin's market cap is over a trillion dollars.

GLENN: No. I can't see it going to zero. Unless all the central banks in the world say, not --

STU: It's so resistant to that right now. Though.

GLENN: I know.

STU: We're seeing countries open up. And start accepting it. You know, the United States of America, has now accepted Bitcoin ETFs. That's a huge embrace of this technology.

And look, I don't know. I can't tell you, it won't go down in the future. I would be surprised if it never goes down below these levels again. It probably will.

So you might buy today. And at some point, be down.

A lot of people bought in 2021. And thought, oh, my gosh, I've lost all my money.

Except, now pretty much every person who has ever bought Bitcoin in its history, if they held on to it, is either about even or up.

GLENN: Everybody. Even the people who bought at the very peak.

STU: Everybody. Yeah, unless you bought like a couple of months ago, when it hit 69-70 for a couple of days. There's a few people.

But generally speaking, almost no one who has ever purchased this and kept it, has lost money.

And that's that's quite a statement. Again, what other investments can you point to, that has that type of record?

There's almost none. So I don't know. You don't know what the future holds, but man, this is a technology that has proved itself incredibly resilient.

GLENN: I get really pissed at you, every time we talk about this. Every time.

STU: You get pissed at me.

Why are you pissed at me?

GLENN: Yes, I do. I blame you for bad decisions. Blame you.

STU: Why?

GLENN: I was with Marc Andreessen.

STU: Yes.

GLENN: It might have even been a fraction of a cent.

STU: It was before -- well before I bought it. That's for sure.

Because I remember the conversation.

GLENN: Yeah. Yeah. Yeah. Yeah.

And he's going to start some new thing with this new currency.

STU: Yeah. I remember you telling me this, at the time. I fortunately, did not listen.

GLENN: Yeah. Neither did I. Neither did I.

And we could have put hundred dollars in it, at this point.

STU: Oh, my gosh.

$100. Do you know how much that would be worth?

GLENN: It was a fraction of a cent. Wasn't it?

STU: I don't remember if it was that low, but it was really early.

GLENN: It was right as he started the digital wallet.

Coinbase. It was right as he started it.

STU: Gosh. This makes me physically ill.

GLENN: I think he actually told me that before he started it.

Or he may have --

STU: In the middle of making money or whatever.

GLENN: Yeah. He said, do you know anything about Bitcoin. You should invest.

Just take $5,000. And just throw it in this. And I'm like, uh-huh.

And I -- at the time, $5,000 was -- you know.

STU: You would probably be a billionaire.

GLENN: I would be.

STU: I can't imagine how many you would have -- I love this story.

GLENN: Well, look it up. Look it up.

Look up when they opened Coinbase.

And what the price of Bitcoin was. $5,000.

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Ten-second station ID.
(music)

GLENN: So go ahead.

STU: What?

GLENN: Why he didn't you invest in it? You're always -- you're that kind of guy. You know, I just threw some money in it. Why didn't you --

STU: I mean, I think I did. I just didn't do it as early as that.

Again, I wish I had invested more. Then I wouldn't have to be sitting here with you every day. It would be a dream.

GLENN: If I had a time machine, that's the only thing I would change. And for that reason. I would go back in time.

STU: You would make me -- you actually wouldn't mind making me a billionaire, just so I wouldn't have to be here every day?

GLENN: Yeah. Yeah. That's the kind of guy I am.

STU: How about this, I'll it do for 10 mil right now. Get some financing.

So it depends. It's hard to know exactly when you talk to him. The Coinbase started in 2012. Coinbase is a little later, when you're talking a fraction of a cent, so it was about ten bucks in 2020 -- when it actually started selling Bitcoin. When Coinbase began that process, it was about ten bucks.

If you spent $5,000 then, you would have had about 500 Bitcoin, which would be worth $32.5 million. Which would be incredibly nice. However, my remembrance of this story was, it was before -- before that. When it was sort of being dreamt up.

So it could have been.

GLENN: It was one of the first times I've ever heard of Bitcoin. And I think I came back to you. And I said, what is Bitcoin?

And you were like, well, people buy pizzas with it.

STU: This is ridiculous history.

GLENN: That's exactly what he said.
STU: I don't think I knew much of anything. I had heard of it. But I didn't know anything about it at that time -- I definitely was not discouraging you in investing $5,000. That's exactly how you remember it.

GLENN: That's exactly how I remember it, Your Honor.

STU: And one fascinating thing I think that really hasn't fully taken -- taken root yet when it comes to the Bitcoin phenomenon.

GLENN: By the way, hang on just a second. I just have to say something. I said at the time. I said that, on the air too.

STU: Oh, really?

We should go back and find it.

We can probably find it.

GLENN: Marc Andreessen. He's at Bitcoin.

Blah, blah, blah. But Warren Buffett. He says, if you don't understand it, you shouldn't invest in it.

STU: Where did you find that?

GLENN: I wonder if anybody. If anybody did it.

What our earliest time was, when we said. Hey, maybe you should throw some money into it.

I don't know if I will do it. If anybody in the audience. Of course, there was somebody that was in the audience.

They're not now.

STU: Showing, they're billionaires.

GLENN: On a yacht someplace.

STU: I think that's one of the things that's most interesting in a societal sense.

That we had a lot of people. Because the early people into Bitcoin. Not like the people necessarily today.

But the early people into Bitcoin. Were people who generally speaking, were ideologically let's say Libertarian.

Or somewhat close to that.

GLENN: Yes. Correct.

STU: And there are now massive amounts of people, who became insanely wealthy over this process. And continue probably to get even wealthier.

And those people who would have probably been marginalized in society, at some level.

Maybe they would of been successful. But would never have that sort of power.

GLENN: No. They're the losers. Loaners. And creeps.

STU: And we've seen.

I mean, Libertarians, will describe themselves this way.

So we've seen now, that many of these people have made an impact. Right?

We've seen a lot of them. Marc Andreessen. Not necessarily, an ideological Libertarian. A lot of these people have risen.

Two of the richest people in the world. Are the Winklevoss twins. The people who had Facebook stolen from them.

GLENN: I think they're fictional characters.

STU: They may be. They were in a movie once. So I don't know.

GLENN: Sure. Anybody can play them. But I think anybody with Winklevoss as their name. And they're twins. I think it's too magical to be real.

STU: It's hard to believe.

GLENN: It is. It is.

Oh, let's call on the Winklevoss twins.

STU: For everything --

GLENN: Show up. Say their names three times.

Hi, we're here to grant any wish, with our magical Bitcoin.

STU: Right. Consider that they basically had Facebook -- in my opinion, Facebook stolen from them. They wound up getting thrown out.

Got some money for it. Were not insanely wealthy.

Wound up not with one, but two giant revolutions of the world.

They were at the founding of almost -- they invested a fortune in Bitcoin, right after that.

And now were multi-billionaires because of it. It's a weird people that wouldn't have normally been at the top of our society. Are now there. And hopefully, they've kept some of these small government routes, through that process.

And maybe they can Friday the country, in a way --

GLENN: No. No. Because when you get that wealthy. What you do, you know, I can get somebody on the phone.

I can make this happen. I don't want a stop sign here.

And I think we should also kill the poor. I will get both of those done. I will call my council member. And, you know, my master at the WEF.

You know what you know I mean?

You start protecting it, and then that all goes to hell.

STU: Maybe. Who knows?

GLENN: We should do what Star Trek did, and abolish all money. Learn how to live in harmony.

STU: That worked out well for them. They were poor in episode.

What are you talking about?

GLENN: How did they pay for those starships? How ridiculous was that?

The Most SHOCKING Moments of Glenn's White House Visit with Trump

Glenn shares behind-the-scenes stories from his incredible trip to Washington, DC, and the White House. When Glenn sat down for an exclusive interview with President Trump, he didn’t think Trump would also give him a personal tour of the White House, including the Oval Office, his latest troll of Hillary Clinton, and even his personal residence and the Lincoln Bedroom. Glenn describes the historic treasures Trump showed him, like a copy of the Gettysburg Address. But Glenn can’t tell his favorite parts of the day because of an NDA. But he gives a hint: Trump is NOT at all who the media portrays him as.

Transcript

Below is a rush transcript that may contain errors

STU: Welcome back, Glenn. Back from DC.

GLENN: Thank you. Interesting week.

STU: I bet it was.

GLENN: Interesting week.

STU: Yeah.

GLENN: Learned an awful lot. I've got to go up at least a quarter. Every quarter. There is so much going on. It is moving so fast. And you get a -- you get a completely different perspective when you're actually there talking to the people that are moving the pieces. And I had a lot of conversations that I can't divulge on the air.

I can't say, unfortunately -- I was with the president yesterday.

And it was an incredible, absolutely incredible -- and the thing I was most excited to share was his heart. He -- it was amazing.

Did the interview. Went into the Oval Office. And he left me alone with my wife in the Oval Office for like five minutes. Now, I'm like.

He was lucky, I didn't go through the drawers.

You know, I look -- where is that little hidden puzzle piece, that I saw on national archive.

But, I mean, he left us alone for five minutes. Nobody is left alone in the Oval for five minutes.

And he walks in five minutes later. Tania was so uncomfortable. Like, I don't know what to say.

What do I do?

And I'm like, they said, make yourself comfortable.

So have a seat, wherever you want. You know, probably not behind the desk. But have a seat. So we just go around. And I was alone with the Declaration of Independence. I mean, it was incredible in the Oval Office!

STU: Any part of you think, maybe I just kind of put -- fold it up. Put it in my pocket. Nobody notices. None of that?

GLENN: No. Uh-uh.

STU: Darn it.

GLENN: This is the first time I've been in the Oval Office. The first time you're overwhelmed. The first time you're like -- because it's a magical place. It really is a magical place.

STU: Sure.

GLENN: And so he said, he walks in. And he's like, you know, nobody -- I'm like.

STU: He said, what?

GLENN: Nobody sits in here without the president. Or, you know, without somebody else.

STU: Right. Yeah, that's really rare.

GLENN: And I said, I'm aware of that. He said, but I knew you would want to look at everything. So I thought you would be more comfortable if you were here by yourself. Oh, it was fantastic.

So we sit down. We talk. We go do the interview. And while we were talking in the Oval, we were conversing about a few things. And he said, and Abraham Lincoln came up. We were talking -- he is well-versed on the presidents. He is becoming a historian. He really is! He's really done his homework.

And he said, are you a fan of Abraham Lincoln? I said, yeah. And he said, you ever been to the Lincoln bedroom? I said, no. Want to go?

I'm like, wait. Of course I do. Yes. Let's do this interview.

So we do the interview. And he -- I'm told, he only has 40 minutes. Now we've just eaten ten.

And so we go. We do the interview. And his aides are cutting us off. And I'm like, I've got at least ten more minutes of questions.

And so we're getting cut off. And as we stop. His aide says, sir, the National Security Council is waiting for you.

And he says, right. I'm going to take them to the Lincoln bedroom first.

And they're like, the security counsel is meeting right now. They're waiting for you.

He said, let them wait. I'm going to take -- so he takes us, the longest way possible. He takes us through the entire White House, room by room.

Shows us all of the meanings behind things. All of the amazing, amazing -- like nobody knows about the White House. Takes us to the -- takes us to the basement, which is not really the basement. You know, it's the actual first floor where all of the guests come in. And they come up the grand staircase and everything else.

But it's the basement. And he's walking through. And he's showing me a troll, first of all.

I have to show you these paintings. I just see this painting of Laura Bush. And Laura Bush and Hillary Clinton. Up on a wall. He said, I walk by them every day.

And I say, this is not right. And he said, and then I got this painting of me. And, you know, it's me, with the flag face. Looking kind of tough.

And he said, I thought I put them between the two. And it had just gone viral. Just released a picture of him. And just gone viral.

It was a troll. The guy is just trolling. And he said, yeah. Don't you love it?

I just think it works. This trio really works. And I said, can I get a snap of them?

So we did this picture, the two of us, you know, on the ground floor of the White House. The tour goes by this every day.

Okay?

And all of a sudden, this thing goes viral. And they start -- memes start to be made, with J.D. Vance. In the pictures, they change -- people just started changing all the pictures behind us.

This is a meme before -- you know, going off before we finished.

And then he takes us upstairs. Takes us through all these things.

And the -- the aides keep gathering. There's like 20 of them now, following us. And I keep hearing, sir, the national security is waiting. He's like, I know. I know.

And so we got up to the executive residence. And the reason why he had to give us -- the reason why he had to do this tour, is because you're not allowed in the residence. And you're not allowed into the Lincoln bedroom, without the president of the United States.

It's the only one that can do it.

Melania cannot come down and do the tour.

It has to be the president. He's telling them. I'm sorry. But rules are rules. And so he takes us up, into the Lincoln bedroom.

It was the most incredible thing I have -- I mean, it's like -- it's a time capsule. It's really his bed. Which is about 6 inches longer than like the big king-size bed. It might have been longer than a California queen. It was very narrow.

Like, obviously, you know, he's not like Hugh Hefner. It's a very narrow bed.

But very, very long.

The mirror on one hand was extended to, you know, for somebody who is like six-nine, I think. Barron could use that mirror.

And then on the other side of the room is a writing desk.

And on this one table, all these things about his son. Lincoln's son who had died. And this really eerie picture of Lincoln. This painting.

And the president said, that was his favorite painting of himself. And it's really. It was spooky almost.

STU: Hmm.

GLENN: And I couldn't take a picture. You're not allowed to take any photos in the Lincoln bedroom.

And I was so bummed because I couldn't wait to show them we. But they're in his writing desk. And on it, is the Gettysburg address. One of four of the Gettysburg addresses. He gave -- Lincoln was at Gettysburg. And said, Mr. President. That was a great speech.

Do you have a copy of it? And he said, sure. And hands him a speech.

And says, here. This is a New York reporter. Takes it. Types it up, and then throws it away.

So during the war, Lincoln writes four copies of the Gettysburg address.

In the four copies, only two of them say, this nation under God. Two of them don't say that. And we don't know why.

But the one there says, this nation under God. So it was just almost like a spiritual thing. We come down, and we're ending the tour.

And I said, I have to ask. I said, I know you're Donald J. Trump. But -- now, what do you think I'm going to ask. Because he cuts me off right there, and he tries to answer. And I was amazed that he knew what I was even going to ask. Where do you think I'm at? I know you're Donald J. Trump, but --

STU: I mean, it could be anything obviously.

GLENN: He said every day, and that's the right answer! But I didn't still know if he knew what I was talking. And I say, every day?

And he said every day, Glenn. I wake up every day, and I -- I say to myself, I can't believe I'm in this house.

STU: Hmm.

GLENN: I mean, he's still humble about it. He's still -- he respects that place. I mean, a lot of the -- well, he didn't tell me this. So I don't think I signed anything about it.

He didn't tell me this.

So the -- the word is, that Hillary stole a lot of the glass door knobs at the White House. Okay. That's the word.

Don't if it's true.

But stole them. He came in, and he redid all of the doorknobs, and they are beautiful. This guy has put serious money into the White House.

And he's never going to get any credit. And the rumor was, on those doorknobs, that they were going to take them out. I don't know if they did on Biden. But they don't want any of the Trump stuff in there. And took out the doorknobs.

But he's -- he's poured a ton of money upgrading that house, and he'll never get credit for it.

But he deserves it. All right. I'm going to talk to you a little bit about what we talked about on the important stuff here in just a second.

STU: So you were able to go through all of this, and look at all these incredible documents.

This is kind of like your fantasy league life, right?

GLENN: Oh, my gosh. Oh, my gosh.

STU: Every document you could ever want. Every piece of history you could ever look at.

You would spend no time actually being president, if you were president.

GLENN: I don't know when this guy has time. I really don't.

Some of the Secret Service guys said, he's here, in the middle of the night, working on stuff.

He'll do full day.

Then he's there. Who is up at this hour?

It's him.

STU: That's not the way the media presents him.

They say, he's watching TV.

Watching Fox news all day.

GLENN: Oh, there's no way.

This guy has learned so much.

There's no way I had a conversation with him, five, six years ago. No way.

STU: You notice a difference?

GLENN: Oh, huge. His learning curve is straight-up.

Absolutely straight-up.

And in the interview. There's nothing. I could have said things.

Remember the nuclear triad question that he was hit with?

Where he didn't really -- there's not a question I could ask him, where he doesn't know the answer.

Literally. Literally.

I mean, everything I ask him off-air or on-air, he's there. He knows it. If it's happening in the world, he knows it. I don't know how he keeps up like this.

STU: It is -- I mean, his energy level is impressive. There's no doubt about that.

I don't know. The bar was set pretty low the last four years. But his -- that's been one of the things, I don't think there's ever been really much at -- disagreement on.

The fact that we -- we did, years ago, went around with candidates, around Iowa, for example. Just in campaigning, and it was like, oh, gosh. By the end of the weekend, I wanted to sleep for a week.
Because it was just so much.

Running around. Doing -- can't imagine being president of the United States. He's always energized.

GLENN: He's always energized. I mean, and I saw him. When I got on to the plane last night. Because I know, he went from -- he went from my interview, directly to the National Security Council.

And then by the time I'm sitting at the airport, there's a video of him meeting with the people that were in the lobby, waiting for him all of these veterans.

And he's doing stuff with veterans on TV.

I mean, the guy is just boom, boom, boom.

Remember Joe Biden was like, he'll have -- he'll have some pudding.

STU: Oh, yeah. The pudding and the lid.

GLENN: And the lid. And that's it.

This guy is going non-stop.

STU: Obviously, we're just setting up the main course here.

Which is your interview with him.

That airs on Blaze TV tonight.

GLENN: It was on last night.

STU: I watched it on Blaze TV last night. It airs on YouTube tonight.

But, you know, you guys went into -- every -- every topic. Any questions he didn't -- you know, he didn't think he wanted to go to or wasn't comfortable with. Is there anything that he was off-limits? Anything like that?

No. He was joking with me. He was going across the hallway. He said, after the interview, he said no. Try to be kind to me.

Well, if you don't, I'll just say, he's over. He's worthless. He'll do whatever you want.
(laughter)

But, no. There was nothing. In fact, we didn't -- you know, we wouldn't. And we didn't give him any indication. Other than it was about the 100 days. And everything that's gone down the last 100 days and were coming.

So that's pretty broad. He said a few things.

And I want to give I one of them here. We were talking about the tariffs.

STU: Uh-huh.

GLENN: And I said, you know, how do you negotiate, when you have a group of elites like the WEF. When you have China who is against you.

And the world trade -- or, the World Economic Forum.

All the elites in England.

That are -- they're fine with the great, Great Reset. How do you negotiate with people who don't mind blowing the whole thing up?

Listen to this.

DONALD: I don't have to negotiate. I don't have to negotiate. I'm talking to people out of respect. But I don't have to. So we're this giant store that people want to come in and buy bye from. We're the United States. We have the richest consumer, et cetera, et cetera. Right?

But we're not going to be that way for long if we do something. But we're this giant store, and they all want to come in and take our product. But to take our product, they are going to have to pay.

And we will either make a deal with them, or we will just set a price. Because some countries are worse than others. Some countries have ripped us off really badly, and some countries have just ripped us off a little bit, but almost all of them have ripped us off. Because we've had really poor leadership. And what's going to happen, is we're going to negotiate -- we are negotiating with 70 different countries. But we're negotiating. We're showing great respect. But in the end, we may make deals. But either that, or I just set a price. I said, here's what you will pay for the privilege of servicing the United States of America.

And they have an option. They can maybe talk to me a little bit. Or they can not jump.

You know, they don't have to shop at this big store. Or they can shop.

But in any event, they will have to pay. Look, we owe 36 trillion for a reason.

The reason is: The trade. Also, the endless wars, the stupid wars that we fought. We're going to the Middle East. We blow up. We leave. We don't get anything.

And you're a big fan of exactly what I'm saying. I mean, let's not do this. Let's not do that.

It's stupid. Endless wars. Endless wars. That they don't even want us. You know, we got into wars. They didn't even want us.

So all of that stuff. You know, when I left four years ago, you know, we had no wars. We had no Israel and Hamas. And, by the way, it would have never happened. Because their enemies were broke.

They were broke.

I have sanctions so strong on Iran.

They were totally broke. They had no money for Hamas and Hezbollah. We didn't have Russia-Ukraine. That would have never happened by the way. We didn't have the Afghanistan embarrassment. One of the great embarrassments in the history of our country.

We didn't have any inflation. Don't forget, I charged China hundreds of billions worth of tariffs. They talk about inflation. We had no inflation.

Because that doesn't cause inflation.

Stupidity causes inflation. High energy causes inflation. When they took over my energy -- we were making it like nobody has ever seen.

GLENN: I know.

DONALD: And then the prices doubled. By the way, because of that, Putin went in. You see what's going on now. It's going down.

GLENN: Yeah, I do.

DONALD: It makes it much harder for Putin to prosecute the war.

GLENN: It was fascinating.

We talked about a few things.

Judicial insurrection. Was one of them!

Another pretty strong response on that one, as well.

SNEAK PEEK: Glenn Gives a Tour of the Roosevelt Room in the White House

Ahead of his First 100 Days interview with President Trump, Glenn gives an exclusive tour of the Roosevelt Room: Theodore Roosevelt’s Nobel Peace Prize and Medal of Honor, Barack Obama’s private papers, and the legendary doorknobs that Trump installed in the White House.

EXCLUSIVE: Trump Tells the INCREDIBLE Story of Elon Musk, Nikola Tesla, and His Uncle

Immediately after his First 100 Days interview with President Trump, Glenn knew he had to ask one more question, even if it was off the record: How incredible is it that Trump is working with today’s Nikola Tesla, Elon Musk, when Trump's uncle was the man put in charge of sifting through Tesla’s files when he died?! But instead of having a private conversation, Trump decided to let Glenn’s audience hear the story too …

EXCLUSIVE: President Trump on 'Judicial Insurrection,' Tariffs, and 100 Days in Office | Ep 429

In just his first 100 days in office, President Trump has moved faster to fix America than anyone expected. He created the DOGE, shut the border down, dismantled USAID and its wasteful spending, and put the world on notice that it can’t take advantage of America any more. But there’s still much more to do, and Americans have questions about what’s next. Glenn sits down with the president in the Roosevelt Room of the White House for his first one-on-one interview about his first 100 days. Glenn asks Trump what the real goal of his tariffs is, whether Elon Musk is really stepping back from the DOGE, whether Mexico is a failed narco-state, what his plans are for the cartels, and how he may react to the “judicial insurrection” of judges blocking his deportation orders. Trump also reveals his game-changing plans for AI and American energy, why he’s not “negotiating” with Europe or the world, whether Putin or Zelenskyy has been easier to deal with, and why he believes Glenn will “be surprised” by congressional Republicans soon.

►BONUS CONTENT: See my exclusive tour of the Roosevelt Room and don’t miss President Trump’s extended interview, where he shares how his uncle—once the government’s go-to expert on Nikola Tesla’s files—is now connected to today’s Tesla, Elon Musk. These are must-see moments you won’t find anywhere else. Watch now at BlazeTV.com/Glenn.