Bitcoin’s price is down from all time highs. Is anything wrong with bitcoin? (No)

00:01 Bitcoin's price is down from all-time 00:03 highs. Is anything wrong with Bitcoin? 00:05 No, there's never anything wrong with 00:07 Bitcoin. It's always just 21 million 00:09 coins. It's always the best money in the 00:11 world. And it's the Bitcoin blockchain 00:13 is always processing transactions. So 00:16 price right now is $114,000. 00:18 The all-time high was $124,000. 00:21 So that's less than 10% from all-time 00:23 highs since we're above 100. So at 00:26 100,000, $10,000 down would be 10%. 00:29 We're above 100,000. So, $10,000 down is 00:31 less than 10% down from all-time highs. 00:33 Um, short take is there's nothing wrong 00:35 with Bitcoin. In fact, I've spent very 00:37 little time trying to feed and figure 00:39 out in the last couple days why 00:40 Bitcoin's price is down from all-time 00:42 highs. A couple reasons for that. One, I 00:45 know that James Czech, uh, my favorite 00:47 Bitcoin analyst, is going to send out a 00:49 report that I will read first thing 00:50 tomorrow morning. He normally does his 00:52 reports in Australia on Mondays and 00:55 Thursdays. And by the time we wake up in 00:57 the United States on Monday morning or 00:59 Thursday morning, we usually have those 01:01 reports in our inboxes and I'm a 01:03 subscriber to his service for $29 a 01:05 month and he's going to tell me what's 01:07 going on. So, I could spend a bunch of 01:09 time trying to figure it out. Uh but 01:11 again, in the near term, the price just 01:13 doesn't matter. There's nothing wrong 01:14 with Bitcoin. Um if it's down, it's a 01:17 buying opportunity. So, if I had US 01:19 dollars, I was looking to deploy into 01:21 Bitcoin. I would be closely following 01:24 exactly why this happened, exactly why 01:26 that happened. But I don't have any US 01:28 dollars to buy Bitcoin because all of 01:30 the US dollars that I could possibly use 01:32 to buy Bitcoin have already been 01:33 converted to Bitcoin a long time ago. 01:35 I'm 100% Bitcoin. So, the beauty of 01:38 being 100% Bitcoin is I'm just living my 01:40 life. I'm out shopping, taking care of 01:42 my family, doing what needs to be done 01:44 to keep moving Prosper forward. our free 01:47 private city charter city project on the 01:49 island of Rowaton. I'm doing all the 01:51 things that need to be done because I 01:53 have the financial freedom to do all the 01:54 things that need to be done. And as I 01:56 posted yesterday on Facebook, I was out 01:59 buying a wheelbarrow yesterday because I 02:00 needed a wheelbarrow. And um at $17,000 02:04 a coin, the wheelbarrow would have been 02:07 70% off because my average cost basis is 02:10 around $35,000 per Bitcoin. So, at uh 02:14 70% off of 117,000, again, my average 02:17 cost basis is around $35,000. Even 02:20 though I have bought Bitcoin at every 02:22 price between 6,400 and $124,000. 02:27 Every single price from 6,400 and up, I 02:29 have bought Bitcoin because my paycheck 02:31 hits every two weeks. I immediately 02:33 converted into Bitcoin and then I spend 02:35 Bitcoin on everything I buy with the 02:37 Coinbase debit card. uh using that 02:39 approach, even the Bitcoin I bought at 02:41 the end of 2022 specifically for the 02:43 Coinbase debit card strategy continues 02:46 to go up in value as compared to my 02:47 spending habits. So even that 18 months 02:50 of living expenses has grown to more 02:52 than three and a half years of living 02:53 expenses. So I'm living for free in 02:55 addition to if you want to calculate it 02:57 as living for free, I'm living for free. 02:59 If you want to calculate it as how much 03:01 of a discount am I living as compared to 03:03 the cost basis of all the Bitcoin I've 03:05 ever bought, that's in the ballpark of 03:08 69 70% off of everything I buy. So, uh, 03:13 same advice as always. Buy as much 03:14 Bitcoin as you can, sit on it for as 03:16 long as conceivably possible, and in the 03:18 long term, as Bitcoin's price goes above 03:21 the price you bought it for, your 03:23 ability to live life at a discount will 03:25 go up and up and up. Now, the price of 03:28 Bitcoin goes up and down on its way up. 03:31 But it's only a matter of being patient 03:33 because Bitcoin is the best money in the 03:35 world because there's only 21 million 03:37 and because the Bitcoin blockchain never 03:39 stops processing transactions. That 03:41 means that is a very valuable thing to 03:43 have a money with an absolute finite 03:46 scarcity that is durable, divis 03:47 divisible, portable, fungeible, 03:49 authentic, authenticable, verifiable, 03:52 uh, and most important, scarce. All of 03:54 the attributes of a good money. Bitcoin 03:56 is all of those things better than any 03:58 other money. Which means over time 04:00 because humans have a need to store 04:02 their time and energy to spend it later 04:04 as compared to when they get paid. 04:06 Humans will always need money. Bitcoin 04:08 will always be a better money than 04:10 anything that exists in the world. And 04:12 so eventually the price of Bitcoin will 04:14 always go up. So what should you do if 04:16 the price is 10% below its all-time 04:18 high? Again, if it's me, if I had any US 04:22 dollars to convert it into Bitcoin, I 04:23 buy stuff when it's on sale. That's what 04:25 you should do with investments. Uh you 04:26 should buy it more of it when it's on 04:28 sale, assuming it's an asset that will 04:31 always eventually go up in value. Now, 04:33 there's a lot of things that are not 04:34 that way. There's a bunch of stupid 04:35 crypto tokens that are going to to zero. 04:38 Those are not the things you should buy 04:39 no matter what. But for money, it's 04:41 Bitcoin. For other things in the stock 04:44 market, it's, you know, whatever things 04:46 in the stock market you have absolutely 04:47 certainty will be around for the long 04:49 haul. For me, nothing in the stock 04:51 market will be guaranteed to be around 04:53 for the long haul. The same way Bitcoin 04:55 is guaranteed to be around for the long 04:56 haul. Which is why I don't own any 04:58 stocks or bonds right now because all 05:00 the money I had in stocks or my own 05:02 bonds have been converted to Bitcoin. 05:05 Same. I don't have a high degree of 05:06 conviction in any real estate 05:07 investments. Not commercial real estate, 05:09 not residential real estate, no real 05:12 estate. And therefore, I don't have any 05:13 money in real estate because I don't 05:15 have a conviction that uh that is a good 05:17 investment. Um so I I am 100% Bitcoin. I 05:21 like being 100% Bitcoin. It is the one 05:24 thing that I feel like is absolutely 05:25 certain in the world that Bitcoin uh 05:27 that humans need money. Bitcoin is the 05:29 best money. And I've done the work, the 05:31 proof of work. I've done it to 05:34 understand how Bitcoin works, how the 05:35 protocol works, why it's impossible for 05:37 humans to change that protocol in a way 05:40 that would harm the monetary properties 05:41 of Bitcoin. I understand how that works. 05:44 And you know, I have done thousands of 05:46 hours of due diligence to make sure that 05:48 my conviction in Bitcoin is solid. So 05:51 whether it's 112,000 or 114 like it is 05:54 right now or 117 or 124 again in the 05:58 long term it won't matter. The same way 06:01 all of those numbers when you knock a 06:02 zero off of them don't matter. Back when 06:06 I was buying Bitcoin in 2018 uh late 06:09 2017 early 2018 06:13 the price was bouncing around at about 06:14 the same prices it's bouncing around now 06:17 just with a zero off. basically they 06:19 were you know bounc bouncing around with 06:21 at roughly 10% of the current price. So 06:25 112 is the equivalent of 112 11,200 up 06:30 to 124 is 11 um or one sorry 124 12,400. 06:36 So it' be the equivalent of the price 06:37 bouncing around between 11,200 and 06:41 12,400. That is the same percentage 06:43 equivalent uh as compared to today's 06:45 price. Now, I promise you 100% of people 06:48 who own Bitcoin today, they do not care 06:51 if they bought Bitcoin at 11,200 or 06:54 12,400. They just wish they could go 06:57 back and buy as much Bitcoin as they 06:59 possibly could back when you could still 07:01 get Bitcoin close to $10,000. And the 07:03 same will be true in the future. All the 07:05 people that are obsessing about Bitcoin 07:07 at 112 and 114 and 111 and 124, all the 07:12 people that are obsessing about all of 07:13 those numbers will one day look back 07:15 when Bitcoin's 300,000, 500,000, 07:17 700,000, a million dollars a coin, and 07:20 they'll think, "My gosh, I wish I had 07:22 bought more Bitcoin in 2025." And 07:24 nobody's going to be sitting around 07:25 saying, "Yeah, but what price in 2025? 07:28 It was multiple prices in 2025." What 07:30 price in 2025? Just like now, nobody 07:33 says, "Yeah, but what price in 2018? 07:36 What price in 2019?" Nobody asked that 07:38 question because every price in 2018 was 07:41 a good price. Every price in 2019 was a 07:44 good price. Even though the price of 07:46 Bitcoin uh bounced around a lot back 07:49 then, the volatility was way higher than 07:52 it is now. Even back then, if somebody 07:54 says, "I was buying Bitcoin in 2018," 07:56 I've never heard anyone say, "Yeah, but 07:58 what was the price in 2018?" Everybody 08:00 just knows if you bought Bitcoin in 08:02 2018, that was a smart move. Everybody 08:04 knows if you bought Bitcoin in 2019, 08:06 that was a smart move. Same here in 2020 08:09 25. You're buying Bitcoin at less than 08:11 125,000 a coin. That's a smart move. It 08:14 doesn't matter if it's 111, 112, 114, 08:17 117, 118, 124. It just doesn't matter in 08:20 the long term. And I know when I say 08:22 that, you don't believe me because if 08:24 somebody had told me that back when I 08:26 was buying Bitcoin between 11,200 and 08:30 12,400, I would have said, "Yeah, but 08:32 that's like a 10% difference. I'm 08:33 getting it's getting like a 10% 08:35 difference in my return whether I buy it 08:37 at 11,200 08:39 or 12,400. 08:41 I just wish I had bought way more." Like 08:43 that's all that matters is how much 08:45 Bitcoin you can accumulate. In the long 08:47 term, the exact price you paid will 08:49 matter way less than you think. What 08:51 will matter is that you actually pull 08:53 the trigger, that you actually bought 08:55 the Bitcoin. You do not get credit for 08:57 Bitcoin you thought about buying, 08:59 Bitcoin you almost bought, Bitco Bitcoin 09:01 you contemplated buying. You don't get 09:04 credit for any of that. You only get 09:05 credit for the Bitcoin you actually 09:06 bought. The only Bitcoin I'm benefiting 09:09 from is the Bitcoin I actually bought 09:11 back then, not the Bitcoin I thought I 09:14 was going to buy when I bought some at 09:15 $9,000. I thought if it ever drops to 09:17 half that price, $4,500, I'm going to 09:20 buy a bunch more. I didn't because it 09:22 was down. And when the price of assets 09:24 are down, people freak out and they 09:25 think maybe there's a good reason 09:26 they're down. They think maybe the price 09:28 will go down more. So, the cheapest I 09:30 ever bought Bitcoin was $6,400. 09:33 Even though I had told myself if it ever 09:35 went down to $4,500, I was going to 09:37 definitely buy more. Bitcoin spent 09:39 months below $4,500 after I had 09:43 committed myself I was going to do that. 09:45 Guess what? I don't get credit. I don't 09:47 get to spend $4,500 Bitcoin right now 09:51 because I didn't buy $4,500 Bitcoin. The 09:55 cheapest I ever bought was $6,400 09:57 Bitcoin because I didn't have the 09:59 courage to pull the trigger when it went 10:00 down to $4,500. Um because I had not 10:04 done the work. I had not done the work 10:06 to explore and understand and uh you 10:10 know do the proof of work to understand 10:12 every facet of Bitcoin and why it will 10:14 always eventually go up and why it's the 10:16 best performing asset of the 21st 10:18 century. Now I've done that work which 10:19 is why I'm at 100, you know, 100% 10:21 allocated to Bitcoin. But it's also why 10:23 the average price I pay for Bitcoin is 10:25 not 11,000 or 12,000. It's 35,000. Why? 10:28 because in addition to a bunch of cheap 10:30 Bitcoin I bought way back to buy a bunch 10:32 of way more expensive Bitcoin that I 10:34 wish I had bought a lot sooner. And I 10:37 trust that everyone watching this will 10:38 be in the same position at some point in 10:40 the future because that's the way that's 10:43 just the way it always is. Um you can 10:45 get ahead of that as much as possible by 10:47 buying as much Bitcoin as you can right 10:49 now. Have a great evening everyone. I'm 10:51 here for anything you need.