Does a war in the Middle East mean bitcoin is over? NO! Are you kidding me?!?

00:02 hey everyone so there is conflict in the 00:04 Middle East as I record this israel is 00:07 bombing Iran to the best of my knowledge 00:10 based on a quick glance at the headlines 00:12 and Bitcoin is down at $13,000 00:16 or so does this mean Bitcoin is over 00:19 come on everybody seriously of course it 00:22 doesn't mean Bitcoin is over this 00:24 happens every time people freak out uh 00:27 Elon Musk and Donald Trump have a spat a 00:29 week or two back the price of Bitcoin 00:32 dives down to like $101,000 00:35 and the price recovers within like 48 00:37 hours because people figured out oh 00:40 Bitcoin has nothing to do with Elon Musk 00:42 or Donald Trump neither of them control 00:44 Bitcoin neither of them control whether 00:47 the world needs a monetary asset or 00:50 whether the human race is going to use 00:52 money at some point in the future that 00:55 just has nothing to do with the Elon 00:57 Musk Donald Trump spat okay so same 01:01 situation here uh which is okay you got 01:06 a conflict in the Middle East we've 01:07 actually seen this before this is not 01:09 the first time twice now uh the first 01:12 time I think it was Hamas attacked 01:15 Israel i think it was in 2023 like 01:17 October 11 of 2023 01:20 and then again you saw this I think it 01:21 was August 5th of 2024 there was Middle 01:24 East conflict in both times the price of 01:28 Bitcoin took a big dive as everyone 01:30 freaked out and then it took all of a 01:33 matter of 24 to 48 hours for people to 01:36 realize oh wait this has nothing to do 01:39 with Bitcoin of course it has nothing to 01:41 do with Bitcoin it's not like Bitcoin 01:43 runs on a bunch of servers in the Middle 01:46 East bitcoin runs on more than 100,000 01:50 Bitcoin nodes in every country and every 01:53 region spread all over the world and 01:55 nobody controls any of them other than 01:57 just whoever happens to own that one of 02:00 more than 100,000 02:03 Bitcoin nodes so nobody controls any of 02:05 that and there's no reason to believe 02:08 that uh conflict in the Middle East 02:10 would have any impact on the Bitcoin 02:11 network um so why does the price drop 02:15 when things like that happen and the 02:17 answer is because people are ir 02:20 irrational in the near term and they do 02:23 dumb things that make no sense uh this 02:26 is unfortunately a part of human 02:28 behavior humans since the beginning of 02:30 time have made bad short-term decisions 02:34 if you rewind back to Adam and Eve in 02:37 the Garden of Eden way back back at the 02:39 beginning of human history they made a 02:42 bad decision based on short-term 02:45 thinking without really thinking it 02:47 through fast forward to today people are 02:51 making stupid decisions constantly for 02:54 example I've never met anyone who has 02:57 ever cheated on their spouse that in 02:59 retrospect thought it was a good idea 03:01 100% of the time they end up worse off 03:04 and unhappy and yet in the near term 03:07 people do do that and you know I scratch 03:11 my head and I'm like wait have we not 03:13 learned this lesson before no apparently 03:15 not apparently I have not learned this 03:17 lesson before apparently people keep 03:19 making decisions that are blatantly 03:22 obvious to be a bad decision in the long 03:25 term but in the moment people make 03:27 irrational and even dumb decisions and 03:31 the same applies to investing if you go 03:33 talk to the people who are selling 03:35 Bitcoin right now which is resulting in 03:37 the price diving down below $13,000 03:42 and you talked to them and you said "Hey 03:44 you just hit sell on some Bitcoin." Help 03:47 me understand that they were they would 03:48 say "Well I I saw that Israel bombed 03:52 Iran." Okay follow-up question uh what 03:55 does that have to do with Bitcoin their 03:57 response would be um you know I'm not 03:60 actually sure but uh it just seemed like 04:02 a good time to sell sell my Bitcoin it's 04:04 like oh you're saying you think the 04:06 dollar is going to be a you know good 04:09 because of conflict in the Middle East 04:11 the response would be like well I'm not 04:13 saying anything good is going to happen 04:14 to the dollar it's like but wait you 04:17 just sold the Bitcoin to get the dollar 04:19 so why did you sell the Bitcoin the 04:21 answer is they don't know they don't 04:23 know why they sold their Bitcoin 04:25 they sold it because they felt fearful 04:27 they sold it because they were scared 04:29 and because humans often make dumb and 04:32 irrational decisions in the moment uh 04:34 because their rational brain has not yet 04:38 taken 04:40 so people make dumb and irrational 04:42 decisions in the moment because they 04:44 don't think clearly they don't think 04:45 things through they cannot articulate 04:48 basic questions like why did you just 04:50 sell your Bitcoin because Israel you 04:52 know bombed Iran they don't know they 04:54 don't know why they did it uh it just 04:56 seemed like the right thing to do and 04:58 but they don't have any logical reason 04:60 why it would be the right thing to do 05:01 and they can't really tell you why they 05:03 did it it just always happens so what's 05:05 the right response well if you are 05:07 rational if your head is screwed on 05:10 properly if you can think clearly even 05:14 in a world of international conflict 05:15 then the answer is to say "Thank you for 05:17 your Bitcoin whoever it is that's dumb 05:19 enough to sell it to you down at 05:21 $13,000." 05:23 same thing back when Bitcoin dipped 05:25 below $50,000 for like five minutes back 05:29 in on August 5th of 2024 you know thank 05:32 thank you for your Bitcoin you're up to 05:34 you know 2x same thing when Bitcoin's 05:36 price dropped to whatever it was on you 05:39 know whenever Israel and Hamas uh the 05:43 conflict uh related to when Hamas 05:46 invaded in like I don't know October I 05:48 think it was October 11th of 2023 it's 05:51 like anyone selling your Bitcoin the 05:52 answer is thank you for the cheap 05:53 Bitcoin glad you don't understand what 05:56 asset you own otherwise you wouldn't 05:57 have sold it uh so anyway that's the 05:59 current state of affairs in the world 06:01 right now bitcoin is down for no good 06:03 reason the best time to buy Bitcoin is 06:05 when people are scared when they don't 06:07 know what they own and when they are 06:10 responding irrationally to the external 06:13 world and that is exactly what's 06:14 happening right now which means again if 06:17 I had any US dollars left to buy more 06:19 Bitcoin I would right now but because I 06:21 am 100% Bitcoin I actually don't have 06:24 any US dollars that I could use when 06:27 100% of my savings is in Bitcoin 100% of 06:29 my uh spending funds are in Bitcoin 06:32 waiting to be spent with my Coinbase 06:34 debit card and 100% of my retirement 06:37 funds are in Bitcoin i have literally 06:39 100% of my assets in Bitcoin and my 06:42 finances can handle that volatility so I 06:44 feel good about it um so that's the 06:46 state of affairs uh great time to buy 06:48 Bitcoin when everybody's panicked and 06:50 freaking out and I don't see any reason 06:53 why conflict in the Middle East would 06:55 mean that the human race doesn't need 06:56 money anymore or that Bitcoin is not 06:58 going to be a major uh the world 07:01 financial system at some point in the 07:03 future and you can be part of that now 07:06 by investing in a money that nobody can 07:08 inflate away and that the supply of that 07:11 money does not change based on who bombs 07:14 who hope that helps have a great evening