EVERYTHING you need to know about Bitcoin at $68,000 and below

Here is everything you need to know about Bitcoin at $68,000 or below. Okay, first of all, let's go through the usual series of questions. Is anything wrong with Bitcoin? No, nothing's wrong with Bitcoin. The network, the software, the transactions, the security, the decentralization, everything about Bitcoin is the strongest it's ever been, other than the price. And guess what? When an asset has everything going for it except the price, that is when it's a great time to buy more of that asset. Number two, why is the Bitcoin price down? It's a bunch of different reasons. First, assets, any asset falls in and out of favor from time to time. If you look at the magnificent seven stocks, which are Apple, Amazon, Tesla, Microsoft, Google, Facebook, Nvidia, and maybe one other I forgot. I don't know. Anyway, there's seven of them. You can Google Magnificent 7 or ask Chat GBT. It'll tell you what the Magnificent Seven stocks are. Okay? any of those including gold which is a precious metal or silver a precious metal or bitcoin any of them goes through slumps from time to time and often those slumps have nothing to do with the underlying asset itself now sometimes they do sometimes you know the CEO of a company you know will get fired or something and the stock will crash and people will be like oh we know why the stock crashed because you know there was a ma massive executive you know changeover over or they missed their earnings and made way less money last quarter than everybody thought they were going to or something like that. But very often those stocks go through a slump for no reason or those precious metals, gold, silver, sometimes gold and silver have gone through slumps that have lasted in the case of gold more than eight years. In the case of silver as long as 46 years. So just be glad be glad you haven't been holding silver since like 1979 or whenever the peak was because I think you're still underwater. So it's been like 46 years later. Um but anyway, assets go through slumps which is why when you are buying assets, you don't just look at the price, you look at the underlying fundamentals of the asset and you ask yourself, is there a problem with the asset itself? The answer for Bitcoin is no. It's down for a bunch of reasons. People are freaked out about the United States um bombing Syria. They're freaked out about the fact that the incoming Federal Reserve chairman Kevin Walsh says he's not going to print as much money as people thought he was going to, which is a ridiculous assertion because he does not have a choice because the country is drowning in so much debt and the politicians are so uh irresponsible with the finances. He does not have a choice. He is going to print a ton of money whether he wants to or not, whether he thinks he's going to or not, because the alternative is a total system collapse under a mountain of debt. And there's no reason he's going to let that happen when he has a magic money printer that can once again just devalue the currency currency which devalues everyone's debt. If you are drowning under a mountain of debt and you can make the debt go away by printing money to pay it off or devaluing the money so that the money you owe is actually worth a lot less than what you borrowed it for. You're going to use the magic money printer to do that which is what the government always does. Always 100% of the time they're eventually going to do that. So they hadn't they hadn't done it to a massive degree yet but they will because they always do. It's only a matter of time. Interest rates will come way down etc. Okay. Next up, should you be freaking out right now? No. Bitcoin in its lifetime over the last 17 years has been down by more than 75% four separate times. Now, I don't see any reason it's going to go anywhere close to that down right now. Uh because that was in a very a very different age of Bitcoin. Right now, we have the Bitcoin exchange traded funds, the ETFs, which are generally constantly buying Bitcoin. Some days there's outflows, but even on the outflows, if you look at the Bitcoin ETFs, with the price of Bitcoin down 45%, four or five, the Bitcoin ETFs have only seen 6% outflows. So, the the all the boomers in the Bitcoin ETFs have diamond hands compared to pathetic paperhanded people who are vomiting their Bitcoin onto the market right now. the Bitcoin ETFs, the institutions, Wall Street, all of those people are buying Bitcoin and holding it with an iron grip as compared to retail investors, which means average people like you and me who are having difficulty keeping their their their breakfast down. They are getting into trouble and vomiting their Bitcoin because they're scared onto the marketplace, which pushes the prices down. Okay. Is there a death spiral? So, this is hilarious. Michael Bur, the guy who called the 2008 recession and has subsequently been wrong on every single thing since then. What what's funny is the people that were right about the 2008 recession, which includes Michael Bur and Peter Schiff, have been completely wrong about everything since then. They've been calling for recessions for more than a decade now that have never materialized. In the case of Peter Schiff, he lost his clients a ton of money before gold and silver finally rallied and helped him out a little bit. He's still way down, but it helped him out a little bit. In the case of Michael Bur, he actually had to shut down his private equity group, uh, his hedge fund, I guess, his hedge fund, he had to shut it down because the performance was so bad that he had such bad outflows that it no longer made sense for him to manage the fund anymore. It's like an abysmally performing fund. So, the guy with a fund so abysmal that he had to shut it down claims there might be some uh, you know, cascade, what did he call it? A death spiral. There might be a death spiral related to cryptocurrencies. That's not going to happen. Look, Bitcoin's been down more than 75% four times in its history. And every one of those was way worse than now. There was not the institutional adoption. There was not the Bitcoin ETFs. There was not any of what we have right now. Michael Bur has been wrong every time since 2008. And guess what? He, you know, the movie was great. The movie The Big Short about Michael Bur is fantastic. It's a great movie. But the guy literally made one big short in his lifetime and then he's failed everything ever since. And so the guy that's failed everything is the person where people are worried about, well, what if there's a death spiral? There's not a death spiral. There's no death spiral. My gosh. Okay, next up. You know, people a few months ago were worried that the CIA had created Bitcoin. Oh my gosh. Like, on what planet are we living in here? The CIA did not invent Bitcoin. I mean, the CIA could not have invented Bitcoin. I've gone back and read read the CIA white papers from the past about that they wrote about cryptocurrencies and they were never able to figure out anything that anyone else was not able to figure out. Ultimately Satoshi Nakamoto came along and figured out the blockchain and he figured out the difficulty adjustments which were her two of his biggest contributions. The CIA didn't figure that the CIA didn't know anything that anyone else didn't already know. I've read the white papers. No, the CIA did not invent Bitcoin. Okay. So then you get the Epstein files and people are going off the rails about is you know Jeffrey Epstein Satoshi Nakamoto did he invent Bitcoin? Are you kidding me? Are you kidding me? Like what planet of idiocy does that line of thinking come from? That's insane. No. Have you heard the interviews with with Jeffrey Epstein? The guy was an idiot. Not only was he a criminal and a pervert, he was also an idiot. The guy couldn't like put a if you if you read his emails, the guy couldn't even type a coherent single email and somebody thinks because cryptocurrency got mentioned by somebody in a communication with Epstein that somehow it's connected to Bitcoin. My gosh, look, Jeffrey Epstein gave money to MIT. MIT gave money to a gazillion people in a gazillion different initiatives. Those people worked on all different software, including the internet, including cell phones, including email, including cryptocurrencies. And people are like, "Oh, maybe it's tainted." It's like, are you are you telling me that everyone who's ever graduated from MIT is tainted because Jeffrey Epstein donated money to MIT like 10 or 15 years ago or whenever it was 20 years ago, whenever it was, is that supposed to somehow mean that everybody who is connected to MIT, one of the most prestigious universities in the universe, is now tainted? No. Jeffrey Epstein had nothing to do with Bitcoin. He was not connected to Bitcoin's development. My gosh. Like, well, what universe are we living in here? Like, that people cannot think straight. No. Jeffrey Epstein had nothing to do with Bitcoin. My gosh. Like, I mean, it is no wonder people lose money when they dabble in the stock market. If this is the logic train, uh, I mean, let's get our head screwed on straight. No, the CIA had nothing to do with Bitcoin. Interestingly enough, you know what? Even after being aware of cryptocurrency, Jeffrey Epstein was smart enough to use the US dollar for all of his crime. He did not use cryptocurrency for any of his crimes because cryptocurrency has a public uh ledger and he could use the US dollar to commit all of his crimes much more effectively, which is why JP Morgan Chase was his banker. So JP Morgan Chase was the banker of Jeff Free Epstein and all of the crimes he committed were with US dollars. Trafficking women was all done with US dollars with JP Morgan. So even there people are like, "Yeah, but Bitcoin could be used by criminals." Like, well, why would the like number one criminal with the most to hide decide not to use cryptocurrencies for any of his nefarious activities and instead to exclusively use the US dollar? I mean, this is just crazy. Like, this is crazy world we live in here that people actually think any of this makes sense. So, Bitcoin is down because people are scared. People are freaking out. People are chasing gold and silver. They're selling Bitcoin and buying gold and silver at ridiculous prices, which is of course stupid. I mean, don't ever chase an asset because it's going up. That is how you lose money. You ought to understand the value of different assets and then the more on sale they are, the more you should buy them. Someone should come to me and say, 'Look, you know, I want to buy Tesla if the price is really down because I believe in the fundamental value of electric cars and robotics and all this sort of stuff instead of buying Tesla because Tesla's going up. If you're buying something because it's going up, that means all the smart people already bought it and they're dumping on you as it goes up. So, don't do that. Um, so now is a fantastic time to buy Bitcoin, whether it's $68,000 or less than $68,000. Again, you buy it based on the fundamentals. The fundamentals are that humans will use money as a society. And Bitcoin is a better money. It's more fungeible. It is more divisible, durable, portable, uh authenticatable, and most importantly, scarce. It has all the attributes of good money. It is the only way to transmit value anywhere in the world in a matter of seconds. Yesterday, so yesterday, I was paying an invoice for something that was $20,000. And um so I paid the invoice. Uh I told the person to send me a lightning invoice, a Bitcoin lightning invoice, which is the basically the payment uh uh mechanism that most people use. For example, if you go to stake and shake, they're using the Bitcoin lightning network. Um anyway, the total transaction fee for a $20,000 payment was so much less than one penny, it rounded down to zero. So, I transmitted $20,000 in less than a second with a transaction fee that was so much less than half of a penny that it literally rounded to zero. That is the power of Bitcoin. Bitcoin is the future of payments. Bitcoin is the only way that you can transmit large amounts of value anywhere in the world between any two electronic devices across borders, across countries, across nations, across languages. It's just this incredible technology. So you should invest in Bitcoin because the technology is incredible which means the price eventually will reflect that. And if the price does not reflect that today, that's fine. That means the universe has gifted you an opportunity to buy something on sale. And you know, are you going to take that opportunity or are you going to freak out? So it's funny because half of the people reaching out to me right now are freaked out about Bitcoin they have in the they've bought in the past and whether that was a good good idea. The other half are in panic mode trying to buy more Bitcoin, trying to find every conceivable way to buy more Bitcoin. Even if they have Bitcoin they bought at a lot higher prices than the past, they're like, "How how how do I get more my hands on this Bitcoin? This is a once in a-lifetime opportunity to buy more Bitcoin. I don't want to miss $68,000 Bitcoin. Joel, how do I how do I how do I?" Yes, that is the right mindset. The mindset is Bitcoin is on sale. Buy things when they're on sale. Buy things when the fundamentals are the strongest they've ever been and the asset is on sale. That's how you make money in investing. It's just again not that hard. Do not sell your Bitcoin. If you vomit your Bitcoin onto the marketplace at a price less than you paid for it, that is how you lose money in investing. That is how people lose money all the time investing in anything. They buy it when it's going up because it's exciting and it feels good. And they puke it up onto the market when it's down and it feels bad. That's the opposite of what you're supposed to do. You want to buy things. First of all, there's never a bad time to buy Bitcoin. That Bitcoin that you and I bought at 122,000, 124,000, it's going to look like a great investment in the future, just like the Bitcoin that I bought at 12,200 and 12,400 back in 2017 and 2018. Now, did it look like a genius investment in the near term? No, because Bitcoin dropped a ton after I bought Bitcoin in the 12,000s. But if you add again 10x it, that's the 120,000s. 120 dropping by 10 is the 12,000s. So no, it didn't feel great when I bought Bitcoin in the 12,000s and then it dropped to the 8,000s and the 7,000s and the 6,000s, which is again the equivalent where we are at 68,000 is 6,800. Did it feel great? Uh, no. It did not feel great because I was there. I was doing it. I was buying Bitcoin all the way down back in 2017 and 2018. Uh, I stopped buying at 6,400, which was dumb of me. Uh, I didn't have time to do the work and I was like, "Wow, if I've already if it's dropped all the way from 12,200 when I started buying it down to 6,400, maybe it's going to keep going to zero." Of course, it was never going to zero. It was going to come back stronger than any other asset on the planet. I just hadn't done the work to figure that out. So, I could have bought a lot more Bitcoin at 5,000, 4,000, you know, 6,000, 7,000, and I didn't. And I should have back then. And I wish I had. Uh well, here we are with an incredible opportunity to buy more Bitcoin. And you know, the smart and capable people with capital to spare will buy as much Bitcoin as they can right now. I bought another $10,000 of Bitcoin with a Bitcoin backed loan. Um and I'll do a specific video about Bitcoin backed loans and why I do not recommend them for the vast majority of people. Um but since I've been posting that that's what I'm doing, I will do a video about them. Um, and but anyway, but I'm buying more Bitcoin right now. Why? Because it's on sale and it's irrationally on sale. And if it's irrationally on sale, then I want more of that because it means if somebody is vomiting their Bitcoin, puking it up on the marketplace for cheap, I'm looking around and I'm like, that's nice, clean, pristine Bitcoin for a nice low price below $70,000. At some point, I'm going to pick it up off the ground for cheap. I'm just going to do that. And that's what I'm doing right now. So, uh, let me know if you have any questions. I'm going to try to do a series of videos today because half of you are freaking out and half of you are half of you are in panic mode worried about your Bitcoin and the other half of you are in panic mode worried you don't have enough and are trying to find every conceivable way to buy more. Uh please get yourself in the second category. Uh get yourself in the category of trying to buy more rather than worried what you already own. Uh in the long run run all that will matter is that you'll wish you had more. It's just that simple. So I'll do a series of additional videos. Let me know if you have questions. I'm here to serve in every way. And uh nothing's wrong with Bitcoin. It's a great time to buy Bitcoin. It's just not that hard. Just don't puke it on the market. Don't throw up your Bitcoin. Hold down your breakfast. Keep your Bitcoin. Don't sell your Bitcoin. It's not that hard. In the rearview mirror, this will all look like a blip on the radar. It'll all be fine. Nothing's wrong with Bitcoin. Anyway, let me know if you have questions. I'm here to serve. X