If you could flip a switch and make Bitcoin $1 million per coin would you flip it? I wouldn’t. Why?

00:01 If you could flip a switch and Bitcoin 00:03 was instantly jumped to $1 million per 00:06 coin, would you flip that switch? My 00:09 answer is no. I would not flip that 00:11 switch. And here's why. The answer is 00:13 because Bitcoin is a once- ina millennia 00:16 opportunity to write the wrongs of 00:20 unound money. To fix the wealth 00:23 inequality that has been caused by the 00:25 government printing vast quantities of 00:27 money, thereby making the people who 00:29 primarily live off of money and save in 00:32 money worse and inflating the asset 00:35 prices of those who have assets like 00:37 real estate, stocks, bonds, and 00:38 everything. Overall, everyone's worse 00:40 off, but the people who live on money 00:42 and save in money uh as a as a larger 00:45 percentage of their assets and their net 00:47 worth uh are much more harmed and hurt 00:50 when the government does that. Even 00:51 though it makes everyone worse off, it 00:53 makes the people um that are lower on 00:56 the income levels much worse off than 00:58 the people higher up. Of course, the 00:60 people that live near Washington DC that 01:02 are part of the mil military-industrial 01:04 complex uh live off the large s of 01:07 Washington. Well, they are, you know, 01:09 they end up better off from all the 01:10 money printing because they're the ones 01:11 who get it first and they buy stuff with 01:13 all the newly printed money before the 01:15 prices go up for all the rest of us. But 01:17 I would not flip that switch because the 01:20 current adoption of Bitcoin in the 01:22 United States and worldwide is still 01:24 barely 5%. In fact, I think it's less 01:27 than 5%. It might have barely hit 5%. 01:30 Okay, so if 5% of the world owns an 01:32 asset and you flip a switch and it makes 01:35 a huge leap from being worth $2 trillion 01:38 to being worth 20, let's call it 21 01:41 trillion, a million dollars per coin, 21 01:43 bill uh million Bitcoin, that that's a 01:45 uh 21 uh trillion dollar market cap. If 01:48 you flip that switch, then suddenly all 01:51 of that 95% of the world population who 01:54 has to one day adopt Bitcoin is adopting 01:57 it at a price that's 10 times as high. 01:60 And we don't know where the price of 02:02 Bitcoin, 02:03 how high it could possibly go. I mean, 02:05 some people say 1 million, 3 million, 02:08 you know, 10 million, 21 million. Who 02:11 knows how high it could go, but I want 02:14 the maximum number of people to benefit 02:16 from the upside between here and there 02:19 as possible. So, if you gave me the 02:21 option to flip a switch and the price 02:24 increased to $1 million per coin, but it 02:27 increased because all of a sudden in the 02:29 next 24 hours, a huge swath of the world 02:33 adopted Bitcoin as a substantial portion 02:36 of their assets, then absolutely I would 02:38 flip that switch right now. The problem 02:40 is that's just not how humans work. 02:43 Humans take a long time to adopt 02:45 technology. They just do. It doesn't 02:47 matter what kind of technology it is. 02:48 Humans take a long time to adopt 02:51 technology. And so, uh, right now, 02:54 Bitcoin is still in its infancy. It's 02:56 adopted by maybe 5% of people. That's 02:58 very early. Hardly anybody with 03:00 significant adoption. Now, for somebody 03:02 like me, I've already got 100%. 03:06 There's bugs and flies everywhere. I've 03:08 got 100% of my assets in Bitcoin. So, I 03:10 don't anticipate being able to buy 03:12 additional Bitcoin other than with my 03:14 paychecks every two weeks because that's 03:16 my only source of income right now is a 03:17 paycheck every two weeks. Um, so, but 03:20 think about it for yourself. Even if you 03:23 think your gut reaction is, yes, I want 03:25 Bitcoin to be a million dollars 03:27 tomorrow. Think about that. Do you own 03:29 as much Bitcoin as you ever want to buy 03:32 in your life? Think about your 03:33 retirement funds. Think about your 03:35 long-term savings. Think about emergency 03:37 fund. Think about every source of 03:39 financial capital you had you have right 03:42 now. Do you have as much of that in 03:44 Bitcoin as you are ever going to want to 03:46 have in your life? And the answer is 03:48 probably not. Bitcoin as a percent of 03:50 your total net worth, meaning all of the 03:53 assets you own, is probably still a 03:55 relatively small percent. So, it's fun 03:58 to think about and I'm sure you would 03:59 enjoy momentarily if Bitcoin teleported 04:02 instantly to $1 million per coin, but 04:05 immediately you'd think, well, dang it, 04:07 you know, I only had 10% of my net worth 04:10 in Bitcoin. So, yeah, that doubled, 04:12 which means my whole net worth doubled 04:14 because, you know, 10% turned into, you 04:17 know, 10x. And if it was 10% of your net 04:20 worth, then suddenly your whole net 04:21 worth doubled, uh, because that 10% went 04:23 up 10x. But you're probably gonna think, 04:26 "Well, dang it. I wish I had had more 04:28 time to get a higher percent of my net 04:30 worth in Bitcoin." Uh because as the 04:32 price rises, people's conviction builds. 04:35 Now, I always recommend I tell people, 04:37 look, if you're using price to increase 04:40 your conviction, you're always buying 04:41 more expensive Bitcoin. I recommend the 04:44 reverse, which is study Bitcoin. Build 04:47 your conviction of Bitcoin, the 04:49 technology, the monetary system of 04:52 Bitcoin. build that conviction by 04:54 studying it. And that way you can put a 04:57 lot more money in Bitcoin with a high 04:58 conviction when the price is lower. You 05:00 don't have to wait for the price to be 05:02 high to build your conviction. But 05:04 again, a lot of people uh the price 05:06 increase is the only thing that does 05:08 build their conviction. It's just the 05:09 way it is. Everybody's busy. They got a 05:11 lot going on. And so the price is what 05:13 builds their conviction. Um, and even 05:16 for me, you know, after I bought Bitcoin 05:18 in 2017 and 2018, I got super distracted 05:21 in 2019, 2020, and when the price of 05:24 Bitcoin came roaring back in 2021, I 05:27 started paying a lot closer attention to 05:28 it. So, even me, even though I built my 05:31 conviction after uh during and after 05:34 2021 on research and study, what got me 05:37 interested in building my conviction and 05:40 interested in researching and studying 05:41 was the huge price increase in Bitcoin 05:43 in 2021. because it proved to me with 05:46 minimal effort that this asset was here 05:49 to stay. Uh and the price has a way of 05:51 doing that that is hard to get any other 05:53 way. Uh so uh if I could push a button 05:57 and teleport Bitcoin instantly to a 05:58 million dollars per coin, I would not 05:60 push it because a lot more people need 06:02 to get on the lifeboat before the 06:04 lifeboat takes off across the ocean to 06:06 shore. Um, we still got 95% of the 06:08 people on the sinking Titanic in the 06:10 traditional financial system and I want 06:13 a lot higher percentage of those people 06:14 in the lifeboats before we take off for 06:17 shore toward a million dollar per coin. 06:19 So, while I know it's painful and I know 06:21 it's boring waiting around for Bitcoin 06:23 at $107,000 06:25 per coin, uh, think for your think think 06:28 of all the people who are getting a 06:30 chance to buy Bitcoin and benefit from a 06:33 10x price increase between here and a 06:36 million dollars per coin. All of those 06:38 people are benefiting from Bitcoin not 06:39 being at a a million dollars per coin 06:41 right now because they can buy it right 06:42 now. And you have the opportunity of 06:45 buying more Bitcoin at 107,000 per coin. 06:48 And if it teleported to a million, you'd 06:50 probably want more Bitcoin. And you 06:51 would also realize that your opportunity 06:54 to make 10x your money between $17,000 06:58 Bitcoin and a million dollar Bitcoin, 06:60 your opportunity to do that had passed 07:01 you by because it teleported instantly 07:03 to a million dollars per coin. So, I'm 07:05 glad it doesn't do that. Even though 07:07 obviously it would be fun. And for 07:09 people like me who are 100% Bitcoin 07:11 already, it would benefit me because 07:13 there's no additional capital I can put 07:15 in Bitcoin or that I anticipate putting 07:17 in Bitcoin in the near term because I 07:19 literally have no other dollars than my 07:21 every two week paycheck. So, I guess I 07:23 can just use my every two week paycheck 07:24 to accumulate Bitcoin. But, um, 07:27 obviously since I'm 100% Bitcoin 07:29 already, uh, I would benefit the most 07:31 from something, you know, teleporting to 07:33 a million dollars. But again, not even I 07:36 would push that button because it would 07:37 leave 95% of the people behind. And uh 07:41 Bitcoin is a once in a millennia 07:42 opportunity to reverse the curse of 07:45 humans controlling the money supply, 07:47 debasing the currency and screwing 07:49 everything up. And uh so I hope as many 07:53 people as possible can get in the 07:54 Bitcoin life raft as soon as possible. 07:57 and that uh that way the broadest number 08:00 of people can benefit from the price 08:02 rise from here to $1 million per coin. 08:05 And I hope that adoption happens as fast 08:06 as possible by average people. That is 08:09 my hope. Uh and so the faster the price 08:12 goes up as a result of uh adoption by 08:15 regular people. That is the price 08:17 increase that I welcome every single 08:19 day. If the price increase is just 08:21 teleporting upwards because nation 08:23 states and countries and you know 08:26 corporations are adopting it, well 08:28 obviously that benefits me, but that's 08:30 not the way I want Bitcoin's price to go 08:31 up because it's leaving behind everyone 08:34 that's not part of that. So, uh anyway, 08:37 be thankful you have an opportunity to 08:39 still buy Bitcoin at 107,000. If you 08:42 don't have a single penny left to buy 08:43 Bitcoin, then be thankful that other 08:45 people still have an opportunity to buy 08:47 Bitcoin at $107,000 per coin. And when 08:50 as many people as can possibly get on 08:52 the life raft at 107 are done getting on 08:55 and the people who have hold held 08:57 Bitcoin for a really long time and are 08:59 massively up on their investment are 09:01 done and tired of getting off the life 09:03 raft uh be with a little piece of their 09:05 stash to improve their lives of 09:07 themselves and their families probably 09:09 because they're building themselves 09:10 their own life raft. somewhere um then 09:13 the price will go up. So have a great 09:15 evening everyone. Thanks.