Thoughts on Bitcoin at $66,000

First of all, rapid fire one, nothing's wrong with Bitcoin. Nothing's ever wrong with Bitcoin. Behind the scenes, Bitcoin is growing, evolving, and being adopted as strong as it ever has. Even in the past week, you saw Morgan Stanley announced that they're going to do a Bitcoin exchange traded fund because they have so much demand from clients that they don't want to steer them uh toward BlackRock or Fidelity. So Morgan Stanley is going to do their own Bitcoin ETF, the Clarity Act, which Bitcoin doesn't really need in Congress, but is marching forward in Congress and will create a lot more stability for cryptocurrency in general, even though Bitcoin already has that regulatory clarity. A lot of people don't know that, including a lot of people in Washington don't know that. They don't know that Bitcoin already has clarity from the CFTC and from the SEC and from the IRS and from the, you know, Fininsen and all these other agencies. They don't know that. But as soon as the Clarity Act passes in Washington, they will all know that because everybody knows that when that passes, it definitely applies to Bitcoin, even though technically Bitcoin already has that clarity uh from other uh other things that have happened in the past. So all these things behind the scenes, if you keep up with Bitcoin, Twitter, if you keep up with, you know, Facebook, you know, Google, the the Google News or anything like that, everything in Bitcoin land is marching forward, marching forward, marching forward. And so the question is, why is the price only 66,000? Well, because assets do this. It doesn't matter if it's Apple, Amazon, Google, Microsoft, Tesla, Nvidia, Facebook, the best performing stocks in the world go through periods like this. They go through bare markets where for a period of time they're sort of out of favor and during that period they're out of favor. The asset transfers from low conviction holders which are people that own the asset. They bought it cuz it was going up. They got excited when it was going up. Now it's down. Now it's doesn't appear to be going anywhere. They don't see all the progress that's happening behind the scenes because they're not paying attention to what's happening behind the scenes. They're not watching, you know, Bitcoin, Twitter, all that sort of stuff. And so those people are slowly getting shaken out. They're getting bored. They're selling their Bitcoin. Other opportunities are coming along. They're getting excited by AI or they're getting excited by precious metals or they're getting, you know, they're just getting bored with everything. Who knows? People just act irrationally if you leave them alone long enough with an asset. They start doing dub stuff with it. Uh they start trading it. But behind the scenes, tens of billions of dollars of Bitcoin are trading hands every single 24-hour period. So who's buying and who's selling? Well, the people that are buying are smart people that understand what it is. They understand that it's better to buy more of something when it's on sale than before it's on sale. So, you see Strategy, the company led by Michael Sailor that used to be called Micro Strategy. They're buying tons of Bitcoin. You see the Bitcoin exchange traded funds, Black Rockck and Fidelity, you see all of this Bitcoin by demand happening. They're stockpiling Bitcoin on behalf of their customers. Corporations are buying Bitcoin. Even uh central banks in very limited supply and it tends to be smaller out of the way countries are buying Bitcoin. They're buying Bitcoin. Like people are buying Bitcoin and who is selling it to them? Average normal people who don't understand what they sell or they don't understand what they hold. They're not sophisticated and they're going to look look back and realize they blew the opportunity of a lifetime. So, what I've noticed in addition to this is over the last five years, eight years that I've been in Bitcoin, all of the people I've encountered who once upon a time owned more Bitcoin and now own less Bitcoin. It's not uncommon to talk to somebody I talked to somebody the other day who was like once upon a time they owned 20 Bitcoin or 18. It was like 18, 19, 20 Bitcoin, something like that. I was like, "Wow, that's a lot of Bitcoin. LIKE, WHAT HAPPENED?" WELL, YOU KNOW, AND then the stories come. they sold it because this or they traded it for, you know, Dogecoin or some other coin or they were going to buy it back lower, you know, they were going to sell it and then buy it back lower or they started using options and futures and calls and puts and perpetual swaps and I don't know, a bunch of exotic stuff. And somehow they ended up with less Bitcoin and so somebody who has 20 Bitcoin in the past now has a part of a Bitcoin now. Someone who had two or three Bitcoin in the past now has a tenth of a Bitcoin. Don't let that be you. Bitcoin's monetary properties have not changed. Bitcoin is the best money in the world. All of the people that matter, that are making sophisticated decisions about Bitcoin. Those people are accumulating Bitcoin. The people who are selling it to them are the average Joe Blow who bought it because it was going up and now it's not going up and he doesn't want to do the work to figure out if there's anything wrong with Bitcoin. Like literally, if you are a smart investor and the price of your asset is down, you can go to Google, why is Bitcoin's price down? You just type it in or go to chat GPT, why is Bitcoin's price down? Is there a good reason Bitcoin's price is down? And they'll tell you a bunch of reasons. There's political uncertainty and there's wars all over the planet and politicians are being stupid and there's like a million reasons that all assets are getting dragged down. The stock market's getting dragged down. oil is going way up due to the war in the Middle East or the multiple wars in the Middle East. Like all this stuff is happening and if you ask Google or Chad GPT or any other AI like is that does that mean something's wrong with Bitcoin? They're going to tell you no. They're going to say hey this happens like with every asset stuff happens people sell it later they regret it and what happens behind the scenes in a bare market is the asset is being transferred from weak hands to strong hands. That's what happens. So there's nothing wrong with Bitcoin. There's nothing that's happening right now in Bitcoin that has not happened at least four other times. There's four other major times in Bitcoin's history that the price has been down more than 50%. Right now it's only down like I don't know 45% or whatever it is. Um but four other times there's been long significant bare markets in Bitcoin and Bitcoin has gone on to set new all-time highs every single time. So five all-time highs in a row after bare markets. This is the fifth major draw down of more than 50%. At least it was more than 50% back when the price dipped down to $60,000. And guess what? It's going to go on. It's going to set a new all-time high. It'll outperform all the other assets. It's the same story over and over and over. And what matters is how much Bitcoin do you own 5 years from now, 10 years from now, 20 years from now. How much Bitcoin do you own then? Not how much did you buy in 2025 and vomit over the marketplace because you couldn't keep it down in 2026. That's not what matters. What not what matters is not how much you used to own. It's how much you still own in the future when the price of Bitcoin is radically higher than today. Because there's a whole lot of people in the past who wish they had held on to their Bitcoin. The only reason the price of Bitcoin is not a million dollars per coin today is because there's all these people in the past who bought it at 5,000 and sold it at 20,000 or sold it at $5 and sold it at $20 and then they don't want to buy more because they feel like an idiot. But eventually they have to because hey it's the world's best money and you can either eventually buy it or you can get left behind or you can be you know diluted in your ownership of stocks or you can be you know your purchasing power of the US dollar can be obliterated by inflation. Like those are your choices. So everybody eventually ends up buying Bitcoin out of necessity. It's just a matter of time. But we're still very early. Like 5% of the world owns any Bitcoin and most of that is like people who own like $50 or $30 or $5. So the vast majority of the assets in the world, 99.9% of the assets in the world are in other assets, not Bitcoin. In the future, that will be a radically higher number, not from just onetenth of 1%. It will eventually go into multiple percents and then multiple tens of percents and ultimately Bitcoin money will be a significant part of global assets. And right now, it's like onetenth of 1% because we're still just very early. It's like the internet. 17 years into the invention of the internet almost nobody was using it. You can measure the invention of the internet either from I think it's 1968 or 1981 depending on who you talk to and depending on what you want to count as the beginning. 17 years after that almost after either of those dates 81 or 68 almost nobody was using the internet you know 17 years later and then what happened subsequently is pretty much everybody started using the internet or the vast majority of the world's population at some point somehow uses the internet in some way today and it will be the same for Bitcoin. It's just a matter of time. Global adoption is marching forward. The technology is getting better. The the uh platforms are getting better. The investment vehicles are getting better. The sophisticated investors are buying. Like everything's on track except the price. And when the price is temporarily not on track, it's an incredible buying opportunity because eventually with every asset, the price will reflect the underlying value of the asset. In the short term, it typically doesn't. In the short term, the value of assets is all over the place and very frequently does not reflect the underlying fundamental value of the asset because the price is just all over the place. In the medium-term, it more closely reflects the value of my asset. And in the long term, it always eventually trends along with the value of the asset because if something is very valuable at some point, everyone will figure out that even if it's a point in the future. So, my advice is the same as always. Buy as much Bitcoin as you can. Hold on to it for as long as conceivably possible. And literally, it's that simple. Uh, one last bonus note here. If you wonder why I have not done as many videos this week as I usually do, one, I was out sick for a couple days this week. And so, I'm finally getting close to being over that. And then one of my kids broke their ankle out of the blue while attempting to learn to uh skateboard. Um, so anyway, uh, and it was my daughter. She's 18 years old and she had not she does not know how to skateboard or has barely ever touched a skateboard in her life and she was trying to learn and uh she broke her ankle. So just when I thought I was getting over being sick and I was going to have time to do some videos, well then I me and my wife had to go get our daughter who was in another state and broke her ankle all three bones and pulled some tendon or ligament on top of that. Anyway, so we had to go get her and her car from another state and bring them back to Mississippi. And uh anyway, so it's just a lot going on. So, uh anyway, hopefully I'm back to close to being able to do more consistent videos. I just got to get everybody in my family healthy and happy and over the hump. And that's step one. And then, you know, get my daughter and her ankle and all of that in a good place. And that's step two. And hopefully I'll be back to Bitcoin video production and advocacy. But in the meantime, if you need anything, let me know. I'm always here. Nothing's wrong with Bitcoin, and it's on sale right now. You can buy a lot more Bitcoin for a lot less dollars right now than you have for most times in the last year or two, and uh one day you'll be super glad you did. So, same advice as always, buy as much Bitcoin as you can, hold on to it for as long as conceivably possible. The advice that has never been wrong as long as you take a long-term perspective, and you know, hold it for a multi-year period of time. It's that simple. Thanks, everyone.