Watching global bitcoin adoption is a bit like watching the appetite of an average person over time

00:01 Watching the Bitcoin price is a little 00:03 bit like watching the appetite of an 00:05 average person right now. Um, let me 00:07 know let me tell you what I think uh 00:09 that looks like. And here are some 00:10 thoughts on Bitcoin at $116,000. 00:13 So, you will notice that the marketplace 00:16 uh goes crazy every time the price of 00:18 Bitcoin changes. Everybody on crypto 00:20 Twitter, Bitcoin X, whatever you want to 00:23 call it, goes crazy every time the price 00:25 goes up and down. And all you're really 00:27 watching is global adoption happen 00:29 slowly with a bunch of frenzied activity 00:32 on top of it of people who just can't 00:34 restrain themselves and are, you know, 00:36 jumping around like jack rabbits. So 00:38 here's what I mean. And I put in the 00:40 title of this video. It's kind of like 00:41 watching the appetite of an average 00:43 person. So average person wakes up in 00:45 the morning. Everybody's sitting around 00:48 watching this thing and they're like, 00:50 "Oo, this person looks hungry. This 00:52 person looks hungry. This is going to be 00:54 amazing. This asset is going to be 00:56 amazing. This person is about to consume 00:58 an unlimited amount of food. It's going 00:60 to be amazing. Euphoria worldwide 01:02 adoption. It's going to be great. So, 01:04 the person starts eating breakfast. 01:06 About halfway through breakfast, they 01:07 start slowing down a little bit. 01:08 Everybody's like, "Oh no, the world 01:10 doesn't need food anymore. This person's 01:12 never going to eat food ever again. 01:14 They're slowing down. What does this 01:15 mean? What could this mean?" And, you 01:17 know, the price of the asset goes down 01:19 and the person wraps up breakfast. 01:20 Everybody's like, "Oh, it's so over. We 01:22 were so hopeful that food was a valuable 01:24 thing that everyone needed, but the 01:26 person has officially stopped eating the 01:28 food. Uh, it's over. The assets's dead. 01:31 We can all move on with life. A few 01:33 hours go by. The asset, you know, 01:35 listlessly uh hangs around. And the 01:38 person starts getting hungry again. 01:40 They're like, "Food's a big deal. Maybe 01:42 money is still an asset we're all going 01:44 to use after all. Maybe money is 01:46 valuable. They look hungry again. Oh, 01:48 they're so hungry. It's lunchtime. This 01:50 is going to be fantastic. The person's 01:52 going to start eating. They're never 01:53 going to stop eating again. This is 01:55 going to be amazing to the moon. Asset 01:57 prices going wild mild. The person 01:59 starts eating lunch. It's euphoria. It's 02:01 euphoria. This is amazing. Worldwide 02:03 food adoption, you know, right around 02:05 the corner. They're never going to stop 02:06 eating. Well, about halfway through 02:08 lunch, they're like, they start slowing 02:09 down. Everybody's like, "Oh no, demand 02:12 is weakening. What does this mean? Does 02:13 this mean the world will never eat food 02:15 again? Does this mean the world does not 02:17 need money ever again? Oh no, it's all 02:20 over. It's all over. or they finish up 02:21 lunch, everybody's like, "Oh, it was fun 02:24 when it lasted. It was just two pumps 02:26 and then a dump and then they're, you 02:28 know, they're over. The world is over. 02:30 The asset is in the trash. It's never 02:32 coming back again. Food is just not a 02:34 thing." And then of course a few hours 02:36 goes by and it picks back up again 02:39 because it's supper time and the 02:40 person's hungry and they're like, "Ooh, 02:42 Euphoria, worldwide adoption. It's 02:45 amazing. Shoot for the moon. 02:46 Everything's epic. Everything's going to 02:48 be awesome." And then of course, same 02:49 thing happens. Halfway through dinner, 02:51 they start slowing down the Oh, no, no, 02:53 no. There's not going to be any demand 02:54 anymore. It's all over. It's all over. 02:56 They finish supper. Everybody's like, 02:58 "They're going to eat dessert. They're 02:59 going to eat dessert." And then, you 03:01 know, they don't need dessert. And 03:02 everybody's like, "Oh, no. The world 03:03 just doesn't need food anymore. We're 03:05 never going to use sound money. It's all 03:07 over. Bitcoin was nice while it lasted." 03:09 Of course, then the person goes to sleep 03:11 because they now had breakfast, lunch, 03:12 and dinner. and they go to sleep, which 03:14 is like Bitcoin's every four-year, you 03:16 know, major price correction, which may 03:18 or may may or may not still be a thing. 03:20 We don't know. I've done videos about 03:21 that. And they sleep for like 10 hours, 03:23 and everybody's like, "Oh no, it's so 03:25 over. Nobody will ever eat again. You 03:28 food is worthless. Sound money is no 03:30 longer necessary. None of it matters 03:32 anymore." And then the person wakes up 03:34 and it goes over and over and over. That 03:36 is what it feels like watching the price 03:38 of Bitcoin right now. It's like 124,000. 03:42 Oh wow, worldwide Bitcoin adoption. It's 03:44 right around the corner. Everybody's 03:45 going to use Bitcoin for everything 03:46 tomorrow. And then the price pulls back 03:49 just a little bit and everybody's like, 03:51 "Oh, it's so over. It's $116,000. 03:54 This must mean there is no more, you 03:56 know, need for sound money anywhere in 03:58 the world. What was I even thinking?" 04:00 It's like, come on, people. There will 04:03 always be a need for food because people 04:04 are always going to need to eat. There's 04:06 always going to be a need for sound 04:08 money because the world needs money. We 04:10 talked about this a thousand times. The 04:12 world needs money so we don't have to 04:13 barter. The the best money is the 04:16 scarcest money that still has the other 04:19 necessary properties of being divisible 04:21 and durable and portable and fungeible 04:22 and identifi unidentifiable, you know, 04:25 etc., etc., all the five to seven major 04:28 characteristics of money. And Bitcoin 04:30 has all of those better than anything 04:31 else anywhere in the world. And so guess 04:34 what? The world will adopt Bitcoin 04:36 worldwide as the new currency of the 04:38 future. It's just happening slowly. And 04:41 on top of that incessant worldwide 04:44 demand, just the same way an average 04:45 person has an incessant perpetual need 04:49 for food their entire life, the need for 04:52 Bitcoin will continue to grow. It will 04:54 never go away. It will go in waves just 04:56 like a person who gets hungrier and then 04:58 less hungry and then hungrier and then 04:59 less hungry. The price of Bitcoin will 05:01 do the same thing. It will go up. It 05:03 will go down. It will go up and down. It 05:04 will go up and down on its way up. But 05:07 the real question is, does the world 05:09 still need food? Yes, cuz that's what we 05:11 eat. The real question is, does the 05:14 world still need money? Is money still a 05:16 valuable thing that humans invented that 05:19 is valuable to because we need a way of 05:22 storing our time and energy for the 05:23 future so that we can buy things in the 05:25 future that we're not ready to buy right 05:26 now. Yes, we need that in the modern 05:29 economy more so than ever before. In a 05:32 world where governments are debasing the 05:33 currency every which way, all fiat 05:35 currencies are losing money. Most are 05:37 worse than the US dollar, but even the 05:39 dollar is losing between 3% 4% up to 9% 05:43 a year. It's insane. So, the world needs 05:45 money. Money is a thing the world needs. 05:48 The adoption will go in fifth and starts 05:50 just like a human appetite will be 05:52 stronger or less strong from time to 05:55 time. The human appetite goes up and 05:57 down on a cycle with three meals a day, 05:60 sleeping overnight, all of that is a 06:02 completely normal part of the human 06:04 appetite. And all of those same ups and 06:07 downs are completely normal part of a 06:09 technology adoption life cycle. The same 06:11 thing is true of Bitcoin. The adoption 06:13 of Bitcoin will not happen in a linear 06:15 straight line for all the reasons I've 06:16 explained in numerous other videos. 06:18 There will be fits, there will be 06:19 starts, there will be ups, there will be 06:21 downs, there will be huge runs, there 06:23 will be price corrections. None of that 06:26 means the need for money has gone away. 06:28 Humans have a need for money. We just 06:30 do. The best money wins over time, and 06:32 the earliest adopters of new money tend 06:34 to benefit much more so than the late 06:37 adopters of a new, more scarce form of 06:40 money, even though everyone in the long 06:41 term benefits. So, that's where we are 06:43 right now. Everybody's all over the 06:45 place on crypto, Twitter, Bitcoin X, 06:47 whatever you want to call it. Every time 06:49 the price moves a thousand dollars, it's 06:50 either to the moon or the end of the 06:52 world. To the moon or the end of the 06:54 world. And we need to think about it 06:57 like a human appetite. The fact that 06:59 you're not hungry right now does not 07:00 mean you're never going to eat food 07:01 again. And the fact that you're super 07:04 hungry does not mean you're going to 07:05 perpetually eat food 24/7 for the next 07:07 75 years. Neither of those things is 07:10 true. It's going to go up and down on 07:12 its way up. All of this is normal. You 07:15 should, you know, buy food when it's on 07:17 sale. Buy Bitcoin when it's on sale 07:18 because you're going to need it. It's 07:20 only a matter of time. And that's just 07:22 how the adoption of these sort of things 07:23 work. So, same advice as always, buy as 07:27 much Bitcoin as you can, hold on to it 07:29 as long as conceivably possible. And 07:31 great thing is it's on sale right now. 07:33 So, you can buy Bitcoin for cheaper 07:34 today than you did yesterday. And that's 07:38 what I do. I buy Bitcoin every time I 07:40 can buy Bitcoin. I buy as much Bitcoin 07:41 as I possibly can. and I sit on it as 07:44 long as conceivably possible because 07:45 that is the formula that always works in 07:48 the long term in the world of Bitcoin.