What is it like educating people about bitcoin? And people’s first bitcoin buy vs. final buy

00:01 What's it like educating people about 00:03 Bitcoin? First of all, I thoroughly 00:05 enjoy educating people about Bitcoin. 00:07 It's super fun. Uh, but there is a 00:09 stressful component. And the stressful 00:11 component is that I'm always most 00:14 actively working with people who are 00:16 newest to Bitcoin. Which means the 00:18 people who are most likely to be down on 00:21 their investment are the people I'm most 00:23 likely to be in communication with, at 00:25 least as a percentage of the outreach. 00:28 Which means uh if I think about it now, 00:31 of course, my heart goes out to 00:32 everybody who bought their very first 00:34 Bitcoin at 117 or 118,000 a coin. This 00:38 is their very first little dip of 5%. 00:42 They've never experienced a Bitcoin 00:43 price dip before. They don't know that 00:45 it's part of the process. They don't 00:47 know that everyone experiences this and 00:49 they don't know that this has been 00:50 happening in every financial asset from 00:53 from the beginning of the world till 00:55 now. They just don't know that that's 00:57 normal. So, my heart goes out to them 00:58 and I try to do videos and I try to 00:60 explain that this is what happens in 01:02 investing and you're never going to time 01:04 it perfectly on its way up and only 01:06 experience the upside. Anyway, so um so 01:09 there is that part of just my heart 01:11 going out to the most the most recent uh 01:15 people who have climbed aboard the 01:17 Bitcoin train because they have the 01:19 least experience and my heart just goes 01:21 out to them. But if I zoom out a little 01:23 bit, which is what you have to do with 01:25 Bitcoin, whether you're a investor in 01:27 Bitcoin or whether you are a Bitcoin 01:30 person who enjoys educating people like 01:32 me, uh you have to zoom out a little 01:34 bit. And as soon as I zoom out, I think, 01:36 wait a second. Okay, yes, there are some 01:39 people that are new to Bitcoin that 01:41 bought recently at 117 or 118,000 or 01:45 something. But then I think, yeah, but 01:47 earlier than everyone who adopted more 01:50 than three weeks ago, those people are 01:52 up on their investment. It's only people 01:54 from the literally the last 3 weeks that 01:57 are downer on their investment literally 01:59 this second. They'll be up on their 02:01 investment in a matter of time. It's 02:02 just time. But uh they don't know that 02:04 because they're new to Bitcoin. So um so 02:07 anyway uh so I have to think okay but 02:10 previously the most anyone paid was you 02:13 know 108 to 111 and all those people are 02:16 still up on their investment. Well the 02:18 people before them the wave before them 02:20 from a few months before that bought 02:23 their first Bitcoin between 90,000 and 02:26 105,000. 02:27 Well they're significantly up on their 02:29 investment. If you go back before 02:31 November of last year, which is only 9 02:32 months ago, go back less than nine 02:35 months and everybody was accumulating 02:37 Bitcoin between 02:40 60, what was it? Between 55,000 02:43 and 70,000. Well, those people are way 02:46 up on their investment. Okay. And the 02:48 people before that, the wave of adoption 02:50 before that happened in the 40,000s. 02:53 Well, those people are almost triple 02:54 their investment. Well, what about the 02:56 people before that? Well, the people who 02:58 before that were acquiring in the 02:59 20,000s and 30,000s, they're they're up 03:02 somewhere between, you know, 4x to 5x 03:05 their investment. So, when you're 03:07 educating people about Bitcoin, you have 03:09 to keep in perspective that everybody 03:12 buys their Bitcoin, their first Bitcoin 03:14 on its way up. Nobody acquires Bitcoin 03:17 when it's going down the first time 03:19 because people just don't want to do 03:20 that. They their psychology even though 03:23 the best time to buy anything that is 03:25 going to be a long good long-term 03:26 investment is when it's going down. The 03:28 psychology is always that people want to 03:30 buy things when they go up because when 03:32 they don't understand an asset initially 03:35 they use price as their validation. So 03:37 when the price is going up they feel 03:39 good and they want to buy it for the 03:40 first time. But uh as you get deeper and 03:43 later into your Bitcoin journey, you 03:45 start buying more and more of your 03:47 Bitcoin when the price is going down 03:49 because your conviction is so high and 03:50 your conviction is not based on the 03:52 price. Your conviction is based on the 03:55 technical fundamentals of what makes a 03:57 good money and the fact that Bitcoin is 03:59 that good money and the fact that 04:01 Bitcoin will out compete all and is out 04:03 competing all other monies. It's just 04:06 happening slowly because humans take a 04:08 long time to learn new things and 04:10 especially you know completely new 04:12 paradigm shifts like cryptocurrency or 04:15 artificial intelligence or things like 04:17 that. U so anyway you got to zoom out. 04:19 So if you are new to Bitcoin my uh 04:22 advice to you is hey zoom out. Just 04:24 realize everybody before you at some 04:26 point felt like you do exactly right 04:29 now. Everybody before you bought their 04:31 first Bitcoin on a price rise like the 04:34 one up to 123,000. Everybody acquired 04:37 either right before that happened, let's 04:39 call it in the 117 to 118,000 on the way 04:41 up or after the price had settled back 04:44 to 117 or 118,000 on its way back down. 04:49 And then of course eventually at some 04:51 point there's always a little price 04:52 correction or a bigger price correction. 04:54 You don't know. And you know, the people 04:57 who really are doing their the work, 04:59 they will buy more Bitcoin in that price 05:01 dip. The ones that aren't will freak 05:03 out. They'll freak out about their 05:04 initial investment. Most of the time, 05:06 they will not sell their initial 05:07 investment. They'll just sit on it and 05:08 think, "Uh-oh, maybe I was wrong. Maybe 05:10 I showed up. Maybe I was late to the 05:12 party. Maybe I was the last one in 05:14 before the price crash, you know, etc., 05:16 etc." And then the price will recover 05:18 and they'll be like, "Oh, I should have 05:19 bought that dip. Maybe I'll buy this 05:22 next dip." And then as their conviction 05:24 grows and their knowledge grows, they 05:25 buy the next dip and the next dip. And 05:28 most people's initial Bitcoin, the first 05:31 Bitcoin people ever buy is when the 05:33 price is going up as fast as possible. 05:36 The last Bitcoin people ever buy is when 05:39 the price is going down as fast as 05:41 possible. So, the very last 1% of my net 05:45 worth that I put in Bitcoin back in 05:47 April, I put in when Bitcoin had dropped 05:50 from 109, it was either 108,000 or 05:53 109,000. Uh, that was before it spiked 05:56 to 112. So, it was either 108 or 109. 05:60 And there was a dip in April that 06:01 dropped Bitcoin into the mid70,000s. 06:05 And I still had 1% of my liquid assets 06:07 that were were not in Bitcoin. And when 06:09 it dropped back into the 70,000s, I was 06:11 like, you can't dangle 70,000 some, you 06:14 know, I think it was like I bought it at 06:16 like 78,000 or something. If you're 06:18 going to dangle $78,000 Bitcoin in front 06:20 of me, I will take that with my last 1% 06:23 of my entire liquid assets. And so I 06:26 did. And so, you know, on the very tail 06:29 end, your conviction is so high that the 06:32 the more aggressive a price dips, the 06:34 more you can't resist buying it. But on 06:36 the very front end of your Bitcoin 06:38 journey, you use price as an affirmation 06:41 of the credibility of Bitcoin and 06:44 therefore you tend to buy it when the 06:46 price is going up. And nothing wrong 06:47 with that. That's normal human 06:48 psychology. That is what everyone does. 06:50 And that is what I did. My first Bitcoin 06:52 was bought in 2017 and 2018 when the 06:55 price was spiking in the 2017 spike. I 06:58 bought way up there near the top in 2017 07:01 and then I learned, grew my conviction 07:03 and it went from there. So, hope all 07:06 that's helpful. Have a wonderful 07:07 evening, everyone.