Why consumer financial apps want you to buy anything OTHER than bitcoin

00:01 Why is it that consumer financial apps 00:03 want you to buy anything other than 00:06 Bitcoin? The answer is simple. They make 00:08 all of their money on everything else. 00:10 They know if people buy Bitcoin, that is 00:12 a destination asset. You buy Bitcoin to 00:15 hold on to Bitcoin because Bitcoin is 00:17 money and will outperform everything 00:19 else in the long term. And the problem 00:21 is if you own Bitcoin, they make money 00:23 from you once when you buy it and maybe 00:26 if you have to convert it back into US 00:28 dollars to buy stuff later. But that's 00:30 still they get maybe 1% on the front 00:32 end, 1% on the back end, and in between 00:34 years could go by, they don't get any of 00:36 your money. Your assets don't work that 00:38 way. What they really want you to do is 00:40 trade stupid coins. You know, things 00:43 like Salana and Ethereum and XRP and all 00:45 that because they know those are not 00:47 destination assets. Nobody holds those 00:49 assets. Those are greater fool assets 00:52 where people are constantly trying to 00:53 pawn them off on someone else. And so 00:55 they're making 1% every time. And 00:57 they're making it on the buying, the 00:58 selling, the rebying, the reselling, the 00:60 rebying, the reselling, the buying and 01:01 selling by someone else, the buying and 01:03 selling of somebody else. So, they're 01:05 making a ton more money off of every 01:07 other cryptocurrency other than Bitcoin, 01:10 which means you are keeping more of your 01:12 money if it's in Bitcoin than if you're 01:14 in anything else. Because, again, they 01:16 really want you trading and buying and 01:18 selling all sorts of stupid stuff 01:20 because they get a cut of 1 or 2% every 01:22 time you do it. But with Bitcoin, they 01:24 get like 1% one time and then that's it. 01:27 Um, the same way Robin Hood, any of the 01:29 consumer financial apps or any platform 01:32 that uh Gemini, for example, any 01:35 platform that will allow you to buy 01:36 anything other than Bitcoin, you're 01:39 constantly getting these alerts, push 01:41 notifications about, hey, there's some 01:43 new IPO. Do you want that stock? You 01:46 know, there's some new this, do you want 01:47 to buy some of that? There's some new 01:49 token. Do you want to buy some of this? 01:51 Because again, they want you to be 01:53 transacting. They want a lot of 01:55 transactions in and out of stupid stuff 01:58 because they get their 1% or 2% cut 02:01 every single time you move in and out of 02:03 anything. So, the right thing to do is 02:05 buy Bitcoin, sit on it for as long as 02:07 conceivably possible, or in my case, I 02:09 spend because I'm 100% Bitcoin, I spend 02:12 Bitcoin with the Coinbased debit card, 02:14 but I don't buy any of the other junk. 02:16 Every time I get stupid push 02:17 notifications for stupid stuff, I ignore 02:20 them. I'm not buying stocks. I'm not 02:22 buying bonds. I'm not buying stupid, 02:24 worthless tokens. I'm buying Bitcoin and 02:26 I'm sitting on it for as long as 02:28 conceivably possible. That is the same 02:30 reason, you know, not with nefarious 02:32 intent that your financial adviser does 02:35 not want you to buy Bitcoin. If you buy 02:37 their managed portfolios where they are 02:40 managing your money for you and 02:42 underperforming the market, they get to 02:44 keep 1% of your assets every single year 02:47 over and over and over. So if you park 02:49 your money with them for 10 years, they 02:50 get to keep 1% of your assets for 10 02:52 years. So that's 10% of your assets. 02:55 Regardless of whether your assets go up 02:57 or down, your assets under a managed 03:00 portfolio can have their worst 03:02 performance in a decade, they're still 03:04 going to get their 1%. No matter what, 03:06 just no matter what. So investment 03:09 portfolios always want you to park your 03:11 money in a managed portfolio. So the 03:14 same conversation about Bitcoin uh you 03:17 will have that same conversation if you 03:19 talk to your financial advisor and say 03:21 hey I want to move into an S&P 500 index 03:25 fund for example which you know those 03:28 S&P 500 index funds charge you like 03:31 1/100th of a percent or maybe two or 03:33 three 100ths of a percent. Basically, 03:36 it's almost free to be in an S&P 500 03:39 index fund, but your financial adviser 03:41 does not make money if you are in an an 03:44 S&P 500 index fund. They certainly don't 03:47 make money if you're in Bitcoin. And so, 03:49 typically, a financial adviser is going 03:51 to discourage you from putting your 03:54 money in the S&P 500 stock market index 03:57 because they don't make any money. They 03:58 make money one time when you buy the 04:01 index and they make money when you sell 04:03 the index, but they don't make any money 04:04 in between. So, an ETF, an exchange 04:08 traded fund on the stock market, works 04:10 very similarly to the way Bitcoin works 04:13 from uh for financial advisors. With 04:15 Bitcoin, you buy it one time and you 04:17 hold it and they don't make money in 04:19 between. With an exchangeraded fund, you 04:22 buy it one time and hold it. And they, 04:24 your financial adviser, doesn't make any 04:26 money in between, which means your 04:28 financial adviser wants you to be in a 04:30 managed portfolio, which typically 04:33 radically underperforms the stock 04:35 market. So almost all the managed 04:37 portfolios underperform the stock market 04:40 and the stock market benchmarks, meaning 04:42 you would have been way better just 04:44 keeping your money in the S&P 500. But 04:46 they don't get that 1% if you do. that 04:48 they want you in a managed portfolio 04:50 because that's how they make money. 04:52 That's not how you make money. That is 04:54 how they make money. And the consumer 04:56 financial apps all want you to buy 04:58 stupid tokens or buy stock market IPOs 05:01 or stocks and bonds and anything. They 05:04 want you to buy anything other than 05:06 Bitcoin because if you buy Bitcoin, they 05:09 make less money. You make more money. 05:11 Your wealth increases, but they make 05:14 less money. So, all of these platforms 05:16 have a very strong incentive to market 05:19 stupid stuff to you that's bad for you, 05:21 which they have every right to do. You 05:23 know, uh everything's, you know, 05:25 everything that's legal is fair. Um 05:27 there's nothing wrong with them 05:29 marketing to you. It's just bad for you 05:31 to actually follow through on it. It's 05:32 like most marketing. Most marketing for 05:35 most things in the world is bad for you. 05:38 And so your job is to not succumb to the 05:40 marketing to do stupid stuff, to buy 05:43 stupid tokens or to buy stock market 05:45 IPOs that you don't even know what the 05:47 company is. Anyway, the one thing that 05:50 puts you better off is Bitcoin. The 05:52 person who pays the least fees and the 05:55 least money to someone else when you buy 05:59 Bitcoin is you. Bitcoin is the best 06:02 asset for you to own because it's the 06:04 asset that other people make the least 06:06 money on from you when you own it. And 06:10 its performance outstrips and 06:12 outperforms everything else in the stock 06:14 market. So, not only does Bitcoin go up 06:16 in value over time, now it goes up and 06:19 down on its way up. It's a volatile 06:22 because it's so early in the adoption 06:25 because you are early if you're buying 06:26 Bitcoin now. because it's early in the 06:28 adoption cycle. It goes up and down on 06:30 its way up. But not only does it 06:33 outperform every other asset, you're not 06:36 sharing your money 1% all all the time. 06:41 If you're buying and selling stock 06:42 market IPOs, they're getting 1% every 06:44 time you're buying and selling, jumping 06:45 from one to the next to the next to the 06:47 next to the next. Before you know it, 06:48 they got 20% of your money. If you uh 06:51 have somebody in an actively managed 06:52 portfolio by a a uh someone, you know, a 06:55 financial advisor that is managing your 06:58 money for you, they're getting 1% of 06:60 your assets every year for 20 years. 07:01 They got 20% of your money. Now, they 07:03 would argue, "Yeah, but your money's 07:05 going up in value." Well, it's going up 07:06 faster in the S&P 500 than whenever your 07:09 stock market actively managed portfolio. 07:11 it's highly unlikely your actively 07:14 managed portfolio is outperforming the 07:16 S&P 500, which is the benchmark for 07:18 effectively the whole US stock market. 07:20 So, uh, what I want you to do, what I 07:24 recommend you do, again, this is not 07:25 financial advice, not legal advice, not 07:27 any sort of that advice, but what 07:29 benefits you the best is buy as much 07:31 Bitcoin as you can. Hold on to it for as 07:34 long as conceivably possible. And don't 07:36 give a financial adviser 1% of your 07:38 assets every single year to out to to 07:41 underperform the market. And don't give 07:43 consumer financial apps one or two% of 07:46 every transaction while you bounce all 07:48 over the financial ecosystem investing 07:50 in dumb stuff. Just buy Bitcoin, sit on 07:52 it for as long as conceivably possible. 07:54 That has and will continue to be the 07:57 best strategy. It's that simple, 07:58 everyone. It's literally that simple.