Bitcoin’s price is down from all time highs. Is anything wrong with bitcoin? (No)

00:01 Bitcoin’s price is down from all-time
00:03 highs. Is anything wrong with Bitcoin?
00:05 No, there’s never anything wrong with
00:07 Bitcoin. It’s always just 21 million
00:09 coins. It’s always the best money in the
00:11 world. And it’s the Bitcoin blockchain
00:13 is always processing transactions. So
00:16 price right now is $114,000.
00:18 The all-time high was $124,000.
00:21 So that’s less than 10% from all-time
00:23 highs since we’re above 100. So at
00:26 100,000, $10,000 down would be 10%.
00:29 We’re above 100,000. So, $10,000 down is
00:31 less than 10% down from all-time highs.
00:33 Um, short take is there’s nothing wrong
00:35 with Bitcoin. In fact, I’ve spent very
00:37 little time trying to feed and figure
00:39 out in the last couple days why
00:40 Bitcoin’s price is down from all-time
00:42 highs. A couple reasons for that. One, I
00:45 know that James Czech, uh, my favorite
00:47 Bitcoin analyst, is going to send out a
00:49 report that I will read first thing
00:50 tomorrow morning. He normally does his
00:52 reports in Australia on Mondays and
00:55 Thursdays. And by the time we wake up in
00:57 the United States on Monday morning or
00:59 Thursday morning, we usually have those
01:01 reports in our inboxes and I’m a
01:03 subscriber to his service for $29 a
01:05 month and he’s going to tell me what’s
01:07 going on. So, I could spend a bunch of
01:09 time trying to figure it out. Uh but
01:11 again, in the near term, the price just
01:13 doesn’t matter. There’s nothing wrong
01:14 with Bitcoin. Um if it’s down, it’s a
01:17 buying opportunity. So, if I had US
01:19 dollars, I was looking to deploy into
01:21 Bitcoin. I would be closely following
01:24 exactly why this happened, exactly why
01:26 that happened. But I don’t have any US
01:28 dollars to buy Bitcoin because all of
01:30 the US dollars that I could possibly use
01:32 to buy Bitcoin have already been
01:33 converted to Bitcoin a long time ago.
01:35 I’m 100% Bitcoin. So, the beauty of
01:38 being 100% Bitcoin is I’m just living my
01:40 life. I’m out shopping, taking care of
01:42 my family, doing what needs to be done
01:44 to keep moving Prosper forward. our free
01:47 private city charter city project on the
01:49 island of Rowaton. I’m doing all the
01:51 things that need to be done because I
01:53 have the financial freedom to do all the
01:54 things that need to be done. And as I
01:56 posted yesterday on Facebook, I was out
01:59 buying a wheelbarrow yesterday because I
02:00 needed a wheelbarrow. And um at $17,000
02:04 a coin, the wheelbarrow would have been
02:07 70% off because my average cost basis is
02:10 around $35,000 per Bitcoin. So, at uh
02:14 70% off of 117,000, again, my average
02:17 cost basis is around $35,000. Even
02:20 though I have bought Bitcoin at every
02:22 price between 6,400 and $124,000.
02:27 Every single price from 6,400 and up, I
02:29 have bought Bitcoin because my paycheck
02:31 hits every two weeks. I immediately
02:33 converted into Bitcoin and then I spend
02:35 Bitcoin on everything I buy with the
02:37 Coinbase debit card. uh using that
02:39 approach, even the Bitcoin I bought at
02:41 the end of 2022 specifically for the
02:43 Coinbase debit card strategy continues
02:46 to go up in value as compared to my
02:47 spending habits. So even that 18 months
02:50 of living expenses has grown to more
02:52 than three and a half years of living
02:53 expenses. So I’m living for free in
02:55 addition to if you want to calculate it
02:57 as living for free, I’m living for free.
02:59 If you want to calculate it as how much
03:01 of a discount am I living as compared to
03:03 the cost basis of all the Bitcoin I’ve
03:05 ever bought, that’s in the ballpark of
03:08 69 70% off of everything I buy. So, uh,
03:13 same advice as always. Buy as much
03:14 Bitcoin as you can, sit on it for as
03:16 long as conceivably possible, and in the
03:18 long term, as Bitcoin’s price goes above
03:21 the price you bought it for, your
03:23 ability to live life at a discount will
03:25 go up and up and up. Now, the price of
03:28 Bitcoin goes up and down on its way up.
03:31 But it’s only a matter of being patient
03:33 because Bitcoin is the best money in the
03:35 world because there’s only 21 million
03:37 and because the Bitcoin blockchain never
03:39 stops processing transactions. That
03:41 means that is a very valuable thing to
03:43 have a money with an absolute finite
03:46 scarcity that is durable, divis
03:47 divisible, portable, fungeible,
03:49 authentic, authenticable, verifiable,
03:52 uh, and most important, scarce. All of
03:54 the attributes of a good money. Bitcoin
03:56 is all of those things better than any
03:58 other money. Which means over time
04:00 because humans have a need to store
04:02 their time and energy to spend it later
04:04 as compared to when they get paid.
04:06 Humans will always need money. Bitcoin
04:08 will always be a better money than
04:10 anything that exists in the world. And
04:12 so eventually the price of Bitcoin will
04:14 always go up. So what should you do if
04:16 the price is 10% below its all-time
04:18 high? Again, if it’s me, if I had any US
04:22 dollars to convert it into Bitcoin, I
04:23 buy stuff when it’s on sale. That’s what
04:25 you should do with investments. Uh you
04:26 should buy it more of it when it’s on
04:28 sale, assuming it’s an asset that will
04:31 always eventually go up in value. Now,
04:33 there’s a lot of things that are not
04:34 that way. There’s a bunch of stupid
04:35 crypto tokens that are going to to zero.
04:38 Those are not the things you should buy
04:39 no matter what. But for money, it’s
04:41 Bitcoin. For other things in the stock
04:44 market, it’s, you know, whatever things
04:46 in the stock market you have absolutely
04:47 certainty will be around for the long
04:49 haul. For me, nothing in the stock
04:51 market will be guaranteed to be around
04:53 for the long haul. The same way Bitcoin
04:55 is guaranteed to be around for the long
04:56 haul. Which is why I don’t own any
04:58 stocks or bonds right now because all
05:00 the money I had in stocks or my own
05:02 bonds have been converted to Bitcoin.
05:05 Same. I don’t have a high degree of
05:06 conviction in any real estate
05:07 investments. Not commercial real estate,
05:09 not residential real estate, no real
05:12 estate. And therefore, I don’t have any
05:13 money in real estate because I don’t
05:15 have a conviction that uh that is a good
05:17 investment. Um so I I am 100% Bitcoin. I
05:21 like being 100% Bitcoin. It is the one
05:24 thing that I feel like is absolutely
05:25 certain in the world that Bitcoin uh
05:27 that humans need money. Bitcoin is the
05:29 best money. And I’ve done the work, the
05:31 proof of work. I’ve done it to
05:34 understand how Bitcoin works, how the
05:35 protocol works, why it’s impossible for
05:37 humans to change that protocol in a way
05:40 that would harm the monetary properties
05:41 of Bitcoin. I understand how that works.
05:44 And you know, I have done thousands of
05:46 hours of due diligence to make sure that
05:48 my conviction in Bitcoin is solid. So
05:51 whether it’s 112,000 or 114 like it is
05:54 right now or 117 or 124 again in the
05:58 long term it won’t matter. The same way
06:01 all of those numbers when you knock a
06:02 zero off of them don’t matter. Back when
06:06 I was buying Bitcoin in 2018 uh late
06:09 2017 early 2018
06:13 the price was bouncing around at about
06:14 the same prices it’s bouncing around now
06:17 just with a zero off. basically they
06:19 were you know bounc bouncing around with
06:21 at roughly 10% of the current price. So
06:25 112 is the equivalent of 112 11,200 up
06:30 to 124 is 11 um or one sorry 124 12,400.
06:36 So it’ be the equivalent of the price
06:37 bouncing around between 11,200 and
06:41 12,400. That is the same percentage
06:43 equivalent uh as compared to today’s
06:45 price. Now, I promise you 100% of people
06:48 who own Bitcoin today, they do not care
06:51 if they bought Bitcoin at 11,200 or
06:54 12,400. They just wish they could go
06:57 back and buy as much Bitcoin as they
06:59 possibly could back when you could still
07:01 get Bitcoin close to $10,000. And the
07:03 same will be true in the future. All the
07:05 people that are obsessing about Bitcoin
07:07 at 112 and 114 and 111 and 124, all the
07:12 people that are obsessing about all of
07:13 those numbers will one day look back
07:15 when Bitcoin’s 300,000, 500,000,
07:17 700,000, a million dollars a coin, and
07:20 they’ll think, “My gosh, I wish I had
07:22 bought more Bitcoin in 2025.” And
07:24 nobody’s going to be sitting around
07:25 saying, “Yeah, but what price in 2025?
07:28 It was multiple prices in 2025.” What
07:30 price in 2025? Just like now, nobody
07:33 says, “Yeah, but what price in 2018?
07:36 What price in 2019?” Nobody asked that
07:38 question because every price in 2018 was
07:41 a good price. Every price in 2019 was a
07:44 good price. Even though the price of
07:46 Bitcoin uh bounced around a lot back
07:49 then, the volatility was way higher than
07:52 it is now. Even back then, if somebody
07:54 says, “I was buying Bitcoin in 2018,”
07:56 I’ve never heard anyone say, “Yeah, but
07:58 what was the price in 2018?” Everybody
08:00 just knows if you bought Bitcoin in
08:02 2018, that was a smart move. Everybody
08:04 knows if you bought Bitcoin in 2019,
08:06 that was a smart move. Same here in 2020
08:09 25. You’re buying Bitcoin at less than
08:11 125,000 a coin. That’s a smart move. It
08:14 doesn’t matter if it’s 111, 112, 114,
08:17 117, 118, 124. It just doesn’t matter in
08:20 the long term. And I know when I say
08:22 that, you don’t believe me because if
08:24 somebody had told me that back when I
08:26 was buying Bitcoin between 11,200 and
08:30 12,400, I would have said, “Yeah, but
08:32 that’s like a 10% difference. I’m
08:33 getting it’s getting like a 10%
08:35 difference in my return whether I buy it
08:37 at 11,200
08:39 or 12,400.
08:41 I just wish I had bought way more.” Like
08:43 that’s all that matters is how much
08:45 Bitcoin you can accumulate. In the long
08:47 term, the exact price you paid will
08:49 matter way less than you think. What
08:51 will matter is that you actually pull
08:53 the trigger, that you actually bought
08:55 the Bitcoin. You do not get credit for
08:57 Bitcoin you thought about buying,
08:59 Bitcoin you almost bought, Bitco Bitcoin
09:01 you contemplated buying. You don’t get
09:04 credit for any of that. You only get
09:05 credit for the Bitcoin you actually
09:06 bought. The only Bitcoin I’m benefiting
09:09 from is the Bitcoin I actually bought
09:11 back then, not the Bitcoin I thought I
09:14 was going to buy when I bought some at
09:15 $9,000. I thought if it ever drops to
09:17 half that price, $4,500, I’m going to
09:20 buy a bunch more. I didn’t because it
09:22 was down. And when the price of assets
09:24 are down, people freak out and they
09:25 think maybe there’s a good reason
09:26 they’re down. They think maybe the price
09:28 will go down more. So, the cheapest I
09:30 ever bought Bitcoin was $6,400.
09:33 Even though I had told myself if it ever
09:35 went down to $4,500, I was going to
09:37 definitely buy more. Bitcoin spent
09:39 months below $4,500 after I had
09:43 committed myself I was going to do that.
09:45 Guess what? I don’t get credit. I don’t
09:47 get to spend $4,500 Bitcoin right now
09:51 because I didn’t buy $4,500 Bitcoin. The
09:55 cheapest I ever bought was $6,400
09:57 Bitcoin because I didn’t have the
09:59 courage to pull the trigger when it went
10:00 down to $4,500. Um because I had not
10:04 done the work. I had not done the work
10:06 to explore and understand and uh you
10:10 know do the proof of work to understand
10:12 every facet of Bitcoin and why it will
10:14 always eventually go up and why it’s the
10:16 best performing asset of the 21st
10:18 century. Now I’ve done that work which
10:19 is why I’m at 100, you know, 100%
10:21 allocated to Bitcoin. But it’s also why
10:23 the average price I pay for Bitcoin is
10:25 not 11,000 or 12,000. It’s 35,000. Why?
10:28 because in addition to a bunch of cheap
10:30 Bitcoin I bought way back to buy a bunch
10:32 of way more expensive Bitcoin that I
10:34 wish I had bought a lot sooner. And I
10:37 trust that everyone watching this will
10:38 be in the same position at some point in
10:40 the future because that’s the way that’s
10:43 just the way it always is. Um you can
10:45 get ahead of that as much as possible by
10:47 buying as much Bitcoin as you can right
10:49 now. Have a great evening everyone. I’m
10:51 here for anything you need.