00:08 Do not buy altcoins with the intent of
00:12 selling them later to get more Bitcoin.
00:14 People are constantly trying to do this.
00:16 They are constantly failing and they’re
00:17 constantly ending up with less Bitcoin
00:20 rather than more Bitcoin. It’s always
00:23 the same. People come to me and they’re
00:24 like, “Joel, this coin of whatever that
00:27 gets something different every time.
00:29 It’s XRP. It’s Salana. It’s Suie. It’s
00:31 Cardano. It’s Dogecoin. Shiva. This coin
00:35 is going to go up faster than Bitcoin.
00:37 So, if I buy this coin, then I sell it
00:41 after it goes up. Then I’ll have more
00:43 money to buy Bitcoin. Don’t do it.
00:45 You’ve heard it said a million times,
00:46 you can’t time the market. Every
00:48 investment book will tell you that you
00:50 can’t time the market. Every investor
00:53 will tell you, do not time the market.
00:55 You can’t time the market. It doesn’t
00:57 work. Don’t try it. Don’t do it. So,
00:59 buying crypto tokens with the intent of
01:01 selling them before they crash to zero
01:04 is timing the market. Now, people come
01:06 to me and they’re like, “No, no, no,
01:07 because I’m just going to buy them now.”
01:09 I’m like, “Wait, you’re buying them now
01:11 because you think now is a good time to
01:12 buy them.” Well, yeah. I’m like, “That’s
01:14 timing the market.” Okay. They’re like,
01:16 “No, no, no. But I’m I’m I’m buying them
01:18 now and then I’m going to sell them when
01:20 they before they go back down.” I’m
01:22 like, “How is that not timing the
01:25 market? You’re timing the market getting
01:26 in. You’re timing the market getting
01:27 out.
01:28 Now, with Bitcoin, it’s simple. You just
01:31 as soon as you can and hold on to it as
01:33 long as possible. You’re not trying to
01:35 cash out a Bitcoin at a specific time
01:38 because Bitcoin in the long term just
01:41 goes up. Obviously, it goes up and down
01:43 on its way up, but in the long time
01:45 term, it goes up. No investor will ever
01:48 tell you that you should invest in
01:50 things that you think are going down,
01:52 but that you think are going to go up
01:54 before they go down and that you’re
01:56 going to be the lucky guy that buys it
01:58 and then sells it before it goes down.
02:00 Guess what? Right now, if you buy that
02:03 token, you’re buying it from somebody
02:06 who thinks it’s going to go down on you.
02:08 The person before you is smarter than
02:11 you because they are dumping the trash
02:13 token on you and they’re buying Bitcoin.
02:16 Now you’re thinking, “Yeah, but I’m
02:18 going to buy it from them and I’m going
02:19 to ride it higher and then I’m going to
02:21 dump it on some other unsuspecting fool
02:24 and then I’ll have more Bitcoin.” No,
02:26 you won’t. It’s not going to work. It
02:27 never works. You cannot time the market.
02:29 You can’t time the market with stocks.
02:31 You can’t time the market with bonds.
02:32 You can’t time the market with
02:34 commodities. Don’t do that. Do not buy
02:36 anything that you know is not valuable
02:39 with the intent of dumping it on someone
02:42 else and using the proceeds to buy
02:45 Bitcoin. Now, can it work in the near
02:47 term? Anything can work in the near
02:48 term. Just like at a casino, the vast
02:51 majority of people win before they lose
02:54 it all. They don’t win long term. They
02:57 win just enough to wet their appetite
02:59 and make them convinced that they can
03:02 time the market, that they get lucky
03:04 with slot machines, that they have a
03:07 special eye or skill for blackjack. And
03:10 no, if you stay at it, you’re going to
03:12 lose. And everybody’s convinced that
03:15 they’re going to know just the right
03:16 time to sell because it’s going to feel
03:19 high. That’s what they think. They’re
03:21 like, I’m going to buy these tokens now
03:23 and I’m going to sell them when they
03:24 feel high. Nobody knows what high is.
03:27 Once upon a time, $35,000 for Bitcoin
03:29 felt high. Later on, $65,000 felt high.
03:34 Then $92,000 felt high. Right now,
03:36 $119,000 Bitcoin hovering just below
03:39 $120,000 feels high to somebody. And
03:42 then they sell it and then they look
03:44 back in the future and Bitcoin’s a
03:45 million dollars and they’re sad they
03:47 sold it. So, don’t do it. You cannot
03:49 time the market with stocks, bonds,
03:51 commodities or Bitcoin or anything else.
03:56 Humans cannot time markets. And because
03:59 you cannot time markets, you do not know
04:02 that now is a good time to buy your
04:04 favorite trash token that’s eventually
04:06 going to zero. And simultaneously, you
04:09 do not know when the best time to sell
04:12 that junk token is and get out before it
04:16 goes to zero. If you’re buying things
04:18 you don’t believe in, if you are buying
04:20 things you know are not valuable and
04:23 you’re hoping to dump them on someone
04:24 else, it’s called the greater fool
04:26 theory. The greater fool is I’m a fool
04:29 and I know I’m buying this thing like a
04:31 fool, but there’s a greater fool who I’m
04:34 going to sell to. If you are exercising
04:37 the greater fool theory in your
04:38 investing, you are the greater fool
04:41 because you are the person getting
04:43 dumped on by the person before you. And
04:44 the people who think that way and the
04:46 people who act that way generally are
04:49 the last fool in line. Now, that doesn’t
04:51 mean you’re going to lose your money
04:52 immediately. It means your favorite
04:54 trash crypto token, look, it might go up
04:56 10 or 15%, it might go to up 30%. And
04:59 then somehow it eventually goes down
05:01 50%. And you lose it all and you end up
05:04 with less Bitcoin.
05:06 It is one of the many, many, many ways
05:07 to end up with less Bitcoin. Don’t
05:09 borrow against your Bitcoin. You’ll end
05:11 up with less Bitcoin. Don’t leverage
05:14 your Bitcoin in creative ways. Don’t
05:16 loan your Bitcoin to anyone. Don’t try
05:18 to get yield on your Bitcoin. None of
05:21 those things work. You’re like all the
05:23 people who uh you know, they gave their
05:24 their their money to BlackFi, Celsius,
05:27 and Voyager because they were promising
05:29 a 10% yield on the Bitcoin, and then
05:32 poof, all the Bitcoin went away. It
05:34 worked great until they lost all the
05:36 Bitcoin. All these strategies work great
05:40 until the point they suddenly don’t work
05:41 great. And if you think, well, it’s
05:43 going to go up and then I’m going to as
05:45 soon as it starts going down, I’m going
05:46 to sell it before it goes down. Guess
05:48 what? It’s going to go down a little bit
05:50 and then you’re going to sell it and
05:51 then it’s going to start going up again.
05:53 And then you’re going to buy back in at
05:54 a higher price because you’re like, “Oh,
05:56 the party wasn’t over. There’s still
05:58 greater fools in the market.” Well,
06:00 it’s, you know, buy back in. So, you you
06:02 sell on a dip. you back in at a higher
06:04 price, then it dips and you sell again
06:07 and you lose money. It happens all the
06:09 time. Happens. It’s been happening for
06:11 as long as markets have been alive and
06:13 as long as markets have been alive,
06:14 there’s been some greater fool that
06:17 thinks they could pull it off. Don’t do
06:18 it. It’s not going to work for you.
06:20 Doesn’t work for anyone else. Buy
06:21 Bitcoin. Sit on it for as long as
06:23 conceivably possible. Don’t be dumb with
06:25 your money. Don’t be dumb with your
06:27 Bitcoin. Do what smart people do. They
06:29 buy Bitcoin and they hold on to it for
06:31 as long as conceivably possible.
