If you could flip a switch and make Bitcoin $1 million per coin would you flip it? I wouldn’t. Why?

00:01 If you could flip a switch and Bitcoin
00:03 was instantly jumped to $1 million per
00:06 coin, would you flip that switch? My
00:09 answer is no. I would not flip that
00:11 switch. And here’s why. The answer is
00:13 because Bitcoin is a once- ina millennia
00:16 opportunity to write the wrongs of
00:20 unound money. To fix the wealth
00:23 inequality that has been caused by the
00:25 government printing vast quantities of
00:27 money, thereby making the people who
00:29 primarily live off of money and save in
00:32 money worse and inflating the asset
00:35 prices of those who have assets like
00:37 real estate, stocks, bonds, and
00:38 everything. Overall, everyone’s worse
00:40 off, but the people who live on money
00:42 and save in money uh as a as a larger
00:45 percentage of their assets and their net
00:47 worth uh are much more harmed and hurt
00:50 when the government does that. Even
00:51 though it makes everyone worse off, it
00:53 makes the people um that are lower on
00:56 the income levels much worse off than
00:58 the people higher up. Of course, the
00:60 people that live near Washington DC that
01:02 are part of the mil military-industrial
01:04 complex uh live off the large s of
01:07 Washington. Well, they are, you know,
01:09 they end up better off from all the
01:10 money printing because they’re the ones
01:11 who get it first and they buy stuff with
01:13 all the newly printed money before the
01:15 prices go up for all the rest of us. But
01:17 I would not flip that switch because the
01:20 current adoption of Bitcoin in the
01:22 United States and worldwide is still
01:24 barely 5%. In fact, I think it’s less
01:27 than 5%. It might have barely hit 5%.
01:30 Okay, so if 5% of the world owns an
01:32 asset and you flip a switch and it makes
01:35 a huge leap from being worth $2 trillion
01:38 to being worth 20, let’s call it 21
01:41 trillion, a million dollars per coin, 21
01:43 bill uh million Bitcoin, that that’s a
01:45 uh 21 uh trillion dollar market cap. If
01:48 you flip that switch, then suddenly all
01:51 of that 95% of the world population who
01:54 has to one day adopt Bitcoin is adopting
01:57 it at a price that’s 10 times as high.
01:60 And we don’t know where the price of
02:02 Bitcoin,
02:03 how high it could possibly go. I mean,
02:05 some people say 1 million, 3 million,
02:08 you know, 10 million, 21 million. Who
02:11 knows how high it could go, but I want
02:14 the maximum number of people to benefit
02:16 from the upside between here and there
02:19 as possible. So, if you gave me the
02:21 option to flip a switch and the price
02:24 increased to $1 million per coin, but it
02:27 increased because all of a sudden in the
02:29 next 24 hours, a huge swath of the world
02:33 adopted Bitcoin as a substantial portion
02:36 of their assets, then absolutely I would
02:38 flip that switch right now. The problem
02:40 is that’s just not how humans work.
02:43 Humans take a long time to adopt
02:45 technology. They just do. It doesn’t
02:47 matter what kind of technology it is.
02:48 Humans take a long time to adopt
02:51 technology. And so, uh, right now,
02:54 Bitcoin is still in its infancy. It’s
02:56 adopted by maybe 5% of people. That’s
02:58 very early. Hardly anybody with
03:00 significant adoption. Now, for somebody
03:02 like me, I’ve already got 100%.
03:06 There’s bugs and flies everywhere. I’ve
03:08 got 100% of my assets in Bitcoin. So, I
03:10 don’t anticipate being able to buy
03:12 additional Bitcoin other than with my
03:14 paychecks every two weeks because that’s
03:16 my only source of income right now is a
03:17 paycheck every two weeks. Um, so, but
03:20 think about it for yourself. Even if you
03:23 think your gut reaction is, yes, I want
03:25 Bitcoin to be a million dollars
03:27 tomorrow. Think about that. Do you own
03:29 as much Bitcoin as you ever want to buy
03:32 in your life? Think about your
03:33 retirement funds. Think about your
03:35 long-term savings. Think about emergency
03:37 fund. Think about every source of
03:39 financial capital you had you have right
03:42 now. Do you have as much of that in
03:44 Bitcoin as you are ever going to want to
03:46 have in your life? And the answer is
03:48 probably not. Bitcoin as a percent of
03:50 your total net worth, meaning all of the
03:53 assets you own, is probably still a
03:55 relatively small percent. So, it’s fun
03:58 to think about and I’m sure you would
03:59 enjoy momentarily if Bitcoin teleported
04:02 instantly to $1 million per coin, but
04:05 immediately you’d think, well, dang it,
04:07 you know, I only had 10% of my net worth
04:10 in Bitcoin. So, yeah, that doubled,
04:12 which means my whole net worth doubled
04:14 because, you know, 10% turned into, you
04:17 know, 10x. And if it was 10% of your net
04:20 worth, then suddenly your whole net
04:21 worth doubled, uh, because that 10% went
04:23 up 10x. But you’re probably gonna think,
04:26 “Well, dang it. I wish I had had more
04:28 time to get a higher percent of my net
04:30 worth in Bitcoin.” Uh because as the
04:32 price rises, people’s conviction builds.
04:35 Now, I always recommend I tell people,
04:37 look, if you’re using price to increase
04:40 your conviction, you’re always buying
04:41 more expensive Bitcoin. I recommend the
04:44 reverse, which is study Bitcoin. Build
04:47 your conviction of Bitcoin, the
04:49 technology, the monetary system of
04:52 Bitcoin. build that conviction by
04:54 studying it. And that way you can put a
04:57 lot more money in Bitcoin with a high
04:58 conviction when the price is lower. You
05:00 don’t have to wait for the price to be
05:02 high to build your conviction. But
05:04 again, a lot of people uh the price
05:06 increase is the only thing that does
05:08 build their conviction. It’s just the
05:09 way it is. Everybody’s busy. They got a
05:11 lot going on. And so the price is what
05:13 builds their conviction. Um, and even
05:16 for me, you know, after I bought Bitcoin
05:18 in 2017 and 2018, I got super distracted
05:21 in 2019, 2020, and when the price of
05:24 Bitcoin came roaring back in 2021, I
05:27 started paying a lot closer attention to
05:28 it. So, even me, even though I built my
05:31 conviction after uh during and after
05:34 2021 on research and study, what got me
05:37 interested in building my conviction and
05:40 interested in researching and studying
05:41 was the huge price increase in Bitcoin
05:43 in 2021. because it proved to me with
05:46 minimal effort that this asset was here
05:49 to stay. Uh and the price has a way of
05:51 doing that that is hard to get any other
05:53 way. Uh so uh if I could push a button
05:57 and teleport Bitcoin instantly to a
05:58 million dollars per coin, I would not
05:60 push it because a lot more people need
06:02 to get on the lifeboat before the
06:04 lifeboat takes off across the ocean to
06:06 shore. Um, we still got 95% of the
06:08 people on the sinking Titanic in the
06:10 traditional financial system and I want
06:13 a lot higher percentage of those people
06:14 in the lifeboats before we take off for
06:17 shore toward a million dollar per coin.
06:19 So, while I know it’s painful and I know
06:21 it’s boring waiting around for Bitcoin
06:23 at $107,000
06:25 per coin, uh, think for your think think
06:28 of all the people who are getting a
06:30 chance to buy Bitcoin and benefit from a
06:33 10x price increase between here and a
06:36 million dollars per coin. All of those
06:38 people are benefiting from Bitcoin not
06:39 being at a a million dollars per coin
06:41 right now because they can buy it right
06:42 now. And you have the opportunity of
06:45 buying more Bitcoin at 107,000 per coin.
06:48 And if it teleported to a million, you’d
06:50 probably want more Bitcoin. And you
06:51 would also realize that your opportunity
06:54 to make 10x your money between $17,000
06:58 Bitcoin and a million dollar Bitcoin,
06:60 your opportunity to do that had passed
07:01 you by because it teleported instantly
07:03 to a million dollars per coin. So, I’m
07:05 glad it doesn’t do that. Even though
07:07 obviously it would be fun. And for
07:09 people like me who are 100% Bitcoin
07:11 already, it would benefit me because
07:13 there’s no additional capital I can put
07:15 in Bitcoin or that I anticipate putting
07:17 in Bitcoin in the near term because I
07:19 literally have no other dollars than my
07:21 every two week paycheck. So, I guess I
07:23 can just use my every two week paycheck
07:24 to accumulate Bitcoin. But, um,
07:27 obviously since I’m 100% Bitcoin
07:29 already, uh, I would benefit the most
07:31 from something, you know, teleporting to
07:33 a million dollars. But again, not even I
07:36 would push that button because it would
07:37 leave 95% of the people behind. And uh
07:41 Bitcoin is a once in a millennia
07:42 opportunity to reverse the curse of
07:45 humans controlling the money supply,
07:47 debasing the currency and screwing
07:49 everything up. And uh so I hope as many
07:53 people as possible can get in the
07:54 Bitcoin life raft as soon as possible.
07:57 and that uh that way the broadest number
08:00 of people can benefit from the price
08:02 rise from here to $1 million per coin.
08:05 And I hope that adoption happens as fast
08:06 as possible by average people. That is
08:09 my hope. Uh and so the faster the price
08:12 goes up as a result of uh adoption by
08:15 regular people. That is the price
08:17 increase that I welcome every single
08:19 day. If the price increase is just
08:21 teleporting upwards because nation
08:23 states and countries and you know
08:26 corporations are adopting it, well
08:28 obviously that benefits me, but that’s
08:30 not the way I want Bitcoin’s price to go
08:31 up because it’s leaving behind everyone
08:34 that’s not part of that. So, uh anyway,
08:37 be thankful you have an opportunity to
08:39 still buy Bitcoin at 107,000. If you
08:42 don’t have a single penny left to buy
08:43 Bitcoin, then be thankful that other
08:45 people still have an opportunity to buy
08:47 Bitcoin at $107,000 per coin. And when
08:50 as many people as can possibly get on
08:52 the life raft at 107 are done getting on
08:55 and the people who have hold held
08:57 Bitcoin for a really long time and are
08:59 massively up on their investment are
09:01 done and tired of getting off the life
09:03 raft uh be with a little piece of their
09:05 stash to improve their lives of
09:07 themselves and their families probably
09:09 because they’re building themselves
09:10 their own life raft. somewhere um then
09:13 the price will go up. So have a great
09:15 evening everyone. Thanks.