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.
