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.