So if Bitcoin was adopted as a currency and coffee was being
sold and you have these massive swings in the price of Bitcoin, then
one day your coffee is 0.001 sats and the next day it's like quadruple
that. You're like, what? I've got to put a Ford or a future contract on my tomorrow
coffee. And that's where it fails as a currency. If you have a choice between
buying an egg that goes up in value over time or the choice is
to buy a goose that lays bitcoins, which
one would you prefer? The egg or the goose? History shows us
that businesses are the best way to generate long-term wealth. I'm
certainly more inclined to buy a property, way more inclined to buy
a property than I am to ever, ever, ever buy bitcoin because it's very difficult
to see how productive it's going to be in the future. It's not going to be productive at all. And I'm all for
it. Wait. I'm Lloyd James Ross, seven-figure investor
and entrepreneur, and I've helped thousands of business owners and professionals turn
financial stress into success. If you're stuck in old money
habits, overwhelmed by investing, or unsure where to start, this
is for you. I'll give you the mindset and strategies to take control,
grow your wealth, and achieve financial freedom. It's time to
make your money work for you. Should you turn to Bitcoin during
uncertainty? Well, that's exactly what people are doing because the price of Bitcoin is
going through the roof. The price of Bitcoin, not the value of Bitcoin. The
price of Bitcoin is going through the roof. Price is what you pay,
value is what you get. And so someone's asked me, or many people
asked me in the comments over the last few weeks, what about Bitcoin? Give
us your take on Bitcoin. If you've been following me for long enough, I really don't have
one because it's not an area that I I spend any
money on, I don't spend much time on it but because I'm in the financial education space,
I owe it to people that follow me to give a position on it because
I think it's important because it is drawing a lot of people in for various
reasons, good, bad or indifferent and I know a lot of people that are
effectively Lost money doing it, lost fiat doing
it. They're wanting to know is it stable, what they do.
And so I just thought I'd give a bit of a pros and a cons approach to BTC. And
before you tell me to go do my research, I've read the Bitcoin
standard in summary, and it absolutely,
it aligned with exactly what I already thought. So
it hasn't changed my position. And so please don't
tell me to go do my research. I've done enough that
I know that, I didn't need to do too much,
because I already know it's being priced off the dollar, the very thing it's going to replace. And
it's a volatile asset, so it can't be used as a currency. But I
also know that the reason why it's been so popular is because of the fall
of fiat currency. And so there's a bit of a cross-pollination of stories happening. But
also, it's very similar to gold, and gold is a non-productive asset
as well. It doesn't produce anything more. So it could be a store of
value. Without a doubt, it could be. It's proven to be a
store of value. Certainly better than putting your money under the mattress.
But again, you have to deal with the volatility. And there's some other cons that
we'll talk about. Certainly some pros to it compared to fiat. But how
it will change how I build wealth, it won't. It really won't. I
mean, I find it fascinating and interesting, and somewhat amusing for
that matter, that some of my friends who go on all about it,
like, ah, Bitcoin, you've got to get into it. I ask them, how did you make your money?
Oh, business? Right. So it's
the same as how a lot of people got wealthy with property. They didn't buy a property and get wealthy. They
tended to build a business around property and then buy the property with the cash
they made from their business. So just be careful when people say Bitcoin. Ask
them how they made their millions first, right? And
so I don't look at it as a place to put my
funds because I invest in businesses, be it
private small businesses, build my own businesses, or I buy shares, or
an index fund which is a group of businesses. Because history shows
us that businesses are the best way to generate long-term
wealth, certainly in the markets. In Australia, we tend to have a
religion around property, also a fine asset at the right time, does
the same thing, grows in value, produces income, it's a productive asset. So I'm
certainly more inclined to buy a property, way more inclined
to buy a property than I am to ever, ever, ever buy Bitcoin or
gold for that matter. It's because it's very difficult to see
how productive it's going to be in the future. It's not going to be productive at all. And to see where
it's going to go. Like, yes, it's had a 44% rise, but where will it
go in the future? And it seems to be boiling down
to fiat currency inflation.
So let's go through the pros and the cons. And we'll start with the
pros. why people are drawn to it. So let's
look at it to start with. Firstly, there's limited supply.
So with fiat currency, you can print it into infinite, which is terrible.
Fiat currencies are terrible. Fiat currencies are terrible. I
repeat, they are terrible, especially when they're not attached to like
a gold standard. They're not attached to anything. You can print them, infinitesimally. It's
not good. So I'm not a fan of fiat currency. I
don't believe in fiat either. I hate it. I hate all
currencies, seemingly. And so that's why I
don't invest in currency. I don't invest in fiat currency.
I invest in businesses. And at the worst case, I'd
buy real estate because they are productive assets. They
produce income and grow in value. But what's the
pro with Bitcoin? Why are people drawn to Bitcoin? is
a limited supply. If you have a limited supply, you
can't just print it into oblivion, right?
So there's 21 million Bitcoin caps, right? And
this protects against things like inflation, right? So with inflation, the
currency inflates or the price of things goes up, whereas with
something like if If, and I don't mind if it is
adopted, I care. I don't care if we have seashells, toilet paper, gold.
I don't care if we use Bitcoin. I couldn't care less what the currency is. I
don't care. What would be great about it if it was adopted as
a currency is the fact that it doesn't inflate itself. In
fact, it would cause deflation in prices because the economy
would become more efficient, things would get cheaper, right? So it's the opposite of
inflation effectively. It's a bit of deflation. Totally fine. And that
happens because it in itself is capped. And
so you've seen that happen in gold. Like in 1965, one ounce of
gold was $20 an ounce in 1965. So what's that? 40, 60 years ago,
$20 an ounce. Now it's $3,330 an ounce for gold. And
so you see that in 60 years, gold hasn't
done anything. It's the fiat currency it's measured against that
has devalued. And people are betting their
house, just about, on the devaluation of the currency.
I think it's better to have a house than bet a house on something else, like a currency or
gold, to fight inflation. I really do. But
if you look at, since 1965, I did this thing the other day on my stories. Berkshire
Hathaway A-class share in 1965 was $15. Gold was $20. Wind
the clock forward to now, 60 years later, gold is $3,330 an
ounce, and a Berkshire Hathaway A-class share is $717,000 per share. So what would
you rather, $20 into $3,500 or $15 into $717,000? This
is what I'm talking about. Businesses perform better. I know that the
Berkshire Hathaway returns have been 5.5 million percent astronomical.
But even the S&P 500 has produced
far superior returns than gold. And so you can't
just rely on the devaluing of a currency to produce Effective
gains in the future because at some point like inflation if it really
is two three four five percent It's just still not enough right so I think there's speculative
moves in the space of crypto Well beyond
inflation so you can't just rest your laurels on the fact that the currency going to do value so
the first pro for Bitcoin would be its limited supply.
So one Bitcoin is 100 million satoshis, a
sat, a sat. So for example, 100 million sats.
So if we go and take one Bitcoin and it was adopted as a currency, we
have 100 million sats per Bitcoin. And if you're gonna go and buy a cup of coffee, if
you looked at the fiat currency value of coffee today and the
value of Bitcoin today, we've got a coffee at 0.001 sats.
Now the challenge with that is, You only know
the value of that coffee today because it's priced in fiat More on that later.
So one limited supply two is decentralized supposedly
Looks to me like the United States is trying to centralize it as much as they can But
it's not controlled by any government or central bank, which is why it's attractive
to certain countries like El Salvador where they've
adopted that as their core currency because it is not controlled
by any specific central bank and it can be adopted by countries all over the world. And a lot of
people are finding it easier to deal in that particular thing than their current currency.
If you look at something like Zimbabwe that's inflated their currency way, Bitcoin's
a far better alternative than that, for sure. And I
think it does work well as a currency in those circumstances. And
by all accounts, too, I think it would work fine as a currency.
The only issue with it is the volatility part. And that
kind of destroys its chances of probably ever being adopted as a
currency. So it's just a fun paradox you see between people that
own crypto. They want it to pump in price and go
up by 100%. But at the same time, they want it to be adopted as a currency. You
can't have them in both. It's either a speculative store of value asset, like
gold, or it's a full-blown currency, in which case it
can't oscillate that much in value. The goods around it may shift,
like what commodities do. For example, commodity prices
can change, like coffee, wheat, wool, cotton, etc. They
can all change in price based on supply, supply
and demand at least. When that happens, you have
to create forward and futures contracts with
the suppliers of it to lock in a price because they oscillate so
much. So if Bitcoin was adopted as a currency and coffee
was being sold and you have these massive swings in the value or
price of Bitcoin, then one day your
coffee is 0.001 sats and the next day it's
like, Quadruple that you're like what I've
got to put a Ford or a future contract on my tomorrow coffee And
that's where it fails as a currency, right? So whilst it's decentralized and
has adopted well into those Countries that have very high
inflation rates. I think it works fairly well there as a currency but
I certainly if it is a currency then it can't be a speculative store value asset
for you and just Pump as they say, right? That's where it's good. It's good to
be tricky. So Second pro, global and borderless, so you
can access it from anywhere, right? You can literally access it from
anywhere. And so I think it's been super effective for
people who are wanting to access money in
multiple countries, wanting to buy certain
things that can't be tracked, certainly, or tracked less effectively by
governments. And so yeah, it's borderless and global which
obviously is as many reasons why that's a good thing, right? Price
history. There is now some form of price history like
gold has a better For a hedging inflation. I
think gold is superior because it's got thousands of years as
Thousands of years of price history So it gives you a lot more confidence thinking,
well, it's been around for the last 3,000 years, probably going to be around for the next 3,000 years.
So there's a lot of that price history that's available. Bitcoin
has a far less, you know, its history is probably really
in the mainstream, probably been since 2000. Well, we call it
2010 anyway, so 10, 20, 15 years. It's not that long, so
it doesn't have the longest price history. Had massive growth
in that time, too, so it's also very volatile. So I think the price history could
also be not just a pro, but also a con, because it's not
that long compared to gold, and it's also very
volatile. So I'd say that's a pro and a con, right, the price
history of that. Now, the other one, as
a pro, seems to be a better store of value
than putting your money under the mattress. And I
would agree with that wholeheartedly, that 5% and 10% inflation
rate on our fair currency is so stupid, and you wouldn't put
your money under the mattress. By all accounts, as a store of value, it
seems to be more effective. But again, because of
the volatility, it can't be a store of value in a currency. It
seems to be exclusively really
good at one and exclusively really good at the other, but
not mutually exclusively, like together, it looks terrible. And
that's the problem with it, I think. And if you're reading through
the Bitcoin standard, the objective is to adopt Bitcoin
as the standard currency. And it doesn't
seem to want to do that if it's a store of value. So whilst I say it's
a pro, digital gold feels like a store of value, fights
inflation, definitely a pro. The con is it
it's unlikely to be adopted as a currency if it's still volatile. And
you're probably hearing me say this again and again in this episode, like, Lloyd, you've said that,
but I'm just wanting to, it's difficult to wrestle with because
it wants to be one thing and it wants to be the other, and it
seemingly can't be either. Because, one, it's priced
off a fiat currency it's supposed to replace. So if all of a sudden, as an
example, fiat currency disappeared, how much is your Bitcoin
worth? And someone will say, $117,000. I'm like, well, how do
you know that? Because fiat currency's gone. They say, well, it's worth one
house. I'm like, okay, sure, that's fine. In which
case, it's worth X amount of Satoshis. Great, that all works. That's
a currency then. And that seems to work effectively. But
once it forms into a currency, it doesn't pump
beyond probably the price and efficiency growth
of businesses, the real value accretion return of businesses, and
real estate. So that's where the issue lies. You're just not going to
have these massive pumps like you see now. So as it moves to one or the other,
it starts to lose a piece of its former self with what people want
it for, which is, in my eyes, it seems to be people
want it for creating massive fiat wealth. Interestingly, right
great paradox. Okay. They're the pros I know I gave him a bit of a con pro for
the pros, but there's best I can do for the pros because I still think it's so Difficult
to prove without a shadow of a doubt that the pros are there for a long term,
but we'll see Now the cons getting
back into that massive volatility There was a time in
God, when was it? 2021 it might have been off the top of my head Was
it 2023? It dropped from like 69,000 to 70,000. It
dropped 75% in a year. So if
you have this massive 75% fall in the value of the
currency, your coffee is going to be 75% more
expensive or less expensive throughout the year. Now, when you're
in business and you have to buy goods, Let's say I'm in
the business of I sell big pens, and
I'm going to buy all these big pens and then resell them to Woolworths and wholesale. Well,
if I buy the big pens for a dollar, well, not even a dollar, one Satoshi, and
the pens Let's
go back. If it's adopted as a store of value, see how
confusing it is, and Bitcoin is
bought in Bitcoins, and then the following year it's shifted, I've got to
then sell my pens that I bought at X price for
X minus 75% of the value price. and my business goes broke
overnight. There is no price. Again, this
happens in commodity markets and how they get around that is they
sign futures and they sign forward
contracts with the suppliers to make sure
that when they sell it at that price, it's locked in for the delivery.
They don't lose money when they're in the
sales process to the end user. And
there's a whole futures market on that, so you can buy and sell
and swap futures and forward contracts in the commodities market. So that's how they've got around it.
Now, having to do that with every single thing you buy in
your business, every month or every year, you'd
have to have futures and forward contracts on everything. Paper cups
in your coffee shop, the machine, the
staff, it'd be a nightmare. You get one staff coming and go, Well, you're
going to pay me this much in crypto this week, and then next week it's 75% less.
It's like, what? How can staff even get paid in oscillations of
75%? But they'd go insane. So you see that the volatility that's
getting the excitement is the very thing that kills it as a currency. Does
that make sense? Just quickly, if you're ready to take control of your finances but feel
stuck on where to start, I have a solution. My book, Money
Bias Happiness, simplifies investing and wealth building with
practical steps to help you achieve financial peace. Get
your copy via the link in the show notes and let's get your money working for
you. Now back to the episode. No yield, no cash flow. So
obviously I've said this before, it doesn't produce any cash flow. And I've often thought
this akin to if you have a choice between buying an
egg that goes up in value over time or even stores value for
that matter, like gold, one ounce is still one ounce, right? But
the price has gone up because of the fiat decline. Your choice is
to buy a block of gold or a golden egg or a Bitcoin, or
the choice is to buy a goose that lays Bitcoins
or lays gold Which one would you prefer? The
egg or the goose? So
here's an example for you. We have a laundromat business and
without the foreign exchange part included, we
bought that for 2.65 Bitcoin, okay? We
didn't use Bitcoin but that's the current price of Bitcoin versus what would cost
in Bitcoin. It cost us 2.6 Bitcoin. and
it produces one Bitcoin a year. Now,
I could have taken that money out and instead of buying the laundromat,
we could have bought 2.16 Bitcoin. But
in a space of a year, we've created a whole another Bitcoin. Okay, and
what's interesting about that is that even if the price of Bitcoin, we're still
producing them. Boom, boom, boom, boom, right? So if the currency was
adopted that we do BTCs or Satoshis, SATs, and
we bought the laundromat for XY SATs, it'd still produce SATs and grow in SATs.
And it's just so much better to have a
goose that lays eggs and rises in value than just having the
egg. Does that make sense? No yield, no cash
flow means you can only get one return format. It's just the supply and
demand or the demand for it that's rising in price and it's just not enough. You
have to have cash flow if you want any financial independence because
the cash flow ultimately replaces your wage. Whereas
if you're just depending on the capital growth of the egg, You
don't know, you have to sell a piece of the egg to
realize any cash flow to have any financial independence outside your job. So it's
not a good vehicle for financial
independence. The next one is regulatory risks.
So when Bitcoin first
came out, it was like, no capital gains tax, which is cool, right? I
mean, that'd be so much more popular as no capital gains tax. Now all of a sudden, capital gains
tax. And there's now
tracking of Bitcoin. They can get into wallets and
they can track it. It
has less freedom now because the government's onto it, right? So regulatory
risks is a con because once the government
gets their hands on something, it wrecks it, right? So regulation, I
think, is just going to get more and more and more the more it's widely adopted. And of
course, if it becomes a reserve currency, like the Bitcoin standard suggests, then
there will be a ton of regulation around it. And
although they shouldn't be able to do too much because it is
decentralized for that matter, no one controls it, but
you know, with governments, they're very clever at, if they lose a level of
control, they're very clever at exerting laws over things to disappear things.
So there's always that risk. If
you trust governments, then you haven't lived
long enough. All right. Emotional trading and FOMO hype.
So the challenge that people face if it's a store of
value Then you're going to get seduced into
big pumps, and you're going to buy at the top of the market. It's going to dump down. You're
going to freak out. You're going to sell at the bottom, and you're going to lose fair currency. And that's mainly what's
been happening to these poor people that are trying. And by all accounts, too,
I don't blame people for kind of trying to moonshot crypto, because at
the end of the day, what are governments giving anyone hope for? Because they've inflated the currency. They've
made housing impossibly difficult for young people. They've
really, oh, and I'd even hate to
say it, There's a generation that's done that
because of the absolute greed that's happened in
the housing market even. I don't blame young people for trying to moonshot their
way around getting in the market either. It makes
sense. It's a very tricky field to be in, to
be trading. When you buy something and you watch it
fall 50, 60, 70 percent, The same can happen in stocks, which
is why investing in individual stocks especially is
not for the faint of heart, because you have to understand the difference between price and value. Whereas
with businesses, for example, in the stock market, if a
business is like, let's say for example, we're
looking at Google as a business. Well, I know that
if Google produces X amount of cash flow or revenue or income, then
I know if I'm buying that for about 20 times annual income, it's
fairly reasonably priced because I know that I'm going to buy it for this and 20-year
payback period. I'd like a 10-year payback period but Google
is a really good company, I'll do a 20-year payback period. But when
you don't have any earnings or income to price it off, You
don't know when you're getting your money back. So if I buy a Bitcoin today and I'm
like, wait, it's $117,000 US dollars for one Bitcoin. Cool.
When will I get my $117 back in my pocket? No
one knows. So you can't with any level
of science or
any metric for that matter, figure out how much it's actually worth.
Because to value cash flows, you take all the cash flows that
are going to come into the future and you discount them back by
an interest rate that you're prepared to have and it tells you the current value of
a business today, right? It's like if you want to buy a coffee shop, I
say to people, hey, is that coffee shop over there? How much do you reckon it's worth?
They go, well, it depends on how much it's making. And you
ask this question of any person who's not financially like even that literate and
like, hey, how much to buy that coffee shop for? Instantly, they'll go, it depends on how
much it makes. Because if it made
$4 a year, they would probably pay $20 for it,
right? So I'll use more reasonable figures. If
that coffee shop produced $100,000 a year in income for them, I
say to them, how much would you buy it for? And they say, $300,000. I'm like,
cool, how did you arrive at that number? They say, well, if
I'm laying out $300,000, I know that in the next few years, I'll at least get my
investment back. I was like, correct. And they say,
and it might grow in value a bit. So yeah, that's right. Now I said to them, what would happen
if it was producing $100,000 a year and I had it for sale for
a billion dollars? I said, what? I would never buy
that. I said, why? They go, because it would take
me so many years, decades and decades to get back my
initial investment in the cash flow. I said, yes. So I say, what
you're saying is when you buy a business, you're buying the propensity and certainty
and expectation of your investment being paid back to you from the income
from the customer, yes? Yes, it's a great that's how you assess whether
you're buying getting a good deal buying a business or a shit deal buying
a business And that is how you also buy stocks in companies.
It's no difference because they're big just big businesses effectively And
so you can't do the same thing with gold and you can't do the same with Bitcoin because
there are no cash flows So you don't know if you buy it for a hundred seventeen thousand
dollars. You don't know if you're getting a deal. I Oh, it's worth this.
How do you know? Well, there's this many coins and this is
how much fiat. How do you know? This is so uncertain. It goes
in the too hard basket. And when you come across
someone who is really all pro Bitcoin, my
question to them with their Conviction
is, do you have your entire net worth in it? The answer is no way.
And so if you can't put your entire net worth in it, is it worthwhile playing
in that space? And some people have put a little bit of their net worth in it to
have one foot in one camp, one foot in the other, because they don't want to miss out, because it seems like
a FOMO is driving this. We're still on number four, by the way. FOMO drives
this behavior. They can't stand to miss out, so they need a little bit. And
I even had a guy reach out to me on Instagram and say, hey, man, now it's up to
$117,000 per Bitcoin. Have your position changed? I'm like, no. The
price of something is irrelevant. Everybody knows
the price of everything and the value of nothing. It has
no value to me. Does that make sense? It
has no value to me. None. Again,
and I'm all for it, wait, being fully adopted
as a currency. All for it. Hope it happens. Would
love to make satoshis out of my laundromat. Would
love to create Satoshis out of my education. Would love to create Satoshis out
of, I don't care. Whatever one you want to adopt, I'll take
it. As long as everyone else is using it and I can buy more businesses
with my Satoshis, I'm all for it. Okay, but
it's one or the other, right? You can't have both. You can't have your cake and eat it too. And
people say, oh, but the deflationary, but. If you deflated everything,
that means there'd be no value in starting businesses, which means businesses wouldn't exist, which
means no businesses, no economy. All right, five,
extreme dependency on infrastructure. That's true. You do need internet, you
need a stable device, you need a private access key, you need security, you
need power and energy to facilitate the mining.
It is highly dependent on infrastructure. infrastructure,
whereas gold as a store of value is not dependent on infrastructure. And
it's quite interesting, too, because if you look at what the reserve currencies
or the store of value is, the global world reserve currency, whilst
people say it's the United States dollar, the USD is a global trade
currency. So 60% of world trade is done in USD.
So it's the leading global transaction currency.
But the global world reserve currency seems to be gold,
because China is buying up endless amounts
of gold. And even gold. So I would say that
if there's a world reserve currency, it would be gold. And
if there's a world reserve trading or commercial
trading currency, it would be the USD. Where
does BTC fit in there? It would largely
probably either be the store of value, online store of
value, so all the infrastructure behind it, or it's fully adopted and
implemented into the world, and it forms the
currency. So it's either this one or it's that one, all right? But
it seems to be the behavior of the world is suggesting that
gold is a world reserve currency and that fiat currency
is just transactional for now. But of course, again, I'm all for BTC
becoming transactional currency. Couldn't care less, because I will still buy the goose. I'll
still buy businesses. I'll still buy a public company. I would still, by and
large, buy if the right price, the right reasons, I
would also buy real estate. Because if I buy a piece of real estate, and
I can lease it out to someone, they can pay me satoshis. I
can take my satoshis and go buy shit. The
vehicle and the asset is just so much better when you're getting income and
value accretion. It just doesn't work when you're buying the egg. It's
just so lame. The example I used earlier about the
Berkshire Hathaway egg class share versus gold would just be a
great example of why. It's not really decentralized. Number
six, not really decentralized because government's got their hands all over it. Let's hope they don't
wreck things when they touch things they tend to. Number
seven is not proven economic collapse. And what I mean by that is we
haven't really had, well, we haven't had a economic
panic while Bitcoin's been around. So it hasn't ever experienced
a true economic collapse. which would be very fascinating
to see how it reacted and what would happen. Because Michael Saylor says,
whatever you do, if you need to sell your kidney, sell
your kidney, but just don't sell the Bitcoin. And so when
there's a panic and people need to put their hands on money to go to the grocery, like if I
went to the grocery store right now to buy groceries, I
and I should do a little skit on this actually and I said hey cool. I've got
these groceries I'd like to eat. Do you take Bitcoin? No, sorry.
Oh shivers. Okay To my property manager.
Hey, I'm gonna pay the rent this this week in Bitcoin. Is that alright? No
So in a panic when people need the trade currency of
the day Australian dollars or US dollars They
would sell their Bitcoin to eat,
to pay rent, to get to the needs, the shelter, rent, and water
is not necessarily that needed because you can go to the park and drink, but food
and shelter, they will definitely sell their Bitcoin to
interfere, to trade into those commodities. They will. So
if you look at the panic, we haven't experienced that
yet. So let's see what happens. It could go the other way. I'm not sure because I
haven't seen it through, but it hasn't experienced it yet. So you've got to watch. Would
you want to buy assets that haven't really proven every season, right? So
does that make sense? Again,
I'm just trying to look at both sides of
it so you don't think I'm just here to slam it. But having understood what
the objective of the Bitcoin standard is, what it's being used for
now, what it could possibly be adopted to for currency in the future, clearly
shows me that it would not change how I approach wealth building,
which is to buy and build productive businesses and
buy with cash, whatever it
might be of the day, seashells, toilet paper, buy productive assets
like the goose. It just would not change. It just wouldn't.
And I don't think the people that have money right now would also
change how they got their money and take all their money and bought
it all into Bitcoin. I think the only people that have really kind of done that were the Winklevoss twins,
but I think that they had enough fear to risk everything on there without compromising their
life. But all the people I know who got wealthy and continue to
build wealth, they're business people. They're building and buying businesses.
And some buying real estate assets, depending on the marketplace. And
again, I'm not too sure about the long-term prospects of certain markets on that
one. And Japan's a good example of what can go wrong there. But
certainly, I do
hope Bitcoin is adopted as a currency. I think it's far better
than fiat. And if
it happens to stay as a store of value, fine. But
if it's very volatile, very difficult to play, it's outside the
circle of competence for me. If it's outside it for me, it's probably outside it for you. And
it's just better to say no and stay away. You don't have to play
every game. Just find a game you're good at, you got a
competitive advantage in, you're good at, and play the game. And by all accounts, there
happens to be some people that do that with the trading of crypto. So, whatever
game yours is, play the game that's
most certain to give you your money back because investing at the end of the day is laying
out money today to get money tomorrow. It's a bit like putting your
hand – a bird in the hand is worth two in the bush. It's
figuring out in investing, if I invest my money, how
many birds are in the bush and what's the chance of me getting them out. And
if you approach it like that, you'll realize that the chances and
the odds of putting in to get out is so uncertain that
you can't bet big on it. You can't build a life around it. It's
just too uncertain. And that's why I
think it fails the test of investment for me. If
it's widely adopted as a currency, it may meet a better currency test,
maybe, than fiat because
of inflation. And so, if I had to choose which path Bitcoin
went down, I would choose it to be adopted as
the currency. Then to oscillate and play around as
a as a random speculative asset because I think that does a lot of damage to people
Whereas it was fully loaded as a currency. It probably couldn't do any more In fact, it'd
be better for the world if it was because then people wouldn't have governments
inflating the currency way on them It's a pernicious tax on people that
would go away So I think if I had to choose definitely would
prefer to be adopted as a currency and I hope it does but
without a doubt I'll still be over here buying businesses and Bind
the goose and hope you are too. I hope that makes sense. If you've enjoyed this episode,
please go and hammer me in the comments. If you want to come and smash me
in the comments, go for it. I'll come and fight back. I like the savage ones.
Be as savage as you can. It doesn't bother me. This is my position. In
life, if you say nothing, do nothing, then you'll be
nothing. Have a position in your life. and tell people what you feel
and what you think. I think it's better for the world if you do those things so you
really impart your wisdom when you walk your own talk. This
is why I think about this because I've walked this path. Come
and play with me in the comments. If you also support this position
or you like it, come and ask a question or pop a comment below. Again,
I'll come and reply to you because I like to jump into the comments. on our YouTube
channel. Of course, I do the same thing on our Spotify on our podcast too. So
come and play in the comments and I'll see you down there. And
of course, hit the subscribe button and share this with a friend and I'll see you in the next episode, the
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