Michael Saylor: "Bitcoin is the Apex Property of the Human Race" 💪🪙
Michael Saylor's company, MicroStrategy, has seen its Stock Price EXPLODE due to using Company Profits to purchase vast amounts of Bitcoin, rather than store it in Fiat Cash inside a Bank, invest in Real Estate, Gold, Silver, Stocks, or Bonds. MicroStrategy is now backed by 205,000 Bitcoin, valued at $14,944,500,000.00.
When Saylor first announced he was going to do this, he was called a "Fool" by Mainstream Media and Wall Street. Looks like understanding Sound Money was the winner. It usually is.
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What was omitted is that the expectation is that bitcoin will gradually be adopted as currency. An intention to hold it endlessly is pointless.
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With the ETFs buying 10,000 BTC per day, to the tune of dumping a combined $500M to $700M a day, there is no need for BTC to be adopted as a currency for massive appreciation to occur. Gold has significant value but has not been used as a currency for hundreds of years. Bitcoin, like Gold, is a "Store of Value" and a "Unit of account". That just means it is "money". Transactions do not need to take place. 900 new Bitcoin created via mining per day, 10,000 BTC per day going to ETFs, in a month the number of new Bitcoin per day is "Halved" following the 'Halving', to 450. I would expect a Bitcoin to be worth in the ballpark of $150k to $250k this time next year. Liquid supply of BTC on exchanges wont last long. Supply and Demand rules dictate this will create an enormous surge and snowballing of price. If you've read "The Bitcoin Standard" (which I highly, highly recommend you do) the goal of Bitcoin was never to be used for everyday transactions, but "Final Settlement" of accounts. Similar to what Banks do now. They don't move money around every time you buy a pack of gum. They combine all spending and gains from their customers and settle accounts at the end of the week or month with other banks. Layer solutions for Bitcoin, like Lightning (and additional layers to come), will act as a credit card, where nothing will occur on the Layer 1 Blockchain until the end of the week or month. If it did, fees would make Bitcoin a ridiculous use case. The Chiva wallet in El Salvador works like this. This way transactions can be made lightning fast for a fraction of a penny. Emir of Qatar met with El Salvador's president Bukele, and attended the Bitcoin Atlantis conference to watch Michael Saylor speak. Afterwards, he flew home. The Emir is looking for a place to store money from his oil-rich nation's Sovereign Wealth Fund, over $500 Billion dollars, to preserve it, seeing the housing market, stocks and bonds as losing ventures. Once he announces this, the UAE will follow.
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Gold is impractical for everyday transactions because it's $70 a gram, $240 for a dime-sized coin or round. Bitcoin can be used for very small amounts though. I've seen a few people in videos saying they plan to never sell the PMs they're stacking, but leave them to their descendants. If those descendants take the same position, it won't ever do anyone any good, regardless of appreciation; so it's pointless. I got into bitcoin because the dollar is running down a hill and is headed for a cliff, and because of the threat of CBDCs with their control goals. I've been in a country whose inflation reached 2000 times as high as what Americans view as high inflation. People were using all kinds of things for bartering, always physical, as they didn't have the internet at the time. The greedy, corrupt way the Fed has acted since 1913, plus irresponsible gov't spending, pretty much guarantee that a crash is coming, probably involving heavy inflation. Just before the crash of '08, ol' Greenspan was telling Congress everything was peachy, as the congressmen (many of which probably don't even know how many zeros are in a trillion, yet are sticking us with trillion-dollar decisions) all nodded, not wanting to admit that they didn't understand a thing (which was probably his intention), and they acted like they were approving of their good little boy's progress. Meanwhile, we who had no training in economics but had a little common sense saw that the situation couldn't go on indefinitely, and we predicted the crash of '08. Now we have Powell up there trying go make a self-fulfilling prophecy that the economy is resilient. It's pretty clear we're on a collision course though, especially with the national debt being at $34,400,000,000,000.00, about 25% above the GDP, and other countries dumping their US treasuries and the dollar, and Biden determined to make us dependent on other nations while at the same time provoking them. <to be continued>
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<continued> The current situation is much worse than 2008's. At the collapse, will there even be any places to exchange gold or bitcoin for dollars to spend? Several states now have thousands of businesses that accept Goldbacks, without requiring that you exchange them for dollars first. We need bitcoin to work like that too. And that's what I got into bitcoin for—to have some of this alternate currency when the dollar becomes either worthless or scarce, or when CBDCs dictate what we can and cannot buy. I have PMs too. It's prepping, prepping for a situation you hope doesn't happen (but know it's likely to), and you don't spend so much money on it that it disrupts current life, but you know you might someday be very glad you prepared. I'm not fond of all this "trading" in cryptos for profit. Last July, I walked a few blocks to a bitcoin ATM and made my first small purchase just to get my foot in the door, $200, of which the machine took a 25% fee and gave me only $150 worth of bitcoin, which I thought was terrible; but bitcoin's value has nearly tripled since then. With the four subsequent small purchases I made, there's enough on my ledger to cover my house payment more than four times, and you're probably right to expect it to nearly triple again in the next year. (The house will be paid off by then though.) I'll just hoddle the bitcoin until it becomes necessary to use it.
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Good deal. But we run into the opposite problem with BTC as we do with Fiat. Which is, "Why would I want to spend my Bitcoin if it may be worth 40% more next month?" Which is exactly what occurred over the past month. Bitcoin encourages saving, HODLing, spending only when necessary. The marshmallow study in digital form. We live in a culture of consumerism, of cheap disposable products, of fast money, black Friday sales, etc. This was created by the Fiat system. A system that discourages saving by way of, "Spend now because your money will have less value later". "The Bitcoin Standard" as a chapter dedicated to this psychology created by Fiat and how Bitcoin will not only reshape money, but society.
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Where I live there are BTMs everywhere. Grocery stores, malls, gas stations, smoke shops, etc. Those machines where you can pour your spare change in to get cash allow you to covert to BTC and send it to a BTC Wallet. This was non-exist ant a year or 2 ago. Over here, many Realtors, Car Dealers, Dentists, Doctors, Grocery Stores, etc. Accept Bitcoin as payment. The ones that started doing this early gained so much wealth from it, it inspired others to also accept it for the same reason. A snowballing effect, that doesn't require banks or the government to give their ok for it to occur. People just want to earn more money, so it catches on. Most accept BTC via Lightning, a Layer-2 solution, off the Layer-1 Bitcoin Blockchain. Fees are very, very low, and sending BTC takes a few seconds to receive. Layer solutions will greatly enhance the everyday use of Bitcoin. Like I said above, Layer-1 is really just good for final settlement of all accounts at once in a single transfer of payment.
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Excellent point about saving versus consumerism!
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I just ordered the book "The Bitcoin Standard." I hadn't heard of it before you mentioned it. I do have TheBitcoinHandbook-compressed.pdf .
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It's the best book on Bitcoin, even though the majority of it is dedicated to explaining the history of money, and why Fiat is a scam. That is necessary to understand why Bitcoin was created though. Without that info, Bitcoin looks like a product, like a new iPhone or something, and people may get the wrong impression that it is a competing product against the dollar, when it is really a necessity and safeguard against society collapsing, war, and central banks. Author likens Bitcoin to Gunpowder adoption. You either adopted Gunpowder or you lost to the army that did. It wasn't adopted to be cool, trendy, or new-age at the time. It was required if you did not want to have your country overtaken by an opposing force. Ignoring Gunpowder was a death sentence for any country. The author of The Bitcoin Standard is Dr. Saifedean Ammous. A brilliant economist and the economic advisor to El Salvador. His book is incredibly well researched and written, considered the bible for Bitcoin. I knew Bitcoin well before reading the book. At least I thought I did. After reading that book I came away with a whole new appreciation and respect for Bitcoin, and absolute disgust towards Central Banks, Fiat and Government overreach and control of our lives.
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I guessed I could just skim the parts about money history, just to see if there's anything that's not in the excellent documentary "The Money Masters" by William T. Still & Patrick S.J. Carmack at https://rumble.com/v486383-the-money-masters-william-t.-still-and-patrick-s.j.-carmack.html, or "The Titanic Secret of Jekyll Island" at https://rumble.com/v2ncqqc-the-titanic-secret-of-jekyll-island-robert-sepehr.html, or "The Secret of Oz" also by William T. Still at https://rumble.com/v48jdh6-the-secret-of-oz-william-t.-still.html. These are all very long, but definitely worth the time. I want to know this stuff better. Most people I talk to think bitcoin is just a scam; but I am (cautiously) optimistic. "It's money in the bank" is slang to mean confidence in a guaranteed win. In the literal sense however, more and more, the confidence is showing to be misplaced. Here's part of the situation: • The US debt-to-GDP ratio is now 126%. • The true inflation rate is 18%. (CPI does not include food and energy!) • The US spends more on interest on the national debt now than it does on the military. • The federal debt is growing at a rate of $1,000,000,000,000.00 every 100 days. • Personal credit-card debt in the US is now at $1.1T. • ½ of US adults don't have enough cash to cover a $1K emergency. • Layoffs last month were the highest of any Feb since 2009. • US gov spends twice as much now as it takes in in taxes. • But historically, every time the tax rate was reduced, the productivity of the nation rose, resulting in a revenue increase. • Almost ½ of the income-tax revenue comes from the top 1% of wage earners. • Access to credit is tightening. • Janet Yellen just said she regrets having called inflation "transitory" in 2021. • Even after she said we had reached a soft landing, inflation has increased in Jan & Feb. Our foolish congresswoman cheered when Biden got into office, "Now we will rebuild, better!" Well, her bidenomics aren't workingout so well now are they?!
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The book arrived, and didn't take long to read, as it's so small. I was a bit disappointed at the lack of depth. There might've been a few things there that were new to me, but I'll probably find someone to give it to whom I could hopefully get into bitcoin.
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Sounds like you got an abridged version then. It's 291 pages and an inch thick. Nobody could have read that in the time since you last commented, sorry.
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Just for clarification, what were pages 232 to 238 about?
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Well, 291 pages does sound better. The one I got is less than 3/16" thick, including the cover, and there's nothing on or in it saying it's abridged. Maybe I'll try again and make sure they tell the number of pages. Hmmm... You say the author is Dr. Saifedean Ammous. The one I got, with the same name, is by J.H. Damp, ISBN 978-606-983-631-6.
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Wrong book. I mentioned in my comment to you about it, "The author of The Bitcoin Standard is 'Dr. Saifedean Ammous'. A brilliant economist and the economic advisor to El Salvador. His book is incredibly well researched and written, considered the bible for Bitcoin." Amazon: https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861/ J.H. Damp - "The Bitcoin Standard: The Essential Guide to Bitcoin for Beginners, Discover How Strategies and Tips on How You Can Master Bitcoin and Earn Huge Profits." Totally different book. That book is about making money. Never heard of it.
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I just ordered Dr. Saifedean Ammous's one.
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I have a lot of videos from Dr. Saifedean Ammous on my channel. He's quite brilliant, not just on Bitcoin but the history of money and economics. He has several best seller books. But "The Bitcoin Standard" is the one I recommend to people interested in Bitcoin. It is extremely in-depth and explains the major questions and doubts people have about Bitcoin becoming the hardest and most valuable money in the future. Hard to doubt him after reading the book. Everyone I know who has read it bought more Bitcoin, or dumped their Shitcoins and became a Bitcoin Maxi afterward. https://rumble.com/search/all?q=Saifedean%20Ammous%20magalionhat
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Hopefully you can get your money back on J.H. Damp's book. If you bought it on Amazon they should allow it, especially if you tell them you thought it was Dr. Saifedean Ammous' book when you purchased. Saifedean's book is dense and extremely in-depth. The bible for Bitcoin. You will be a Bitcoin expert after finishing it.
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It was about $19 incl tax & shipping, hardly worth my time to return it. I don't think I'll bother. I just watched your last two videos that feature Dr. Saifedean Ammous, which you apparently posted before I started following your channel, and I have not backed up to see older videos (yet).
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The one on Bitcoin being like Gunpowder adoption is really good and makes even more sense after reading his book. What most people get wrong about Bitcoin is treating it like a product, or invention, when it is more akin to a discovery. By treating it like a trendy product they discount the game changer that Bitcoin is and can't comprehend that in the future smart money will gravitate towards it as the hardest form of money known to mankind. His book illustrates this well. https://rumble.com/v32xtjm-saifedean-ammous-bitcoin-is-like-gunpowder.-you-adopt-it-or-you-get-killed-.html
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