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@SullyCNBC thanks for having me on the show today
As always, enjoyed the conversation & appreciate you making time to have important discussion about #Bitcoin
Apologies for showing some effects of turkey coma & not making number of key points related to @brian_armstrong tweets
As always, enjoyed the conversation & appreciate you making time to have important discussion about #Bitcoin
Apologies for showing some effects of turkey coma & not making number of key points related to @brian_armstrong tweets
1/ Ability to store & transfer value on the Internet (Money Over Internet Protocol - #MOIP) is one of most important innovations of century
Will unlock creation of incredible wealth by eliminating need for trusted 3rd parties & rent-seeking middle men in financial transactions
Will unlock creation of incredible wealth by eliminating need for trusted 3rd parties & rent-seeking middle men in financial transactions
Traditional Financial Institutions are justifiably afraid of impact on their business models from this evolution of technology
Normal response to threat is to erect barriers to adoption of innovation
@brian_armstrong tweets discuss @stevenmnuchin1 plan to create such barriers
Normal response to threat is to erect barriers to adoption of innovation
@brian_armstrong tweets discuss @stevenmnuchin1 plan to create such barriers
When threatened, incumbents always turn to influence of governments to try and slow adoption of new technology through onerous regulation
Using antiquated regulation from and old technology regime to attempt to slow down innovation has been a losing strategy for centuries
Using antiquated regulation from and old technology regime to attempt to slow down innovation has been a losing strategy for centuries
While threat of such regulation does cause short-term consternation & fear, which have a negative impact on prices of assets related to new technology, long-term outcome does not change, disruption occurs
Pace of disruption has accelerated w/ networks & decentralized systems
Pace of disruption has accelerated w/ networks & decentralized systems
Current situation in #Bitcoin is similar to China “Ban” in 2017
From Jan-Sept, $BTC has increased 4X+ from $1000 to $4,500 and adoption was accelerating
China attempted to ban Exchanges, leading to a sharp 20% correction to $3,600 and global conversations that #Bitcoin was dead
is similar to China “Ban” in 2017From Jan-Sept, $BTC has increased 4X+ from $1000 to $4,500 and adoption was accelerating
China attempted to ban Exchanges, leading to a sharp 20% correction to $3,600 and global conversations that #Bitcoin
was dead
#Bitcoin is a global, borderless, decentralized network that facilitates transfer of value and that network is not governed by any one nation state
Exchange activity simply moved to other countries, adoption continued and prices recovered quickly, rising 5X over balance of year
is a global, borderless, decentralized network that facilitates transfer of value and that network is not governed by any one nation stateExchange activity simply moved to other countries, adoption continued and prices recovered quickly, rising 5X over balance of year
Every asset has fundamental Value based on metrics specific to the asset & a Price based on level where 2 individuals agree to exchange some amount of that asset in real time
Investors are long-term holders focused on Value & Speculators are short-term holders focused on Price
Investors are long-term holders focused on Value & Speculators are short-term holders focused on Price
Investors drive long term value, Speculators drive current price
During periods of rapid change there can be meaningful movements of price away from fundamental value
In those periods, price is vulnerable to shocks triggered by threats such as China plan or @stevenmnuchin1 plan
During periods of rapid change there can be meaningful movements of price away from fundamental value
In those periods, price is vulnerable to shocks triggered by threats such as China plan or @stevenmnuchin1 plan
When prices dislocate downwards in response to perceived threat the following maxim applies
Investing is the only business I know that when things go on sale, people run out of the store...
* and cheaper the price, farther they run...
Best advice #StayInTheStore
Investing is the only business I know that when things go on sale, people run out of the store...
* and cheaper the price, farther they run...
Best advice #StayInTheStore
In summary, Administration is paid handsomely by financial services industry to create impediments to competition so current rumors not surprising or unexpected
#Bitcoin network is global, decentralized system that will overcome this threat (just like others before)
#BuyAndHODL
#Bitcoin
network is global, decentralized system that will overcome this threat (just like others before)#BuyAndHODL
