I want to talk to you about bitcoin today.
With rising gas prices, inflation, and the possibility of food shortages on the horizon, getting prepared for the future has never been more important.
I own Bitcoin and plan to keep owning it for years to come.
I believe Bitcoin is the future of stored wealth, maybe the future of money. It's here to stay one way or another.
I'm not a crypto expert, but I've read a lot about cryptocurrency.
I have what I consider a basic understanding of decentralization and blockchain and how crypto works in general. I've read a few books on each and listened to a handful of podcasts.
Yet I still consider myself a crypto noob. There are a few reasons why being a crypto noob might be a good thing, but more on that later.
I'm here to lay out a case for why everyone should own some cryptocurrency, especially Bitcoin.
The perspective I'm writing from is as a 35-year-old male that has lived in the United States my entire life. I own guns, and I've generally been wary of government most of my life for reasons not pertinent to today's discussion.
I recently bought a few 50lb bags of rice when the 2020 virus came around. I also stocked up on ammo for my small gun collection. I like to go to the range, and I like owning guns, but that's about it. I'm not the tactical type nor a hardcore gun enthusiast. I hope I never have to fire my weapon at another human.
I tell you this to paint a picture so that maybe my perspective here will resonate with you if you're in a similar boat as me.
This article is hoping to help you develop the mindset conducive to long-term cryptocurrency holding. This is not investing advice.
Personally, I don't consider owning cryptocurrency investing, similar to gold in that way. I believe it is a store of wealth and a tool. The reality is that the way things are going, it will probably become one of the best investments you and I will ever make. I think of that as a bonus.
I'm going to give you the case for crypto and bitcoin and why I believe everyone should own some. I will focus mostly on the security benefits you get from storing wealth in cryptocurrency.
Principle #1: Fiat Dollars Are Not Sustainable
First, we need to establish a fact of our monetary system: the fiat dollar system propping up our economy is not sustainable.
This system will eventually crash and reset. There is no way around this. Understand this is outside of my expertise and purview, so do your research as to why this is the case.
In a fiat dollar system, inflation is constant. As inflation increases, bitcoin is likely to strengthen in value relative to the dollar's decreasing value.
Principle #2: A store of wealth: something to hold, not trade
When I buy and hold, I give myself a massive upside potential while maintaining the benefits of owning bitcoin—security, flexibility, and privacy.
I want to purchase assets and own them for life.
Warren Buffet recommends this, yet very few people do this.
Only in a desperate situation should you consider unloading your hard-earned assets.
If you do your research, you can mostly ignore what's going on in the financial news. If things get really bad, you'll hear about it. And even then, you should probably just ride it out. So do your best to ignore the daily price ticker, and the "sky is falling" pundits that profit off the hysteria.
Ignoring the news and market price is how you become a confident buy-and-hold investor of bitcoin.
Principle #3: Long-term mindset
If you're the type to get excited or afraid in response to market news, DO NOT LOOK AT THE MARKET PRICES since it will lead you to make rash decisions.
Bitcoin is highly volatile and is going to be for a while. Even the stock market is more volatile than some people can stand.
For the non-professional investor, the way you succeed in investing is to avoid paying attention to the market as much as possible. Set things up to auto-invest so it dollar cost averages in for you. The tools available today are insanely useful, so use them. Then set it and forget it.
When the price goes up or down, do you earn or lose money?
You don't; not unless you sell.
This is a common misconception people have when looking at the market.
You don't lose anything or gain anything unless you SELL. Only when you sell your asset do you realize a gain or a loss.
To read the expanded version of this information, click here.
Now on to this week's newsletter!
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Article: How to get more done by doing less
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This Day in History: June 12, 1987
On June 12, 1987, in one of his most famous Cold War speeches, President Ronald Reagan challenges Soviet Leader Mikhail Gorbachev to “tear down” the Berlin Wall, a symbol of the repressive Communist era in a divided Germany.
“As you think, so you shall become.”
💡 Useful Tips Corner 💡
Cooking: Find 2 versatile meals that you can cook regularly that are easy. We do meatballs and taco meat. This can then be converted into dozens of variations of meals, which means eating clean, healthy food just got a lot easier.
☀️ Health → The single most important thing you can do for your long-term health is to cook your own food.
A principle for life → NOW → The now is all you ever have. There is no future or past. Both are ideas in your mind.
🌍 Earth: The sun comprises 99.86% of the mass of the entire Solar System.
Productivity: Set recurring calendar events with notifications for rent, bills, checking up on old friends, and a weekly reminder to call your Mom and Dad.
🦾 Never ever budge 🦾
I know history.
And that’s why I know the real threat: The State
Disarm and you give up your sovereignty.
Freedom dies one collectivist idea at a time.
Never ever budge.
The state only grows. It never shrinks.
Never self-censor or self-silence.
There are more Americans who value freedom than not. Don’t let the outspoken few behind screens convince you otherwise.
Read this thread → The world needs more strong men and strong communities. For as long as we have a breakdown of families and communities, society will get worse.