Bitcoin Is Down 30-40% and the Headlines Are SCREAMING - Here Is What Smart Investors Actually Do (Invest, Wealth, Bitcoin)

0:00If Bitcoin was really dying, why are the biggest financial institutions on earth doubling down on it? And why does it seem to die every four years and then come back stronger? Welcome to Should I Invest in Bitcoin, making Bitcoin simple for millennials serious about growing their wealth. Whether you're on the fence about it or just starting your Bitcoin journey so you can secure your financial future, even in a system where working hard never seems to be enough. I'm Miles Dylan, let's get into it this week. Every time when the price drops 30 or 40%, the headlines come out, Bitcoin is dead, it's going to zero, the bubble is burst. And if you're new to Bitcoin, that's not just noise, that's kind of stressful, especially if you bought recently and you're down. So today I'm sitting down with my friend Gary from the Bitcoin and Me podcast to unpack this properly, not with hype, not with just buy more Bitcoin, bro, but with honesty. We're going to talk about what people really mean when they say Bitcoin is dead,

1:01what actually matters beneath the price and how to handle the emotional side of volatility without becoming toxic or delusional. Hey, everyone, so with my friend Gary, while we're coming friends, I think, and starting to get to know each other through Bitcoin really. This episode is to discuss one of the things I hear very often, particularly at this time of the market cycle when the price is down. People say, oh, Bitcoin's dead. And then the FT will come out with a new article saying Bitcoin is so many dollars higher than it should ever be because it should really be at zero. From your perspective, is Bitcoin going to die? Is it going to go to zero? And how do we talk to people who are not into Bitcoin? Or maybe they've just invested into Bitcoin and their stress because they're down 30%, 40% on their initial investment? How do we combat this thing saying Bitcoin has died? Because if you just got into it, you might be thinking, oh my gosh, it's going to die. Yeah, hi, Miles. Thanks for having me on. And yeah, I would definitely consider you a friend with meh face as a group of little life. Exchange quite a few conversations. So, yeah, you're definitely

2:05one of my Bitcoin buddies. Yeah, Bitcoin's going to zero. Bitcoin's dead. If you've been around long enough and you've been around longer than most, history repeats itself, which means mainstream media have said it so many times before. Completely accept if you're new to Bitcoin, then hearing that must be pretty scary because you can see it in what a lot of people perceive to be trusted media outlets, whether that's on BBC or the FT or whatever it may be. And you think, well, it's saying that it must be, there must be an element of truth to it. Maybe Bitcoin is going to go to zero. Maybe it is dead. And let's be completely transparent about this. We shouldn't be in an echo chamber, and there are risks to Bitcoin. But right now, there are far fewer risks than there are reasons to be cheerful. And let's be completely clear that the narrative of Bitcoin is dead is only relating

3:11to price. That's what all of these mainstream media or clickbait people on YouTube or someone who's trying to shield something else away from Bitcoin is a Bitcoin's dead. What they don't mean, Bitcoin's dead or Bitcoin's dying, what they mean is the price has gone down a lot. It's going to keep going down. But the hash rate is, if you look at things like hash rate, if you look at network adoption, if you look at the fact that BlackRock introduced an ETF, they're not shutting that down. There are so many positive things in Bitcoin. The biggest issue at the moment, if you want to call it an issue, is the price isn't where it was back in October. Yeah. Yeah. I think that the BlackRock thing is a big one for me. And isn't the BlackRock ETF? I think it's the most profitable ETF or one of the most successful ETFs that they've ever launched. Yeah. And as far as you can add, that is the opposite to Bitcoin is dead. I don't know whether

4:15you're in the position of like, you like the big institutions coming in or not and there's a split between Bitcoin as well. I think that's good or not. But that is a bit of a factor that shows if the largest financial institutions in the world are pummeling full on into Bitcoin, I think they're launching another product, BlackRock launching another product soon, which is a Bitcoin related thing. I don't know what that is. I think they're trying to build yield of it. Okay. Yeah. You can have a Bitcoin ETF that delivers some kind of yield by doing, I don't know, covered calls or so. I don't quite know. I've not got enough on it much. But still, I think if BlackRock are not looking at the headlines from the FT and BBC and CNN, saying Bitcoin is dead, they're not looking at that for you and all, no, we should probably close our ETF if FT say Bitcoin is dead. They don't care. They're just cracking on like launching the product. Oh, I think I saw that they launched a huge advertising campaign in the US, billboards, promoting their ETF, the Bitcoin ETF. So Bitcoin is dead. Why are they pushing it so much? It doesn't tie in with the narrative. And I think what you're saying is every cycle it comes

5:21round and the price goes down and it does go down. I think we are heading into crypto winter, Bitcoin bear market. Are you into that? Do you subscribe to the four year cycle theory? We you started to feel like we're not into the four year cycle when we saw the price going up in October. What's your vibe on that? I think when you look at the history, it suggests there's definitely something in that. But I mean, I think increasingly, I've not been in Bitcoin for as long as you, but I've been around enough to know that these things are cyclical. And frankly, I'm humble enough to say I've got no idea. What the next, there's reasons to think nothing's really changed. And the whole meme of this time is different, which always gets completely rebuffed because it isn't different. It's just not exactly the same. But it could be. I mean, there are things that could happen, whether it's, I don't know, America deciding they're going to sell some of their gold and invest that into having a Bitcoin strategic reserve. Something like

6:22that would be, is bound to push the price. But it's all of these narratives are just very difficult to try and unpick. And you can spend too much time trying to second guess, whereas in fact, if you can build your conviction at times like this, you'll thank yourself in whether it's six months, 18 months, three, four, five years, certainly in 10 years. But, you know, yes. What do you think causes Bitcoin to not go to zero in terms of the price? Do you think that there are enough people like me and you who, if we saw the price at $10,000, I mean, that would really shake my whole world view. I think if we hit $10,000, which I just don't think we're going to get there. But I would say now, if Bitcoin hit $10,000, I'd be trying to buy as much as I could. I mean, I've been buying recently, but at $10,000, which is not zero, would we all be thinking, oh my gosh, are we still going to be buying at that price point? Are there, does it shake out

7:25the believers or what holding it from not going to that price? I think, well, even if you take it further and say, could it conceptually go to zero? I know it couldn't because I know lots of people that have got buy orders for 21 million Bitcoin when it gets to one cent. So literally can't get to zero, but we shouldn't, I don't think we should be flippant about that because to someone that maybe was listening to your podcast or other content in September last year and decided to buy a thousand pounds worth of Bitcoin, that Bitcoin they bought for a thousand pounds is probably now worth 600 pounds. So I think for people that are relatively new into the space, we, I don't think Bitcoin is always understanding enough for the people that have recently joined and just decided to invest. And I think we have more responsibility to help those people through the

8:26emotional turmoil of it, rather than just playing stay humble stacks at buy more, you know, because it that kind of conversation starts to reinforce the fake narrative that it's a Ponzi scheme, it's just insiders who just keep buying it. And you know, we need more people, for Bitcoin to become what we want it to be, we need the whole world to embrace it eventually. So we do, I think we have a responsibility to to help and support people, but that is education. It's not, it's not hope and it's not that, you know, don't worry, I'm going back to all time highs. I wrote a little post on LinkedIn saying, all I can see at the moment is, is other guys in Bitcoin saying, hold on to your coins, don't be wet, don't sell your Bitcoin. And I wrote a little thing say, I'm properly in Bitcoin. I'm not selling anything, but I would be lying if I said, I'm not stressed out by the price going down, or it doesn't affect my amount of times I check the price every day,

9:30just hoping that it might boost back over 100K. And I can be like, wow, it just feels like a nice psychological price to feel like your Bitcoin is over 100. It's easy to calculate how much you own as well when it's at that sort of price. And it's so weird, the comments that I got back, no one was like saying, yeah, me too. And I was like, shut up, I'm sure there are loads of people who are feeling the same thing as me. No, I was saying, oh yeah, and I totally agree, well, I'm saying it. I just had loads of comments saying, don't be a pussy, you should be buying more, like, you're going to be the Bitcoin guy. I'm like, yes, I am the Bitcoin guy, like, don't worry, I'm not selling it. And I said that in the post, but people were just saying, grow some, and it's so male toxic, I'm like, guys, what are you doing? We're scared people off. Yeah, completely agree. I think they've long been around, the more you can emotionally handle the volatility. And I think again, it's probably the wrong time to say that October, the sixth would have been the right time to have this conversation. But, you know, people can get emotional when it goes up as well as when it goes down. And they're very different options, but you can get overexcited and think about

10:32retiring and, you know, moving to a, moving to a Caribbean island. And then suddenly within three months, you're thinking, I'm going to be working till I'm 70. But I think realistically, what price does for most people, even those that really have absolute conviction, it just restores your individual narrative and your individual conviction, because it's like, well, I know there's volatility, but at some point, it does need to keep going up, you know, I don't mean that to be now. I'm not selling, but the longer it stays down or the further it keeps going down, the further away it feels from the the level of conviction and the belief that I've got and where this asset is going over time. I don't do think it really humbles you as well. Like, I try to act cool or not be too Billy Big Bulls when the price is high, but I know inside my head, I think I'm really clever when the price is up. When the price comes down, oh no, I don't want to

11:37say too much stuff, but it has helped me press through. And I think I did a couple of episodes, you know, the start of this year for this podcast, where I had to really push on and say, no, do I believe in this enough to still talk about it in a way which is by Bitcoin? This is a great kind to buy it. And yeah, it did. It's almost like therapy making the episodes for myself. I'm talking to myself and saying, no, this is still a buy, nothing's changed other than the price in dollars. I think you speak so well on it and you're very measured in the way you talk about things, probably that's based on your profession as well, the work you do. I was going to just quickly say on that, I think the age that people are at and not just the length of their time in Bitcoin, but the position they're in within their life. So someone who's 1820 earning minimum weight and stacking sats, this is a fantastic opportunity because they're now, if they haven't changed their DCA, they're buying far more Bitcoin than they thought they could have bought, you know, putting it in place six months ago. However, you know, if you're 60 and you've been buying Bitcoin

12:43regularly and you thought, right, I'm turning 60 this year, you know, there's no way it's going to finish below 100K. I'm, you know, I can then sell some to improve my life. Now's my time. Quit work, use some of the Bitcoin I've worked hard to save up. You know, for someone like that, a drawdown that we've seen is going to be much more emotionally draining and actually affect their life potentially. But yeah, I guess gross, gross some hodel narrative that comes out, that really toxic maxi stuff. It's just not helpful for those people at all. It isn't the very effective. At the same time, you know, we'll, as Bitcoiners, we'll try and call out the shitcoin as you say the same thing about their, the crypto that they, that they love. So it just makes us sound like them, which I think we're so much better than. There are so many credible people in Bitcoin. It's unbelievable. The likes of Elin Audens and Larry LePard, or you can just list off,

13:45you know, dozens of people and from so many different backgrounds, that should give, give us confidence as well. I haven't yet met a Bitcoin other that I wouldn't want to spend time with talking about anything that Elin Bitcoin really. Yeah, let's give me. Gary ran brilliant conference last year in October that I came to. It was so good. I loved it, mate. I had such a good time. I met loads of people. I'm in touch with probably five or six people that I'm now in touch with all the time who, who I met at the conference. And you've kindly invited me to come and speak at the next thing you're organising. Do you want to say about that? Yeah, yeah. So we, we did a conference in Bereson Edmunds last year. It was actually September, but yeah, it was in September. We're doing on the 22nd of May, which any good Bitcoiner would know is, is Pete today. We're trying to basically be the go-to place in the UK for Bitcoiners on the 22nd of May. It's a Friday

14:45so if anyone working, probably have to take the day off if they want to come for the day event, but we're going to host free to attend meetups through the day in various coffee shops, pubs, restaurants, whatever, most of whom will actually accept Bitcoin. And again, it might be that we've got a Bitcoin artist who will sit up a gallery. We've got Robin Thatcher, the Bitcoin accountant, who will do a drop-in. Come and talk to me about tax session and those sorts of things, as well as just general Bitcoin chats, meetups, sitting at a coffee with other people that you do know, whether you've never met before, that then become friends like you've just said. So that's all during the day. Then in the evening, we're hiring the Guildhall, which is just a phenomenal, one of the oldest municipal buildings in the UK. I think it dates back to like 11th, 1200. It's incredible building. And we're going to have a pizza truck, serving pizza. We're going to arrange a bar where it will be stocked up. And the bar and the pizza are included

15:46within the price of the ticket. And then within the Guildhall, we're going to have panel discussions around Bitcoin as a medium of exchange, which as you say, we're really pleased that you're going to be part of that. And we're going to have Bitcoin merchants. So you can spend Bitcoin on stuff from people who may get and sell for Bitcoin. They have meet new friends, catch up with old ones, and listen to some great panel discussions. Mate, so it's 22nd of May, Friday, 22nd? Yeah, that's right. Yeah. And I'll put a link in the description for where to get tickets and where to find everything. Yeah, I mean, it's 39 quid, which is like, for a pizza and a couple of beers, you're kind of getting close to that. So we do the same with the conference. We don't, the other guy that helps me out with it, Jace, the two of us do it basically just to try and contribute to UK Bitcoin. Got the love of Bitcoin. Yeah, we don't make anything out of it. And that was never the intention. So yeah, it should be good.

16:50Thanks, Gary. Yeah, I'll leave a link in everything. And thanks so much. Bitcoin's not going to zero. And if it was, either of us thought it was, we wouldn't be planning to go to something in a couple of months' time where we're going to be spending our Bitcoin wish. We wouldn't be able to do that if it wasn't zero. So, um, actually, there was one other thing I was just going to talk about it, which is when things actually die, they never get announced. So think of like the beta max video record. Yeah, yeah. No one ever set dead. They waited till like 15, 20 years later and said, what happened to beat you? Oh, yeah. And think of how many cryptos have died, like the shit coins. No one actually never announces. Again, it's the main media trying to say Bitcoin is dead or Bitcoin's dying. Things that are dying never get announced. It's clickbait, mate. The bathe bottom line is swear, it's just clickbait. And it's clickbait on the way up as well when Bitcoin gets through an all-time high. They also say I could never last. This would be the last all-time high. And when it goes down is clickbait as well. It's just so I checked out of reading the news

17:51a really long time ago. In COVID, I just got fed up and was like, this is not helpful. I didn't even know when the lockdowns would be enlisted and shut. Someone had to tell me about it because I just switched everything off from it. Just like, I'm just going to go out once a day and try and be a reasonably good citizen and not do anything silly because I just felt like you cannot understand what's happening in real life based on the headlines that you're reading in new. So really, the bottom line for me is just clickbait because they want someone to read their article. Yep, absolutely. Hey, everyone. We are having a Zoom call together with other listeners on this podcast and me on Sunday, the 8th of March at 8pm, British time, Greenwich mean time. We're going to be discussing stuff around Bitcoin. Questions you have that I don't address in the podcast and just generally get to know each other and hang out and address some of your questions that you might have about Bitcoin that I don't normally follow up in the podcast. It's a deeper stuff that you might not even hear about. So if you would like to join that call, send me an email and y'all will add you to the list and I'll send you the Zoom link. 8pm, Greenwich mean time, Sunday,

18:56the 8th of March.