#259 - Can Bitcoin Really Survive The Recession?

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 Money Grows on Trees podcast. Thanks for listening to Money Grows on Trees. If you enjoyed the episode, leave a five-star review on Apple Podcasts and Spotify and subscribe to us on YouTube so you never miss

an episode. And if you're serious about building wealth, make sure to check out the links in the show notes and follow me on all social media platforms Lloyd