You're listening to a share these podcast Krypto.
I don't know what your thoughts are on crypto. It seems like one of those things that five minutes ago everybody said was a terrible idea, and now suddenly everybody's woken up and gone, hang on, this actually could be something. I mean, is that a conversation that the people that you relate to and make content to and talk to. Is that something they're talking about. Is it in their mindset or is it not something that they're even on about.
I think it's another good example where some people are seeing forms of crypto as gambling, and so they won't be interested in lotto or a casino or something, but they go, oh, I've heard about this thing, and if we all get into it, and it could pop off and I put my thousand dollars and it's going to become worth six, but your thousand could be come worth zero as well. Like how much do we really know
about it? I think there's a big difference between bitcoin and the people who really get into that space and crypto. I don't know a lot about crypto, but you know, I've kind of focused my understanding on bitcoin and why people are so interested in bit coin. Over this last five years, what I've noticed is that there's a massive increase in understanding of how the purchasing power of our dollar is losing its value. So we might not go on the reserve bank inflation calculator and run the numbers.
But when someone says, oh, but it has now cost this, we go there is crap. How can this happen? And so people have gone, well, what can I do? And I think those people are seeing bitcoin as a store of wealth in a way to kind of exit some of the impact that they're feeling on the other side, where they're watching money get created and then lose its value, and they go, Okay, this looks like a life raft they might call it, or a different form of technology and solution.
I'm going to learn more about it. I'm going to back my education.
I'm going to put some money into bitcoin to protect myself from the losing value of.
The New Zealand dollar or whatever.
Right, But you could also argue, but that's why people brought property, and that's why people you invest in shares, because we're all trying to beat inflation so that our dollar that we do have that will work so hard for isn't becoming worth even less? And maybe bitcoin and cryptos just the new wave of people understanding there and learning about that. Now, if it helps increase education, amazing. Will people be scammed and taken advantage of and whatnot?
Yeah?
Probably because you know humans, we're looking for a quick win or whatnot. So you know, that's the dangerous side of it that I think people need to accept the decisions that they're making or be very educated before hitting transfer money somewhere.
I guess that trust part is hugely important, right, is who you're dealing with and how can you trust that? Because people will know, okay, you can buy a house, and there are the these are the ways that it could fall apart. These are the reports you can get. You know, if you're dealing with a real estate agent, they've got a history. You can check that out. There's
a trust path you can follow. For the crypto part, it seems like maybe there are fewer trust paths around, or maybe maybe I'm just not across all of them.
Well, when I first brought crypto, it was twenty twenty, but I'll take your step back, So it was twenty seventeen. I was working in an accounting office and bitcoin is bubbling again, and a client came in and said, oh, hey, I got given a bitcoin when I was traveling in Europe.
I need to cash it in.
I was like, oh, my mates are talking about that, and said to my boss and he's like, oh, see if they'll buy it. And next thing, they're in the car drive into the accounting practice and they've got a group of them pulled together their cash and like yeah, we'll bite off the client.
I'm like, what the hell just happened? What did they just buy? How much?
What is this twenty twenty? I start kind of thinking, oh, what's happening in the world. Maybe I should be buying some gold. And I'm self managing my KEYI save and I'm like, hey, I'm going to allocate some to gold and they're like, oh, we don't advise that.
I'm like, dah, the world's going to fall over. I've seen this before.
I need to And then I start learning about bitcoin and I'm like, these people talking about this again, I might buy some. So I go through to learn the process and I think, you know then I and I go in my mind, I go, money follows attention. If this gets more attention, it will probably increase some price. I'm willing to take some risk on it. And then
I start just getting back to my normal life. And then I see more and more people talking about it, but really intelligent and smart people, and I stop and go, why is this thing attracting so many bright minds? Like why are some of the cleverest people in the world working on this? They either aren't and the whole thing's going to pop and it's going to be like what were they thinking?
Or they know something? And I'm like, I'm not intelligent enough to.
Figure that argument out, But I'm going to go along for the ride and put some money into bitcoin and understand more about it, and if it goes to zero and the whole thing pops, I'm going to go, Wow, Okay, maybe there's a really good life lesson in there for me. If not, at least I backed my own judgment.
Money makes it matter, Eh, Maybe you put a little skin in the game there and you're actually paying a little bit more focused attention.
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