Bitcoin is not real
Many people think since they cannot hold Bitcoin in their hand it's not real.
(Note: The last email had some odd characters in the email. That wasn’t by design. It was a Substack issue, but to date, I’ve not received a clear understanding of why. In the future, you can click the banner at the top of the email (F1 racecar), and your device will send you straight to the site in order to enjoy this content.)
“I can’t touch or feel Bitcoin so it’s not real” - Random person
This is a common objection that I get and really makes me chuckle.
The statement is absolutely correct; a human cannot physically touch or feel Bitcoin, but that same thought process applies to the majority of value in our lives.
Let’s ask that random person some basic questions:
Let’s start with your checking account. Have you ever touched every dollar in your account with your hands? No.
What about your savings account? No.
What about the credit line you have on your credit card? Well no duh. It’s just a statement I get in the mail.
Ok, what about your 401k? Have you ever touched that stock certificate or mutual fund you own? No.
What about your Facebook profile? LOL No silly its on my phone.
What about equity in your home? Do you have a giant safe somewhere that safeguards your equity? No! It’s just a figure based on current market conditions; really its just an estimate until I sell my home.
Ok. What about your Venmo account? Have you ever stuffed those dollars in your backpack that you just received from Sam? No, just like Facebook it’s an app on my phone.
Ok. Have you driven somewhere recently using a real map that you had to unfold? LOL NO! Waze gets me everywhere I need to go and tells me how long it’s going to take.
Do you listen to CDs on your CD player at home? I don’t even own any CDs. My Spotify account is has everything including cool playlists and it even recommends music I should try.
So if all of this is true why is it important that you can touch & feel Bitcoin? (Silence…)
My point is simple, most of what we “value” in life we don’t actually touch on a daily basis. Most value is just 1’s & 0’s on a device we own; laptop, smartphone, tablet, desktop, TV, etc are all used to access what we find important or valuable. Our bank account (or money) is just an electronic ledger retained by a bank. Music is stored digitally or accessed through a service like Spotify. Maps are turn by turn directions through an app and based on the GPS location of the device. Your stocks are held by your brokerage account and really is just an electronic record. Bitcoin is very similar. The fact that you cannot touch or feel Bitcoin is a poor excuse not to open your mind to this brand new asset class.
Onwards & upwards!
Bly 🏁
📊Charts of the Day📊
The rate of growth of 1000BTC addresses now matches the early growth in Bitcoin's network - @woonomic
I call this the “woulda, coulda, shoulda” chart…
The Value Line Composite Index is a stock index containing approximately 1,675 companies from the NYSE, American Stock Exchange, Nasdaq, Toronto, and over-the-counter markets. Notice it has a descending trend yet we know market indices are close to all-time highs. Again buyer beware…
📺 Must Watch 📺
Raoul & Mike talk about crypto and Bitcoin. Both are big “macro” investors and performed this interview in October 2018 (this is the free version on YouTube) that gives great insight to the Bitcoin markets at that time (Oct 2018). Looking back we know Bitcoin bottomed in December (or a couple of months after this interview) and went on a 300% run into the summer of 2019. Fascinating and one reason I’m trying out the $1 subscription promotion for Real Vision for 3 months. That’s a hell of a deal really. Take advantage here if you're interested.
⚠️Infographic⚠️
😮Yes that did happen😮
Driving a multi-million dollar F1 Ferrari one-handed through a high-speed corner. You don’t see that every day…
🔥Tweets of the Day🔥
What happens when a real race car shows up to NASCAR track to perform a classic burnout. Personally I enjoyed the sound of the Porsche at the end as it screams off into the distance.
🏁Quick Market Recap🏁
Bitcoin markets rose 5% last week only two weeks removed from dropping almost 20%. Bitcoin itself has now dropped 45% from highs made this summer, though BTC still remains one of the top-performing assets YTD (+109%). Of course, these large moves are not new; Bitcoin and other digital assets have had plenty of large drawdowns since inception thus why they remain a risk asset.
📰What happening; News that Matters📰
SEC Halts Telegram's Alleged $1.7 Billion Unregistered Digital Token Offering
Mastercard, Visa, eBay, Stripe Leave Libra Association
BMW, Ford, General Motors, Honda, Renault to Launch Field Testing of Blockchain-Powered Vehicle Identification System
IRS Adds Cryptocurrency Ownership Question in Standard 1040 Income Tax Form
CFTC, FinCEN, SEC Issue Warnings to Cryptocurrency Firms on Regulatory Compliance
Libra Association Agrees on Libra Association Charter and Libra Association Council During Inaugural Meeting in Geneva
🙏Connect & Share🙏
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Disclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to content within this article.