BREAKING NEWS: US State officials adopting crypto in Texas and Wyoming plus the truth about Bitcoin In this episode, Zach Morrow and Ben Armstrong sit down to discuss all things Bitcoin. Ben shares insight from his beginnings with Bitcoin and how it has evolved to the present. If you are curious to learn more about Bitcoin, you do not want to miss this episode of The Solomon Investor Podcast! Ben Armstrong, aka Bitboy Crypto, is one of today’s most recognized cryptocurrency experts. Ben is definitely someone who has earned his way to the top. After studying the industry for almost six years, Ben finally decided to start his YouTube channel, Bitboy Crypto in 2018 to share his knowledge with aspiring investors. His channel is one of the most recognized channels that offers the latest news and views about the crypto market.
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Breaking News: Have U.S. Officials adopted Crypto in Texas and Wyoming?
Our special guest, Ben Armstrong, is here to discuss the answer to that question and many more pressing cryptocurrency and Bitcoin questions.
Ben Armstrong, aka Bitboy Crypto, is one of today’s most recognized cryptocurrency experts. Ben is definitely someone who has earned his way to the top. After studying the industry for almost six years, Ben finally decided to start his YouTube channel, Bitboy Crypto in 2018 to share his knowledge with aspiring investors. His channel is one of the most recognized channels that offers the latest news and views about the crypto market.
In this episode, Zach Morrow and Ben Armstrong sit down to discuss all things Bitcoin. Ben shares insight from his beginnings with Bitcoin and how it has evolved to the present. If you are curious to learn more about Bitcoin, you do not want to miss this episode of The Solomon Investor Podcast!
Key Takeaways:
00:00 Episode Preview
00:39 Introduction to Ben Armstrong
04:52 How has Bitcoin changed from its beginnings to now?
10:39 What Ben shared with politicians who were interested in learning more about crypto
23:46 The difference between seeing Bitcoin as a currency and Bitcoin as an asset
31:37 Ben shares the most frustrating lies that people believe about Bitcoin
43:04 Why Ben feels that a bear market is inevitable?
58:14 Signs that people should be looking out for that Bitcoin is reaching a peak
53:50 Ben’s top 3 projects
59:16 Ben shares his final thoughts for our listeners
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00:00
All right, everybody. Welcome to another episode of The Solomon Investor Podcast. And I'm so excited that you're able to join us today. It's time to stop trusting the public markets and look to history's first trillionaire, and how to build real lasting wealth. Look, over the past 14 years, we've applied these exact principles in more than 300 plus transactions. Not one single investor has lost money that trillionaire was King Solomon, will be sharing his wisdom on how to build wealth in a way that's translated for 21st century investor. My name is Blake Templeton, and this is The Solomon Investor Podcast.
00:38
We're gonna be diving into some exciting stuff. I got an incredible guest with me here today, Ben Armstrong, also known or maybe better known, even as bit boy crypto, who actually runs the largest crypto channel in all the interwebs. He's done an incredible job. And one question that Ben puts out there to his audience is what's the best way to gain experience in the crypto industry. And so, according to Ben, one of today's most recognized cryptocurrency experts, you must continuously stay up to date about the crypto industry as it's the best way to gain experience. Ben is definitely someone who has earned his way to the top after starting in this industry and studying it for almost six years, Ben finally decided to start his YouTube channel, which as I mentioned, is the largest channel in all the inner interwebs. He started back in 2018, where he shares his knowledge with aspiring investors in his channel is one of the most recognized channels that offers the latest news and views about the crypto markets. And so we're gonna dive in with Ben today and go over everything from you know a little bit about his journey, but then diving into crypto and politics and the so called battle there and how it's evolving, talking talking about the dollar versus Bitcoin crypto, is it? Is it a currency? Is it an asset, and then breaking things down into deciphering truth? So all of you guys know, on this channel, we are all about getting to the truth, truth is the only thing that matters. And so we want to cut through what is what's complete wind and Fudd. And what is wisdom, okay, and we're going to get to the bottom of that today. And then, at the end of the video, make sure you stay tuned, because we're going to drop drop in some of Ben's favorite current altcoins. And where the markets going, and where he feels like some of these prices could end up during that time. So, Ben, so excited to have you on the show. Welcome. And, man, what a blessing to be together.
02:33
Yeah, absolutely. Thank you for having me on is quite the introduction. And I really like what you said about getting down to truth. And I think in crypto, the really difficult thing is figuring out what that truth is. I mean, you know, there's definitely some, you know, some industries or some places out there that you look and it's very easy to know like right from wrong or good from bad or this works from this doesn't work. And in crypto in any financial market, as you know, like there is a lot of smoke screens out there. And a lot of people out there who are constantly trying to manipulate you and trick you and knowing the real from the fake is very important. Yeah, I appreciate you sharing that. And and that was one of the most exciting things
03:12
about having you on and I shared I shared this with you as we were visiting before the episode is that I feel like you are someone who does an incredible job diving into the trenches researching and finding out where all of these sorts of lies, manipulation. manipulation actually comes from and then what's real and what's not. And so, you know, as we dive into that later, in the episode, I'll be excited to debunk some of the main main lies and the main Fudd that we keep hearing and these narratives that keep coming back and just just don't seem to die, even though we they've been disproven, now. They just come it's a cycle. It's a new cycle. Just like the mainstream news, I go, we have a crypto flood cycle. And so I get a chuckle. Whenever people send me stories, and they're like, Oh, this breaking news like China bans Bitcoin. I'm like, they banned it 348 times in the last six years. Like this doesn't mean anything to me. So you know, it is definitely having to have a good experience on understand that cycle. Very important. Yeah. And guys, it's not just about knowing it, but it's about being able to take that information, hold on to it and anchor that down emotionally. Because in this market, we're going to see ups and downs, there's volatility. I think there's no doubt about that. everybody's familiar that there's volatility in the crypto markets, but when we can decipher what's real and what's true, we can know without without much doubt and with relative certainty where we're headed in the future. And that's really what we want to get down to today is figuring out the struggles that crypto is working through. As as blockchain technology is evolving. We're going to discuss Bitcoin, a couple alt coins, and really see the major evolutions that's been happening over the last few years. And before we do that, but I'd love to hear how you got started. I mean, your crypto Oji, right. You're coming you've been years in the market.
05:00
And how how did you come to hearing about crypto and
05:05
tell us a little bit about how it's different than versus versus how it is now? True? Yeah, so it's it's crazy. I mean, things have changed. Oh, much like just in the last four years but I first bought Bitcoin. You know, this is like one of my little you know, funny things is I bought Bitcoin is 12 bucks, you know, is the first one I bought. And people hear that and they're like, Oh my god, you must be like a billionaire now. And I'm like, Well, I bought Bitcoin at $12. About a lot of it's been about $10,000 over about a year's time, on Bitcoin anywhere from about 12 to $100 each. But I didn't know what I was buying, like, I was only buying it because I needed a software for a business. I was running, I posted ads on Craigslist, and they had their payment processor shut down and long and short. It was I had to pay with Bitcoin, I was like, What is this thing, so I bought a bunch of Bitcoin to pay for it. And then in November of 2013, a year laters I bought in December of 2012, in November 2013, the price shot up that was the beginning of the, you know, 2013 Bull Run, or the second half of the 2013 Bull Run. And what happened is, is I had some money leftover in that account, and I went I checked it, like just randomly was like, Oh my God, this went up, like, you know, 20 times I was like, What in the world and so I immediately thought, I need to sell it, I gotta get rid of this, you know, you got to get out of this, you know, there's a you know, get rich quick scheme I got rich was to it. So I didn't make that much. I made a few $1,000 there's nothing hugely sick at the time in my life. But you know, almost 10 years ago, like that was a lot of money for me like $3,000 so I took my family on vacation without money, you know, paid off a bill that I needed, like real excited about it now and I remember I met a guy to sell the Bitcoin and over Wi Fi at a McDonald's I from local bitcoins calm, which was a very popular site back then. And I remember trying to do the research and understand what Bitcoin was, I was like, You know what, maybe I want to know what this is. And it was so hard trying to understand it, that the education that's out there today, compared to what was out there, then, is not even a comparison, like I felt like I was, you know, on a geo city site from 1994 is what I say is what it looked like I was trying to understand Bitcoin on and they were talking about Satoshi Nakamoto being some Japanese guy and trying to understand mining and get my head around that which I still don't have my head 100% around mining like that I don't do crypto mining, it's all very complicated. And when the education resources are very minimal, there was nobody out there that time that was making it understandable for the normal person. And so eventually, when I would start my channel, like kind of the the progression there was in 2017, when the prices were skyrocketing now, I bought Bitcoin and sold it a little bit in between there, but I was not like in the crypto markets every day. Like I started in 2017. And when I basically what I thought was when mt Gox crash, which is the biggest Bitcoin exchange in 2014. In February of that year, like I kind of thought Bitcoin was over, so I kind of stayed away from it for about a year and then it comes for coming back a little bit. In 2017, I started adding up how much money I should actually have if I would have actually taken that $10,000 and bought Bitcoin instead of like spending the Bitcoin, which is still a big argument today, like should you spend your Bitcoin? And I was like, oh, wow, I made a huge mistake seven eight figure mistake, like a huge mistake that I made. So because of that, like that drove me to want to get further into crypto and want to get involved. So I started with crypto, it first was actually called Bitcoin hodel it was actually a comic book series. It's gonna be an animated cartoons, you're supposed to be about bringing fun to crypto. And ironically, like now, through NF T's we're actually like creating some of that original stuff.
08:39
Yeah, but in 2018, like, there wasn't a lot of fun in the markets because it was all down the whole year. So I decided, like, you know what, I was gonna start doing news videos. And as I started doing news videos, anything I want to know about or I want to research, I would make a video about it, I would do the research, and then I make the video and then over time, that just led to me getting a lot more, you know, um, you know, education on crypto, and things like that. I remember like back in 2017 like people would say like, you know, there's no such thing as an expert in crypto and stuff like now. Well, you know, we've all been studying this for years and years. Like I definitely think I am an expert in crypto and a lot of other people are experts and there are people out there a lot smarter than me and crypto for sure.
09:16
But at the same time like it's all that work when nobody was watching my channel when I was doing the research and learning like that was what eventually would lead to my channel exploding down the road.
09:25
Yeah, that's exciting. And
09:29
the the story about looking back and adding up what was missing? There's there's a lot of those going around, isn't there? Yep. Well, me my brother both. We were both in the same business. And I just remember like it was Christmas time and 2017 right at the peak of Bitcoin pretty much and we were at our parents house visiting. And we were like, looking at the numbers and when we start actually calculating the numbers and we're like, oh my gosh, like what in the world you know, so he counted as a lost opportunity and I went all in
09:59
you
10:00
Yeah, he's doing okay, now he's back in crypto. There we go. Finally he made it. He made it.
10:06
That's awesome. Well, and
10:09
you know that that drive for putting education out there obviously is,
10:16
is the number one reason why we're sitting here together is because of the time you've put in the research you've put in, and how much effort you put into becoming a teacher and an educator, and allowing people to know more about this market. And so guys, if you're not already, I'd make sure to go subscribe, well, we'll, let's add, let's add a subscription button there for for Ben and where everybody can have access to his channel. So let's kind of dive into some of the meat and potatoes of where we're at today. Obviously, there's a lot of things going on in the market. And
10:46
guys, Ben was actually invited a couple weeks back to go speak to some politicians in Austin, Texas, and to speak on blockchain technology, the crypto markets, and really, this market as a currency and asset class and kind of how it how it all comes together with politics. And I think that's one of the biggest conversation pieces is, while there is a lot of excitement around crypto, a lot of people have questions about its relationship with the government. And how's that? What's the government going to do in response to this and this and the taxes? And, you know, are they going to ban it? Or is this happened, you know, the China ban, like you brought about, it's been over and over and over again. And so there's this re circulation of a lot of different
11:27
questions that people have. And these are common objections that are thrown around. And so from somebody that was actually, you know, sitting inside a Capitol building with with politicians, tell us a little bit about that conversation? And what sort of response Are you seeing from the actual politicians who are seeking to learn more about crypto and what did you share with them?
11:50
Yeah, it was very exciting. I mean, it you know, we get all kinds of emails and requests, and we, you know, we try to respond to most of them, but you know, we get crazy stuff. So I get this coming across my eyes, Texas, capital wants me to come speak. And I'm like, what, like, this was one that just hit me out of left field, like, you got to be like, This is crazy. For me, it was one of these moments, like, I'm proud of a lot of moments on my channel, you know, when I, when I, you know, became the largest YouTuber, when I, you know, hit certain mile markers on social media, when, you know, there, there were certain competitors that I passed, you know, their big milestones I've had on the channel, and you look at, you know, my first, you know, 100,000 view video, for me, like, this was probably, you know, the most proud moment for me, because it tells me that we're actually making an impact. It's not just about like, YouTube numbers and content and education, it's about, like, impact through kryptos, like what we've dreamed about for years, not really thinking about the possibility for me to really play a role in. And we've done that, you know, we have we've made waves to the point where people trust my opinion, and my team's opinion on where we think crypto is going and what role we think the government needs to play in it, and what role you know, states need to play in it. So we got this from the Texas Capitol, he was from the it caucus. So it's 32 House of 32 members of the House of Representatives for the state of Texas. And basically they are kind of the the framework for most of the technology bills that come through the state of Texas. And so we went there in you know, fun fact, I actually told anybody what state is revealing private information with you right now. We also have recently been invited by Alabama to come speak to one of their, you know, some of their politicians there for the state as well. They really interested in crypto and moving forward in blockchain. So that's breaking news, by the way, that hey, that's breaking news. You heard it here first, folks. southerners love bit boy crypto, that's what it boils down to.
13:57
But so they invited me to come speak in Texas. So we did that a couple weeks ago, went to Austin. And it was just so fascinating. They were so interested, like there was not a person in that room that was like falling asleep. You know, they were all super engaged. Why? Because the number one thing I talked to them about is the opportunity that the state like Texas has to play in the role of the future of blockchain Wyoming I love Wyoming Wyoming is great. I texted didn't like it when I said this. But to me like I think Wyoming is the most beautiful state in the union. Like every mile you drive through Wyoming, you're like, Oh my gosh, this looks incredible. I can see for miles. Like even their biggest city is like barely a city you know. And so like I love Wyoming, they're great for Bitcoin. They've got a lot of pro Bitcoin stuff. They had the first Chartered Bank in the US it's a Bitcoin bank. They got Caitlin long, it's from there. They've got University of Wyoming playing a big role in crypto. You've got cash can't remember name but the state senator there who is also very bullish on Bitcoin, and that's great, but until Texas, why don't we
15:00
Doesn't have what Texas has, like, I mean, doesn't have the size, the people, the infrastructure, you know, you know, to be able to really make an impact. We've already got tech companies moving out there, Miami is going to be their biggest competitor. We know Miami is extremely bullish on crypto, which we just got back from there as well. A lot of good stuff going on down there with Mayor Suarez. But with Texas, like you got the opportunity to have huge mining farms, you can make mining the new oil, you know, for Texas, and things like that. And you've got the people to support it, you've got forward thinking people, a lot of people are moving.
15:34
They've it kind of like, you've got the progressive states like California that are like have gotten so progressive, that they're now regressive. And so you've got the some of the smartest people from those states, come into Texas, we know that we know some of the companies Oracle and you know, the electric car company that shall not be named. Going to Texas, which is bullish for Texas, they got great opportunity there, like make the best of it. There's not one state that has really stepped up with kind of infrastructure in Texas has to say we're going to be the leader in this. And we will get any export or eating technology, you can look at a state No, like, you know, this is this is a very important state for this type of business. Texas has the opportunity to be that and when I was seeing that stuff like their eyes were open and wide. And not only that, look, we are in a space race, an arms race with China and blockchain in really, in really pushing out to those people like you that understand like we are going to get left behind if we don't jump on this. And I think that urgency really resonate with a lot of them. After I talked when through a slideshow presentation. A lot of them talk to me afterwards, I was really impressed with
16:42
with some of their like some of them are extremely knowledgeable about crypto. And I was really impressed like not just crypto but also technology in general, more educated on technology in general than I am even. But some of them obviously were not. But yet they still had questions like they're coming beginner questions or want to know, not a lot of pushback in that room. And the one question I got that felt like pushback. We've been like turned into a positive as well, because they said, you know, well, you know what, what do you think? Like, do you see all these like crazy coins out there? Dogecoin Oh, stuff like, don't you think like people are getting scammed and they're getting hurt, like, don't you think we got to responsibly to protect them? Like, yeah, there needs to be some kind of regulation for crypto at some point. Like we love the idea of decentralization, we also understand the realistic view of the United States government like things aren't going to be able to run unchecked forever. That's why right now you're seeing a lot of tightening of the of the belt around, you know, the world from, you know, some financial institutions and stuff like that the World Bank, the IMF, they're wanting to push crypto down, and things like that. So, we do need regulation, though, we do need some kind of framework. And we need intelligent people who understand blockchain to be making those laws. And so they came to me and asked me, you know, what I in the future consider, like, working with him on some of these laws give my opinion on some of these laws and regulation. And so basically, the long and the short of it is we were able to twist a push back question even under like, Yes, I know, you guys have those fears. We need to do something to protect people. And I think that was a little something they weren't quite expecting so and then pain. You know, two weeks after we left, you know, Texas, Greg Abbott, the governor of texas came out with an extremely bullish proclamation on their moving for a blockchain. And I look, I he wasn't in the room. I can't say that. I had an impact on that, for sure. But you know, we were there right before that. So we're hoping that, you know, we will continue to work with Texas got my Texas state flag back here, the gaming from the Capitol, very proud of that. We love Texas, and we think it does have a really big opportunity. Yeah, I love hearing that. And I think it's important for people to hear the dynamic of the crypto markets and how it can work hand in hand with the political system. And, you know, because a lot of people have fear and uncertainty around those questions and things like that. And guys, one thing that been saying is that crypto as a whole, and we're gonna break down currency vers asset here and here in just a moment, because I think that's an important distinction. But crypto as a whole is something that is a technological revolution. And anytime there's a technological revolution, there is a opportunity between nations to gain ground to gain territory and to benefit. And so you know, I think, Ben and I would agree that you it would behoove the US to come into alignment with crypto and Bitcoin to
19:35
to move forward with that technological revolution and get
19:41
to capture that opportunity versus allowing it to go elsewhere. Willy I mean, 100% that's, that is one of the messages that I preached on my channel for a year sexually documentary. Of all things. It was mainly about dragon chain if anybody knows what that coin is, but I was on a documentary that was aired on the Science Channel.
20:00
And I actually recorded that in November of 2019. That was my message then, like my message in November 2019 was, China is coming for us. And that was before the pandemic. And the whole night. Ironically, I was probably recording that about the time the, the pandemic was actually starting. But I mean, we see what's going on with that, and how, you know, behind the eight ball that's put us and how, you know, something that came from their country has propelled them to the front. And so, you know, it's something that I've been saying for a long time, we cannot let them beat us in blockchain, they they let us be they, we let them beat us in blockchain, the digital one is gonna be the world reserve currency, and we're gonna lose all of our power.
20:44
That's, that's an incredible point right there. And I think one that everybody needs to realize is that
20:51
by helping the advancement of this technology, and the US coming alongside of it, it puts us in a position as a country to grow stronger, and as a people to grow stronger. And so it's so much more than just an investment with with, you know, where people think they're speculating to grow and ride the volatility and things like that this is actually a technological revolution, where the technology is going to impact, you know, the future for everyone, and finding the right way in time, and how you want to support it is going to be an important decision that everybody has to make. Right, and everybody's doing it in different ways. You know, I think a lot of the major investing pundants for a long time were against it and skeptical, and then you've got, you know, Ray Dalio who just came out and said he'd rather own Bitcoin than bonds. You've got Paul Tudor Jones, who were had 1% of assets into bitcoin, but now he's saying, we're moving up to 5%. And then
21:50
we've got another gentleman by the name of bit boy, crypto, who I think it was just this morning came out and said, if you have an investing portfolio, and you don't have at least 10 to 15% of that portfolio, in Bitcoin, then what's the exact quote here? Then you have no idea what you're doing? Yeah. 100 I agree with that guy right there. You should listen to him. He doesn't give financial advice, but he gives incredibly good advice. Yeah. gives gifts things to consider. Right. And, you know, it's interesting, you know, when Ben said that the one thing he said is, I'm not telling you to do what I did, because what did you do? I'm like, over 90% for she's easy. He's all in. Right. And there's, there's plenty of other macro economists, long term investors, investors who are all in I mean, 90% plus of the portfolios have moved over completely, because every time like, a lack of action is still a decision. Everybody's really listening to this. And you're like, well, I'm just gonna sit and wait, you're deciding not to participate. And that's, that's a decision that you're welcome to make. But you need to know why you're making that decision. And so I think that,
23:06
you know, Ben and I both agree that this conversation is incredibly important, otherwise, we wouldn't be having it. And the reason we're having it is so that all of you that are listening and watching can can take the time to do the research, put time into understanding what's going on, because this is a pivotal point in a technological revolution, where you should be considering what do you want to do? And then you should make an informed decision.
23:31
Ben and I both agree, we've already voted with our dollars and put that towards crypto and and,
23:40
man, it's, it's, it's changing across the globe right now. So
23:45
you know, it's interesting.
23:47
Talking about dollars versus Bitcoin, you know, one thing that I think everybody kind of gets mixed up in is, is this, is it a currency? Is the vision for Bitcoin that it's going to replace the dollar does it fight against, you know, our current system? And some people would say that they would want Bitcoin to become a currency long term. But I think that more so as we're seeing it develop now I think more people are seeing it really as a long term store of value that protects your wealth long term, and is an asset class, similar to like a digital gold, where it's a long term, you know, hedge against inflation. It protects the individual from things like massive inflation, and the centralized control of centralized banks, and the Fed and things like that. And so I think there's definitely a world where they can work harmoniously, but I'd love to hear kind of your take on currency versus an asset class and how that works with that Bitcoin.
24:50
Yeah, so this is actually another thing that I talked to the the Congress, Congress people of Texas about, as well because to me
25:00
This is actually the number one most confusing thing about crypto, the number one that hang up that I believe that the newer person has when coming into the space is the word cryptocurrency. And actually, I do not use the word cryptocurrency at all on my channel anymore. We stopped using that about a month ago and made a little transition until about here there. We say crypto assets, because this is the big difference between, you know, let's say a stock and crypto like crypto is a property, you own it, you can withdraw it and hold it in an individual wallet, the only you have, it's not a representation of a bigger supply. It's not a representation of a company. Like you can't walk into, you know, Apple and say, Hey, you know, by the way, can I you know, go and take my piece of this company, you give me some of that panel over there on that display because I own part of this company. No, that's not how it works. But crypto, it's a property it's an asset. However, when it comes to the word currency, a lot of people hear that and they think this is something I'm giving you to pay for something. That's not what most of crypto is there are certain kryptos that should be considered cryptocurrencies. There's a large contingent of people that still want Bitcoin to be a currency. But most of us that you know, have a brain between our ears believe that that day has passed it could come back but right now Bitcoin is digital gold there's no question about it. No one wants to spend Bitcoin I did a tape talk yesterday where the whole point of the TIC Tock was to make a dad joke about GMC supposedly or maybe accepting Bitcoin
26:39
I said it's official now. You can buy a car with Bitcoin
26:45
GMC joke bad joke, you know the jokes but the whole all the comments were This is not they didn't get the whole point was a dad joke. All the comments were Why is this big news? Who would spend Bitcoin on a car right? Why because the number one value in Bitcoin is holding on to it. So why would you want to get rid of it? Or why would you want to sell it? You see what happened in my story when I spent $10,000 on the Bitcoin early on to be worth you know, seven, eight figures or however much it would be right now. And so Bitcoin is digital gold. You have other ones like dash that is trying to be a currency you have privacy coins, that are untraceable. Bitcoin is traceable. A lot of people don't know that. The colonial pipeline hat kind of showed that but in crypto, we've known that for six years now. But when it comes to privacy coins, they're actually a currency are meant to buy and trade with very few coins out there are meant to be currencies. I really like what Michael sailor, the CEO of MicroStrategy said when he was on my channel, when she said that Bitcoin is the apex asset, the apex asset in human history, like it's the T rex of assets, right? All the other kryptos they're like venture capital projects. And that's really correct most of these alt coins, they're either platforms, or they're trying to fit a neither trying to solve a problem. They're actually more like businesses, you're actually investing into a business by literally owning part of it. So that's the big discrepancy. And a lot of people get hung up on that word currency. And I want to completely remove that from people's brains when they think about crypto because that's not that's the argument from a lot of the Bitcoin maximalist they say, Well, what is the value prop is like, what is why would someone use this as money in the future? Like, we're not trying to use it as money, we're not trying to use it theory means money. You know, that's not the point. The point is, you're playing a role in a larger ecosystem that supports decentralized finance, and, you know, other decentralized applications, you know, and, you know, NF T's all kinds of stuff. So, I think that's a big misnomer. Excuse me a big misnomer. A big fallacy about crypto, is that it's all trying to be a currency. It's clearly not, we call that branch of crypto digital payments. Yeah, that's that's an incredible distinction. And you described it so well. And and so guys, what he's saying is that even though the let's call it the entire kind of ecosystem has been called cryptocurrency and now we're seeing well which currency is going to be in? Is this a currency? And is this a currency? Like, how is it better than this currency? Well, we're kind of
29:17
I mean, it's it's comparing apples to oranges because we're getting hung up on a word there. And when we realize you know what each one of these are, you know, Bitcoin itself becoming an asset a long term, the apex, you know, asset of all time like Michael Michael sailor said, and the digital gold that can then provide a long term, real life monetary system that is far superior to anything we've ever had access to. And then the, all the other crypto
29:48
projects probably more appropriately, appropriately labeled, or like businesses that are meeting that are seeking to meet a need through blockchain technology. So as as as blockchain
30:00
continues to develop and grow and spread, there's going to be a lot of different needs as it's implemented into the use of society. And so these other projects, when you're, when you're investing into those, you're really you're really investing into a company like Ben shared and and that's an important distinction. So it's not all created equal. And it's important to understand the differences. And so I appreciate you breaking that down, you know, Michael sealer actually shared something again here recently, and he was talking a little bit about Bitcoin versus the Dollar. And one thing that he was describing, and guys, for those of you who don't clearly understand the blockchain is the is the sort of underlying software that Bitcoin is built upon. And as it moves forward, it creates a connection across the globe. And the way Michael described it is, he really believes that, you know, moving forward that the US dollar will be, will be and remain the reserve currency across the world that it's going to continue to spread, but he believes that it will run on Bitcoin rail, so it'll actually move and translate across the globe, through Bitcoin. So that's one way in which it could potentially be an incredible support for the US. And you could see Bitcoin continue to grow in conjunction with growth. So it's not always combative, even though some of the dialogues would be that, you know, it is a us versus them type of system, but doesn't necessarily have to go that way. So anyways, I appreciate you kind of breaking that down and, and clearing that up for everybody. And so I'd love to kind of do some more of that. And as I mentioned before, you're the king of getting straight to the truth. And so I'd love to hear maybe your top two or three most frustrating crypto lies that are currently circulating that Fudd the fear, uncertainty, doubt that continues to be pushed out there. And I'd love to hear you identify and debunk them and put them put them to bed and rescue them once and for all. Yeah, well, for this you never see another story out there about these things again, for sure. This is it getting into the fun in the fight, you know, in the in the fat, you want to end the fight actually prevent you.
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Okay, so number one is China bans Bitcoin, like this is the most frustrating thing I've ever seen in the world. You cannot ban something that's decentralized. You cannot ban something that is open source computer code. There's nowhere to attack. There's nothing to ban. That would be like saying that someone couldn't design a software with a certain paragraph of code in it. Like, you can't legislate computer code. And so the idea that China bans Bitcoin 74 times a year is nonsense. Like it's utter nonsense. It reminds me so much of shark attacks, right? Like shark attacks, it seems like I think it's about every four or five years, all of a sudden, it's all over the news, shark attack, shark attack, shark attack, there's never a rise in shark attacks. It's like almost the same every single year. But for four or five years, they don't cover it. And then the one year they cover it, everybody's ready to go in the water, you know, which still doesn't result unless architects. So it's a lot like that where, you know, except in this cycle, it's much faster. They're just like, you know what? It's been about three days. Let's go and put the story out. How many times can a country ban something? How many times? It makes no sense you can ban at once. That's it, you may not once you can then vote to unban it you can ban it again, I guess China's not done no such thing. So many of these stories are misrepresentations of what's going on there. Now. China's communist country, like obviously, they have digital fences around them. You're not allowed to use Facebook in China. What's happening in China is a lot of these people are discovering VPN and they're actually able to get outside of these, you know, digital fences. I'll tell you this. When I talked India's another country like India is another one that's a classic like India bans Bitcoin.
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Any person you ever talk to who actually lives there, they tell you what utter nonsense it is. It's Western mainstream crypto news, the props this up? Why does this happen? Same thing with all these stories. These are the people that control the media, pushing out narratives, to try to affect the price of an asset. Bitcoin can be moved with $98 million, with $98 million, you can trade that on leverage and you can push the price of bitcoin 1%. When you're talking about an asset, that's about a trillion dollars in market cap 1% is pretty considerable. It only takes $98 million to do that. These people know that. So they push these narratives to try to affect the prices, whether it's up or down. I mean, we see these cycles where all the news is positive, and then all those negative. So that's number one. Number two, and all those same things apply. These are just the different stories.
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Number two, Bitcoin is bad for the environment like this is so nonsense. It's unreal. If you say that Bitcoin is bad for the environment, you have to understand that did you know that dryers in America account for 6% of all electricity use? Do you need a dryer? is a dry really necessary? Because I'm pretty sure. For 1000s of years people put clothes or tunics or whatever they wore on berets and France I guess they put them on clothes pins outside on a wire and you know they did they dried. But what happened? We created dryers such an advantage to mankind to be able to use a dryer, but it's bad for the environment. 6% of all electricity use the United States 10% of all electricity in the world. air conditioners, didn't we survive for eons with no AC? m, you might have been hot, why? It's convenient for us to have air conditioning. But the same standard is not applied to Bitcoin, something that's going to totally revolutionize the financial world of the common person. That's why these people don't want you to buy bitcoin, because, in effect, it allows the elite to stay elite. And the small people are the peons that continue to get manipulated, they don't want you to own Bitcoin. That's why they tell you the stories.
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the banking industry and gold mining, these both use way more energy than Bitcoin. I mean, these are stats you can look up, it's very easy to look this stuff up, way more, but we don't talk about do we really need all these ATMs? You know, like, do we like people don't use cash as much anymore? Like, how many people do you see at the ATM when you go yet we continue to get them. They continue to generate electricity, we continue to create more brick and mortar banks out there that all use up energy. So this argument of Bitcoin uses up soom is harming the environment? Well, first of all, just like any technology,
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it becomes more green over time. So Tesla, and you know, the person behind that column, the muskrat, Tesla has been given the freedom and the rope to be able to say, you know what, you can create an engine that's clean it first it may not be as clean, but over time, you can make it cleaner. But Bitcoin never gets that rope given to it. It's Oh, no, it's horrible. environment. Let's remove it. It's crazy talk. So that would be number two. And then number three would be criminals use it like this is the other one that is just so absolutely insane. When you compare the amount of Bitcoin and crypto and the world that is used for crime compared to the amount of
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US dollars that is used for crime is less than a fraction of a fraction of a fraction of a percent. But we have colonial pipeline hack, which I don't know I don't trust any of the stuff that happened with that. I could go into all that another time. But you got that in dollars. And everybody's like, oh, criminals, hackers, they all use Bitcoin. Now any any hacker who's smart enough to hack a pipeline, that they're going to use Manero because it's untraceable. They're not going to use Bitcoin because remember what I told you earlier, for six years, we've all known Bitcoin is traceable, through companies like chainalysis, market cipher, or non market cipher, cipher trace. And so there's the amount of transactions I think it was two years ago. So those numbers decreased by a lot since then, two years ago, the number of criminal transactions that use Bitcoin was down to one quarter of 1%. By now it's probably much lower is probably less than 1/10 of 1%. But yet, this is the story the news wants to focus on. And we just see it over and over again. It's funny, we are having this conversation on my channel, maybe behind the scenes my business partner and I about we saw all the stories out in one week, you know, like a you know, Elan musk tweet about Bitcoin being bad for the environment. This week, everything crashed and then you had China banning Bitcoin that week. And we we joke we said, you know, well, you know, the only thing we're missing now is is the criminal Fudd. And then very next week, this colonial pipeline thing happens and you know, they take Bitcoin and now bitcoins back for criminals. It's just asinine. It's It's so dumb to think that that it's all it's such a blanket statement, and it's just manipulation and brainwashing of people and that's something I can't stand Don't be ashamed people.
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Well, there you have it, guys. You know, kind of tying some bows around those three areas. I mean, when it comes to the bands, I mean, obviously, it hasn't happened, even though but but how many times have they sent it over the last however many years and right now, we're not actually seeing government's move towards banning Bitcoin. Right now we're seeing the trend is governments are starting to adopt and support Bitcoin at a much higher level. We had El Salvador come out and has made it legal tender so
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It is it is now legal tender. And El Salvador, we've got a good handful of other South American countries who are moving towards that to include Brazil, Panama is talking about it Mexico's talking about it. Ben just shared about, you know, the state of Texas looking at it, he's going to be speaking with Alabama. And then we've got Miami, who's, you know, supported down in Florida. And we're seeing these, you know, state and national governments continue to have more interest more support into it, it's the same way the the massive institutions are starting to have more support, and everything inside of it as well. And then going back to the energy energy thing, you know, one thing that I always process, you know, you know, with investors is I always tell them, before you go into an investment with somebody, you should always know how that person makes their money. Right, and, and understand the incentives behind what that person is doing. Right. And when we look at incentives, we can typically find reasons it doesn't mean they're there, right, wrong or indifferent. It's just good to understand. And when we look at the incentives for Bitcoin production, well, Bitcoin is a technology, the incentive would be for it to become more and more green over time, like Ben shared,
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miners are incentivized to have better sources of energy, so that they can produce in a better way in a more efficient way. So the incentive inside that market would be for it to continuously get better, right. And it's already not doing all the things that everybody says it's doing. So we realized that the market itself would be incentivized to move in the right direction. And then, of course, the criminal stuff. We talked about this on the last episode, we had Jimmy song on and we're talking to him, and one thing that we brought up was that
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I think it's for the last three years, I mean, year over year, the amount of crime done with Bitcoin has gone down every single year, because like you said, the criminals understand that it is a an accessible ledger, people can go and find and see what's actually happening. It's open source. So no matter who you are listening to this, where you're watching from, you would have access to go and look at the ledger to see transactions that took place. So doesn't mean you can impact them in any way. But but but you can see it and it's open source. So it removes the whole point, obviously, one of the major pushes for Bitcoin is it removes the need for trust, because the system itself verifies and takes care of everything there. And so, you know, rolling through those things, I appreciate you breaking each one of them down and sharing them with the audience. I think it's important that everybody sees, you know, all these different angles and discusses through again, what is what is the discussion, the wind? And what is the actual real wisdom and truth behind what's going on with the asset itself. And so, you know, I want to kind of transition and we're going to be getting into where the markets going and price predictions, some some stuff with Bitcoin, some all coins and things like that. And but before we do that, I got a question as far as the market, right? So the predominant narrative inside the crypto markets is that you have steep bull runs, and then you have long bear runs, right. And you have long these long bear cycles. And with a technology that has been evolving for, you know, the last 1112 years, and it's been kind of finding its place, and there's been a lot of change in the fundamentals of the actual ecosystem, the adoption, the the infrastructure that's being built out. My question for you is, why do you feel that most people still believe that a bear market is inevitable? And I guess the question is, does it have to be inevitable?
43:45
Yeah, I do believe it's inevitable. I'm one of those really definitely believes that it is. And I listen, I was on a show with five other people maybe about two months ago, maybe six weeks ago. And it was great show love, love the hose. Let me in on the show is great. All five of the people were saying, oh, we'll never see Bitcoin have a huge drop again, but two weeks later, a drop video 5% you know, so the idea that we're not we don't you know, it's not in Bitcoin to have these big drops. It's just not reality. It does. There's, you know, I just told you, it takes $98 million in the market 1% that's things to leverage. But here's the thing, a lot of people get confused on why we have these cycles, we have these cycles, because of the supply and demand fundamentals that are built into bitcoin. People do not understand how important the production getting cut and 50% every four years is for the overall tension between that supply and demand and in the stock to flow as well. You know, a chart by Plan B it came from the commodities world he adopted it for Bitcoin has been very accurate. It kind of has to do with the same thing. Listen, one, let me give you my very favorite statistic and all Bitcoin and this blows my mind every time
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Think about it. Okay. bitcoins been around since 2009 is 2021. It's been around for 12 years, in 12 years through mining rewards. There have been 18 point 7 million Bitcoin mined, okay? For people that don't know the max supply ever for Bitcoin is 21 million. So 18 point 7 million out of 21 million have already been produced, that's probably a better word to think of the mind. Okay.
45:29
The last Bitcoin block will be mined in 2140 119 years from now. There's only 2.3 million left 12 years 18 point 7 million 119 years
45:46
2.3 million, that shows the power of the exponential compounding of cutting the production in half. We've already seen a gigantic amount, the last Bitcoin the last four years like over Bitcoin will not see an entire Bitcoin mined, it's only one half of one bitcoin will be mined over four years. That is what drives the price of bitcoin. That's why we see these cycles, eventually, one day, we will see an equilibrium, where it gets to be where the market is so big and so massive, it can't be moved from $98 million. It will catch equilibrium, I would say probably, you know, sometime in the next decade, most likely, but right now that like grayscale, PayPal, grayscale greyscale, Pay Pal, MicroStrategy. And square between those four companies alone. They're currently buying over 2000 Bitcoin per day, as I encountered teslin, their giant buyer some of these other big buys, we've had Guggenheim partners, which are big scammers. That's another story.
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You know, this is not even counting those people, okay? 2000 Bitcoin per day, right now, there's only 900 Bitcoin per day being produced. So they're having to dip into 1100 Bitcoin out of circulating supply that already exists, and they're taking the entire new supply every day, that's only going to be 450 per day, in three years now, then it's gonna be 225, that is gonna get to words less than 100 per day that's being mined. And that compound effect of the sucking up of the supply is what causes these these markets. The Bitcoin having is the centerpiece of the entire, you know, Bitcoin market. And so this happens every four years. Last one was in May of 2020. We saw what happened after that. The next one will be, I believe, in March of 2024. a prop is approximate, it's not exactly four years, it's 210,000 blocks, which approximately takes four years. But that's when it should probably be estimated to be. And that is what drives these market cycles. So it's not about adoption of the technology, it is about there is an element of it. That is the amount like obviously, if we had $80 trillion in the market, then it's going to be much harder to move, we probably won't see as much volatility, I think over time, we'll see a lessening of the volatility. But the fundamentals that causes market cycles still exist, and they exist very strongly. Yeah, that's a that's a really great point. Great explanation. I appreciate you sharing that. And so, you know, right now,
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we've had the pullback, and I know, you're still optimistic about moving forward and seeing continued growth in this cycle. But as we're moving forward, what are some of those signs that people should be looking out for to think, okay, we might be moving towards the top. Yeah, so generally, when everybody's excited, you should be concerned. So if you look, usually these retail blow off tops, they're marked by very straight points, you know, very apex, you know, kind of peaks. Whereas when you look at the last, you know, what we experienced the beginning of this year, we were getting, like kind of healthy dips, but we were not really ever getting that gigantic run up, we did see the giant run up, you know, where we went to, you know, hit New all time highs, and then we saw a pullback, and then, you know, it went all the way up to 50k 60k. But, you know, leave with his own perspective, the last Bull Run, Bitcoin saw an 18x. So you know, 18 100% gain over its previous all time high, right? So in this cycle, if it did that, that you put the price of bitcoin because the previous all time high is $20,000 for the last cycle, that will put it $360,000. So that's a crazy number. But that's much less than the time before then 2013 2014. So we should be looking at a six figure Bitcoin and we haven't gotten close to that, right now. It's 64k. We're only slightly three times above that previous all time high, somewhere in between that three and 18 is probably about where we should be. So you know, that is one thing to think about is the previous market cycles and how Bitcoin performed you know, of course,
50:00
As the numbers get up, because like I was talking about with the production and the market manipulation market moving, at some point, we'll get to numbers that like, don't even make sense or fantasy numbers have enough money in the world to pump it to a certain price without breaking a real estate market or breaking the stock market or something like that.
50:16
But generally, when everybody's excited about Bitcoin, that's something to think about. But traditionally, we've had something called the Bitcoin bull ratio, which suggests approximate amount of time for each cycle. And that puts this cycle at the end of it for Bitcoin. It's September 28. And then previously, we've seen all coins run, you know, a little beyond that. So maybe October to hell or Halloween to, you know, Thanksgiving, somewhere in between that range, maybe for all coins. But we're not like if the markets over and we're in a bear market, it's something that we've never seen before, it would have been the most, the shortest market in history, very premature into it. And I don't think we're going to see that a lot of people they prognosticate, and they try to say, like, well, this time, it's going to be different. And this time, we're going to see a prolonged Bull Run. And we're going to see this is just opinions, right? The only thing you can actually rely on to be a predictor of the future is the history. Outside of that, like I could say, you know what I think I think that, you know, by this time next year, I think every celebrity is going to be buying Bitcoin and that's going to make the prices go up. Like there's nothing to base on on I'm just guessing, because I think it should be different. So I gotta come up with some reason why it'll be different. I've always said on my channel, I'm going to stick with the history until it doesn't work. And it's worked so far. However, if we are in a bear market now then that disproves all that and now we have a new, you know, something new to add to the history to look at in the future to judge. So kind of just very quickly, the past cycles, we have what we call two post having cycles, because we've had three full Bitcoin cycles, but the first one was the creation of Bitcoin. The second one was sparked by the first big coin having the second or the third one was, you know, sparked by the second Bitcoin having we're now on the third Bitcoin halving.
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So the only two that we have post having events 2013 and 2017 2013, saw a mini bear market in the middle of the bull run. Okay, a lot of us think that's what we're seeing something similar to that 2017 did not have that it pretty much, you know, slowly ticked up and then went parabolic at the end and didn't have a pullback over 40%. In this market, we had 150 5%, the 2013 when they had when they was at 3%. So it kind of seemed like to me, we're having a little bit of a hybrid between the 2013 and 2017. One right now, in my best suggestion to people is understand these bitcoins cycles, research them, that's the only way you're really going to make heads or tails of what's ever going on in this market. Because everything that's not based on history is just a guess. Yeah, I appreciate that. You said, you said something that was
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really good, you said that, you're going to rely on the history until it doesn't work. And so as it continues to evolve and change, you'll adapt. And you'll utilize that information to make your decisions moving forward. And so I appreciate that perspective. And I know we're running, we're running tight on time here, guys. So we're gonna, we're gonna kind of skip forward here. And we just shared with Bitcoin, that, you know, right now has been shared, the the Bull Run Cycle, if we went off of history is going to show that in towards the fall, and then all coins potentially Continuing from there. And as we mentioned before, you've got Bitcoin, which we talked about as digital gold and alt coins, which are individual projects and actual businesses. And I'd love to get into all coins real quick. Before we go, we've touched a lot on Bitcoin. And so before we go, I'd love to hear right now from you, your top three projects,
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why you like them, and where you think they could end up over
54:00
the rest of this year? Yeah. So I think that my number one all coin, I mean, my number one kryptos aetherium. Like I love Ethereum, the institutions are accumulating it, there's manipulation coming with it. But the issue or you know, always come in but but aetherium really has the opportunity to absolutely change the world decentralize the internet, destroy censorship. There's so much about aetherium that I absolutely love. And it's laying the foundation to bring the derivatives market over to crypto, it, you know, is something that to me, like is a can't miss opportunity, like you can't miss on aetherium In my opinion, so I think the institution's accumulating it while it is bringing some interpolation, the market does tell you like look Bitcoin Ethereum are the only two coins that these institutions are playing with right now. That should tell you something. So etherium and then of course, we're doing my price prediction for the end of the year, you know, is $27,000 You know, when we were at $4,000 or 4500 it was looking pretty good. Now, you know, we're
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Like, okay, we're back down to, you know, 2400 2500 can we still get there? I still believe that we can as long as Bitcoin reaches the heights, right? We think it's going to get to by the end of the year. And you know what if Bitcoin only gets 100k, and aetherium only gets to 10k, I think most people will take those wins as well. Next on my list is cardano. I love cardano. Charles Hoskinson behind it. I'm a big admirer of him. He really believes heart, you know, fiercely in decentralization, and creating a better world for everyone. And I love that cardano is a competitor to aetherium. So if you think about, you know, any space out there, like you've got maybe one big winner, and then you've got some others that are strong competitors, you know, some end up dying off, but I think cardano is one that will stay around. And the thing is, is I described a theory a lot like a team that's got a really good quarterback, you know, an NFL team has got a really great quarterback, let's say Patrick mahomes, or Tom Brady or Russell Wilson. And you know, it's a winner. But it's starting to have some issues because quarterback goes down. Okay? When that quarterback is down, those other teams in that division or other teams in the league, or whatever sport it is, they get to capitalize on that, right? A theory is having some problems right now, some congestion problems, some scalability problems, eventually, these are supposed to be fixed with aetherium 2.0. Like, eventually, the quarterbacks coming back to the team. So you got to make up as much ground on the team as you can, while it's down. cardano, I believe has an opportunity to make up some of that ground in the next year before Ethereum 2.0 launches, as we call it. And I think cardano is the strongest competitor to take on Ethereum. So and look, I think they'll both win, I think they will both be winners, you know, one way or the other. So cardano is one right now it's at $1.50, I think it's got an eight to $10. ceiling, you know, maybe a little bit higher, but eight to $10 ceiling for this year. It's one that I really love in the kind of in the same vein. Another project I really love is polygon, it's an eighth layer two solution. So there's problems we were talking about, right? It's kind of like, like the backup quarterback, you know, like some teams, they go out in the offseason, they get good, or they could get a good backup quarterback, because they know their quarterback may get injured. So polygon is kind of there to plug in some of the holes for the etherium. You know, problems that it has right now. And polygons done fantastic job, it's had some issues recently, it's not perfect. But it basically is kind of a bridge to get a theory to where it needs to go. And it's one that has had, you know, you know, massive run ups to above $2.50. I think that's another one, you know, it's kind of around the same price as cardano, dollar 50, I think it can easily get to, you know, eight to $10, if not more by the end of the year, as long as everything holds according to the cycles. So, if we get some kind of crazy action, you know, then, you know, we get a bear market right now, then, you know, those prices aren't gonna happen this year. But I'm very confident that all of these prices will happen over time. If you have a long term mindset of you're taking your you know, your paycheck money from, you know, your work at Publix, and you're taking $200 that you need to pay your rent, you're trying to turn that into $10,000, you know, in a week, it's probably not the best move. If you've got money to the side, and you can let it sit no matter what, and you don't have to touch it to pay your bills, then that's the kind of money the crypto You know, that's kind of averaging crypto presents statistics show that anyone who's been in crypto for four years or more consistently invests wins big time. So you got to have a long term mindset to really make it in crypto and to get that next, you know, next level of wealth. Yeah, that's great. So yeah, on that point, you know, studies have come out that showed that, you know, over the last five years, if the traditional portfolio, the 6040 portfolio had had, but five out 5% of it allocated into bitcoin, it would have more than doubled the returns of those portfolios and reduced the risk inside of them as well. So, you know, we, as you mentioned, 10 to 15% is is one that you feel very strongly about, and, you know, we would definitely agree with you. And so, you know,
59:05
it just shows that when you come in, and you have the right mindset, and you understand what you're getting into, and
59:12
you have great opportunity ahead. And so absolutely, man, Ben, I've enjoyed it so much. I really appreciate you coming in and sharing your knowledge, sharing truth, sharing wisdom, and spending time with us today. And, man, before we wrap up, is there anything else you'd like to share?
59:29
Um, I just say like education is extremely important. And that is what really led me astray. Early on in crypto is not having that education. I strive really hard to provide that education for people but you know, the more important messages like get educated on crypto and then you know, I know that this you know, your show here, you know, the strong foundation of faith I'm also you know, a man of faith. I my degree A lot of people don't know this. My actual college degree is in ministry leadership. So you know, very involved with my church.
1:00:00
and things like that. And, you know, just want to encourage everybody like for me, I had to get to a low point in my life where I realized like I needed need the Lord and I needed like change in my life. And so I got that about 15 years ago and my life's been a lot better ever since. So, you know, I've had a lot of low times, I know there's people out there probably listening that might be going through, you know, something tough, but, you know, just know, you know, there's always better things ahead. If you just, you know, keep your head down, keep working and keep faith. Amen, man, I really appreciate you sharing that. And, you know, as Ben said, you know, that's where we're coming from our heart, at The Solomon Investor Podcast. And so we're, we're so excited to be able to continue to share with all of you on wealth, faith and excellence in how to build that into your life. And so that's all we've got for today, folks, we're gonna wrap it up. Appreciate Ben coming on. And like I said, if you haven't had the opportunity already, make sure you go check out his channel and subscribe. And you'll be able to tune into so much more, as far as Daily News and everything else on the education to go deeper into some of these topics we covered today. So that's all I've got. So that's it. Have a great day. Talk to you soon be blessed.
1:01:09
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