Five or 10 of them are probably pretty good, 50 or maybe even up to 500 of those cryptos that exist right now are probably good bets in a speculative manner. I don’t know what doge’s supply limit might or might not be. Elon Musk loves dogecoinĪt least as a joke. Ethereum is not ever going to be limited. What about ethereum? And the rest of them. And if you think it sounds good to own bitcoin instead of pesos? You probably would want to own some bitcoin instead of pesos. Whereas people in Mexico would give you pesos for 20 on the dollar. People like you, and I, and the people in Iraq have decided that we would get rid of our dinar at any price. Right at this moment, the people like you and I have deemed it to be worth $55,000 because somebody is willing to sell it at that price to someone else who wants some at that price.
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A lot of people, everywhere I go, want to tell me about how to trade cryptos these days. Because the last time I was giving speeches about cryptocurrency was indeed 2017, and right afterward the cryptos had a huge crash. And that’s part of why I think it’s a terrible idea. And I built that in three years ago.īut now we fast forward to today, and I’m talking to you guys about crypto. And even in my hedge fund, I can own up to 5% in cryptos. Some of those are not that good anymore, but I’ll probably just hold on to the little bit I have. In 2018, I started buying ethereumĪnd stellar and ripple. There are 12,000 of them and more than 10,000 of the ones that exist right now are either scams or just stupid.Īnd bitcoin did crash. Most of the cryptos that are out there right now are going to be worthless eventually. I hate to say it, but it does feel a lot like we are back at a similar moment right now. And that eventually bitcoin and a few others would come back. In 2017, as matter of fact, bitcoin ran to $20,000, and I wrote a book called “The Great Cryptocurrency Crash,” talking about why we were in a bubble in cryptocurrency and why bitcoin and the others are probably going to have a huge crash. Gox, a company in Japan, which was hacked. And people could subscribe to my service, for one bitcoin, for one month.Īnd about half of those bitcoins eventually got stolen. Started taking it as currency in a transaction. He’s, like, “Hey, you got to look at bitcoin.” I thought, “What’s bitcoin?” But at this point, it was already five years, and it had gone from 0.0001 to $100 in value. And they/he created bitcoin.įast forward to 2013, I got an email from a Trading with Cody subscriber. But instead of using trust, they decided to use a trustless, transparent, open system of currency that you can track. I’d rather have a private corporation or someone I trust issue the currency.Īt this same time, Satoshi Nakamoto, whoever that was, or a group of people, were creating bitcoin. Because I don’t trust the government to control the currency in which I’m supposed to be storing my wealth. And I used to talk about how for our currency, maybe we should use Buffetts or Apples or something like that. People were bailing out banks and fraudulent CEOs and overleveraged, greedy investors who needed money and whatnot. I was on the Fox show, and it was the 2008 financial crisis. So for years I’ve been looking for alternative currencies. Which is great because it is a transparent, limited supply. Well, there’s about three more bitcoin that are ever going to be printed.
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Those little bags are full of trillions of dollars, while all you get is one. And the Federal Reserve purchase of corporate bonds. And there’s always the Biden Republican Democrat fiscal stimulus. And to pay for Trump’s targeted tax cuts. You can barter to exchange value.īut when you cede control, when you allow Republicans, Democrats and Iraqis to control the money, you allow yourself to get screwed. That’s what the dollar, the dinar, gold, salt and shells have been - an exchange of value. You can take those currencies and go to another country and exchange it for someone else’s currency. If you look in front of you, each of you has a currency, three different currencies I gave you.
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So in this so-called free country, there has been central control of the currency.
And eventually the central bank came 110 years ago. Or should we allow the private market to do this? They decided to give control of the currency to the government. Hamilton and Jefferson had huge fights about whether we should have a central clearing bank. In the last couple hundred years, we created fiat currencies. Let’s use gold.” And the guy would exchange chickens for gold instead of salt. But eventually they were, like, “All right, fine, gold is pretty.
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