More Bullish than EVER about Bitcoin

So I wanted to start off this episode with this chilling fact. So what I'm holding up here, this little thing is an ounce of gold. Now back in the day when the US dollar was attached to the gold standard, this ounce of gold would cost you $20.67. Today the same ounce of gold that is worth 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15 hundred dollars. So now you can say, wow, Michael, that's, that's crazy. Um, gold is great. That's a great asset, but actually it's the reverse. It's this, which is useless, the fiat, which is the problem and Bitcoin in many senses is starting to replace this. So guys, welcome back to another episode of box mining. So I just got back from my vacation in Iceland and man, am I more bullish than ever about Bitcoin. And this episode, I'm going to tell you the three reasons why I'm so bullish, especially right now, especially after the vacation really helped me take a step back to look at what's really happening in the grand scale of things. Kind of getting a little bit away from that crypto fighting that we've been seeing for a while and getting out to what's the real reason why this is so valuable. What is the real reason why Bitcoin itself has been rising in value over time from nothing in 2009 to right now at its time at $8,100. The biggest reason why I'm so bullish on Bitcoin is plastered all over the media right now from Newsweek doing a special issue about how to make yourself recession proof to right now, the guardian writing how we're essentially writing how we're sleepwalking into another global recession. It's all related to 2020, the predicted date of global recession. So the clues are really everywhere from all the trade wars are happening, not just US and China, but also Japan and South Korea. We've got Germany and France. There's trade conflict throughout the world. And that is going to cause a slowdown in global consumption, which is going to lead to a recession. That's what everything's pointing towards. Now, what does that mean? Well, recessions usually mean that governments are going to print money. That's the easiest way to stimulate the economy. That's the oldest trick in a book, right? Every time something goes bad, every time you run into debt problems, print more. And this is why I gave the analogy with the US dollars earlier. This is going to start to become more and more worthless over time. And historically, that's always what happened when a government encounters any sort of trouble. They just kind of add zeros into the banknote. So sure, this might be $100 US, but the Japanese yen, look, that's got four zeros at the end. That's $10,000. And it doesn't really cost much to hire a new graphics artist, add another zero and keep printing those bills. And in many senses, we need to start waking up to that fact, to wake up to the fact that we can no longer trust centralized entities. And we really have to start thinking of this, not as money, not as the stable asset, but this and Bitcoin to be really what it holds value. This is really money. And the scary thing is it's happening already. So this is an article on Cointelegraph, and they noted that since mid-September, the Fed has printed more money than Bitcoin's market cap. So that's $210 billion just being printed, created out of thin air. And that's actually more than the market cap of Bitcoin itself. So that's the first reason why I'm bullish. The recession is coming and money printing is coming, and that's going to devalue the US dollar. So point number two actually relates to Bitcoin itself. And what's special about Bitcoin is that it's the opposite of paper money. The matter of fact is that there is a limited finite supply of Bitcoin, 21 million Bitcoin. And also that this supply is predictable. So any new mine supply coming out, that's a predictable rate. Like, for example, a new block right now is being mined every 10 minutes. And we can roughly predict when that total supply is going to be out. There's no way that you can print more Bitcoin out of thin air. There's no way to hack Bitcoin, to duplicate Bitcoin, nothing. The matter of fact is that why we can trust that there's a total supply of Bitcoin is because we're not trusting other people. We're trusting ourselves. Bitcoin is an open consensus. Everyone can join the network, become a node. We have guides on that, and I hope you can check those out. And you can start mining Bitcoin yourself so you can be part of the network. And you don't have to trust anyone else, especially corrupt central entities. And that's the exact point of why Bitcoin itself is so powerful. So point number two, we know the supply of Bitcoin. It is a valuable asset. And this is why it's going to always go up relative to fiat, which will always go down over time. Last point, point number three is about censorship immunity. And this is starting to become extremely important now. Now that we have the trade war, one of the tools of trade war is to really stop or control where capital flows. This is especially true in China, where the renminbi is a controlled asset. There's actually a governing body called SAFE that governs how much renminbi exit the country. And this allows the Chinese to control the currency prices. Whilst that might be good for control and increasing competitiveness, it's also really bad if you just want to bring some money in or out of China. Say you're Chinese and you want to buy a property overseas. The government can just say, nope, that's not going to happen. Congrats. That's just buy some property in here. Bitcoin is the complete opposite. You can broadcast a transaction just taking kilobytes of space. As long as that gets broadcasted to the internet, boom, transaction is going to be executed. And even the Chinese great firewall, that's not enough to stop Bitcoin transactions and from the network from synchronizing. And that's the power of Bitcoin, that it is censorship immune. And as we start progressing into a more censored society, this is going to become something that is uniquely valuable and has a huge proposition for a lot of people. And sure, you can really argue that there are ways to store gold and silver like in Swiss vaults that's politically neutral, that's kind of hidden underground so it can't be seized by the US government or whatnot. But why do you need all that? Why do you need to pay all that money to store that gold when you can just hold a simple ledger and that has complete control and unique control over your Bitcoin? That's the beauty of it. And this is why I'm so bullish today. The fundamentals of Bitcoin, it's just astonishing. And it's crazy because the more I read about it, the more I read about how broken our financial systems are, the more excited I am, the more bullish I feel about Bitcoin going forward. And let me end with this. A lot of people ask me, do you still believe in Bitcoin? And to me, that's really the wrong question. Bitcoin is decentralized. It's about believing in ourselves. So the real question really is, do you believe in this? Want to keep your cryptocurrency safe with style? Then check out the new Ledger Nano X to the moon edition. So this limited edition Ledger Nano X celebrates the fifth year, the fifth anniversary of Ledger keeping cryptocurrency safe for all that time. If you're interested in it, make sure you check out the link down below. And purchasing from this link will also help this channel grow as well. So now that I told you guys I'm extremely bullish in the long term, what about the short term? What about the next few months and even perhaps a year? And I'll be exploring that in the next few videos, talking about the challenges that are facing cryptocurrency adoption and the other applications as well, like DeFi. I'll also be doing questions and answers. So if you have any questions or concerns about cryptocurrency as well, leave a comment down below and I'll answer them in the future videos. So make sure you're subscribed to this channel. Click that little notification bell as well so you're subscribed and updated to the latest videos. See you in the next one. And lastly, guys, I have a giveaway that's happening right now. Only 47 hours left. It's completely free to enter. You can either win a Ledger Nano S to protect your crypto or a box mining exclusive non-fungible token. To enter, you just have to click the link down below. And well, there's only 47 hours left. Also, big thank you to Sean Herbert as well. He and I are both sponsoring this giveaway. So guys, hope you can join and win something cool.