Dear Reader,
Good morning, and happy September!
I hope you had a relaxing Labor Day weekend.
Over the past couple of weeks, I’ve received a lot of questions about why we don’t offer a crypto newsletter or product.
Many of you are curious why we aren’t more involved in the world of Bitcoin and other cryptocurrencies.
So, I figured it’s time to address this once and for all in today’s video.
The truth is simple: I don’t understand Bitcoin.
Now, don’t get me wrong—I have nothing against those who do.
There are certainly a lot of smarter people than me who are deeply involved in the crypto space.
But after spending years trying to wrap my head around it, I’ve come to the conclusion that it’s just not within my circle of competence.
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When Bitcoin first came out, it was touted as a revolutionary currency.
But from my perspective, it never made sense as a currency for everyday use.
The volatility of Bitcoin makes it impractical.
If Bitcoin is going up in value, why would I want to spend it on a purchase today when it could be worth more tomorrow?
Conversely, if Bitcoin is going down, why would a seller want to accept it as payment, knowing it could be worth less in the near future?
For these reasons, I never saw a viable use case for Bitcoin or other cryptocurrencies as digital currencies for wide adoption.
Sure, there’s a niche market for illicit activities, but as transparency increases and governments crack down on these transactions, even those use cases are dwindling.
Then, I heard the argument that Bitcoin is a digital asset, like gold.
But Bitcoin doesn’t trade like gold.
Instead, it behaves more like a speculative asset—rising when interest rates go down and falling when they go up.
It doesn’t offer the stability or store of value that gold does.
At the end of the day, Bitcoin feels like a solution looking for a problem to solve.
And as Warren Buffett wisely said, it’s not about how big your circle of competence is; it’s about how well you define it.
I don’t need to understand Bitcoin to be a successful investor.
I’ve made a name for myself in more stable and long term plays.
When Bitcoin first started gaining traction, I spent a full year talking to so-called experts—people you see advertising Bitcoin all day long.
I asked them everything I could think of, from how it works to the promises of freedom from government control.
But over time, every argument they presented began to fall apart, one by one.
So, when people ask me about Bitcoin or crypto in general, my advice is this: Have fun with it, but know what it is.
Treat it like a night out at the casino—something to enjoy, but not something to bank your future on.
I understand that there are many smart folks out there who are passionate about crypto, believing it’s the key to revolutionizing finance or empowering the people.
But from what I’ve seen, those arguments don’t hold up under scrutiny.
So, while I won’t be offering a crypto product anytime soon, if you’re interested in the space, I encourage you to explore it with the mindset of having fun, rather than making it the cornerstone of your investment strategy.
Wishing you a great start to the month!
“The Buck Stops Here,”
P.S. Speaking of currencies…
People don’t realize how fortunate we are that the U.S. dollar is the world’s reserve currency.
But I’m afraid those days are numbered.
Watch my video on why the Biden administration is hiding this fact before the election…
…and why the market could tumble by 50% when the news gets out.
