Why I’m no longer in Bitcoin
The Six Percent Entrepreneur
Why I’m no longer in Bitcoin
April 17, 2021
In this episode, we talk about why I'm no longer placing my money in Bitcoin.
Alright, so here's why I'm not holding any Bitcoin and this answer might surprise you because I actually had a startup that was a crypto media mobile app. So I was big into the crypto game in fact, while I'm recording this podcast right now, actually have a Bitcoin hat on my head and I've had this Bitcoin hat since Early as I can remember, maybe 2,015, yeah, maybe even earlier than that, I don't know, but this Bitcoin hat is pretty much the only remnant of Bitcoin that I own besides the many locked keys that I totally forgot and who knows how much money that is worth now. 

However, the thing is if I'm wearing a Bitcoin hat, why don't I own any Bitcoin? And this is a funny story, I actually used to have a lot of Bitcoin, a lot of Bitcoin when I was doing the whole crypto game, I had a lot of different cryptocurrencies and I remember I was having a discussion with a few other people in the energy trading world. So these people, they're all versed in finance, they have graduate degrees in finance and they know all about portfolio theory etcetera. 

So when I mentioned that all of my savings was in Bitcoin, people were shocked. I got laughed at it like what are you doing? Like that's the wrong way you're going to lose it all, don't you know anything about portfolio theory and people were trying to convince me that this was the way to go. However, in my Heart of Hearts, I knew that putting all of my savings into Bitcoin was the right move. And here's why when you start doing a portfolio of different assets, it's really difficult to keep up with the entire portfolio. Imagine if you put An egg into 100 different baskets, you're watching 100 different baskets that will split your focus. That's way too many baskets for one person to watch. 

So it actually becomes more expensive because now you might have to hire other people to watch these baskets. To me, it's so much easier if all of your eggs were just in one basket and you just watch that one basket. So this is actually from a quote from Andrew Carnegie, Andrew Carnegie. He also does not like the whole portfolio theory. He says, don't put all your eggs into multiple baskets, put all your eggs into one basket and just watch the shit out of that basket. Why this is important is because instead of splitting your focus across all these different areas, you are focused onto one thing. So if I was, if I owned a bunch of different assets, houses, stocks, real estate, etcetera, and I'm trying to keep track of all of those, it would be really difficult. I'm not getting any kind of specialized knowledge into any of them. It would be very difficult for me to get an advantage. 

However, if I have all my money in Bitcoin that I'm following the Bitcoin market, I know exactly what's going on and I can watch the entire basket and feel safe about it. So the question is, why don't I have Bitcoin now anymore? I did have a lot of Bitcoin and one of the things that I started doing is when I built my Crypto media app, I slowly started getting out of crypto and I poured all that money into my application because my app was going to be my number one thing that's the basket that I wanted to watch. And one of the other reasons that I was doing this is because if I had money in crypto and encrypt a media app, I would be this kind of goes into portfolio theory, but I would be highly leveraged in one area and it would be in a way where it's difficult for me to focus. So I just decided to start taking all my money out of crypto. And this was actually a good time to take money out of crypto because this is when crypto started going down. 

So I was getting a lot of my money out at the, at the boom. It took a lot of my money out of crypto started putting it into my company and with my company, this is like what took me on a different adventure, right? So I started learning about how to sell online, how to run ads, how to do all these things. And then once I got into this space, this world, especially with running ads, I discovered that You can put $1 into an ad and be able to get $2 out. I don't think there's any other kind of investment like this in the world where you can do that. So I took all my money out and now I'm just focused on this aspect of selling things online and working on my personal brand because, for me, I truly believe my personal brand will bring back way more dividends than if I had just left money sitting into Bitcoin. 

And I'm one of those founders that pretty much spends everything that I make like I will be a forever broke founder, just like Elon musk is, Elon Musk says he can barely make the payments on his house because any time he makes any money, he just puts it right back into his companies and he's just watching those few baskets that he has. So that's the same thing for me. I put all my money back into my personal brand because I do believe that my personal brand is going to bring back much higher returns than Bitcoin. Well for me investing passively into Bitcoin and things like that. Like it just makes more sense for me to have my money working for me because I do believe that my money will make way more than the rise of Bitcoin. 

However, I do want to start getting back into Bitcoin and one of the main reasons for this is not even just to make money, but it's really the freedom aspect of working with Bitcoin. I completely hate the financial system. It is so difficult to go get out of catch, I live in to lose right now, so if I can't use my credit card I have to use cash for me to go use cash. I have to go pull it out of the ATM, which is one of the toughest things to do in Tulum because there's not that many places you can not like you can just go downstairs and pull cash out. So this is one of the reasons why I have to, why I just hate the financial system, hate cash. It's so difficult for me to pay my staff across different countries, et cetera because their Paypal accounts get shut down. Um, things happen and if they all just had a Bitcoin account that I could just send Bitcoin to, that would be so much easier for me for them for everyone involved. And my staff is actually demanding to be paid in Bitcoin. So I do plan to start building up some Bitcoin reserves just so I can facilitate that so I can pay my staff, pay my people, have a little bit of working money but that money is going to be used, it's going to be spent on building up assets and building up my business. 

So that's why I am not in Bitcoin right now. I am a Bitcoin maximalist. I don't believe in any of the other coins, only Bitcoin will rule them all. This is my firm belief and I will plan to get back into Bitcoin. I hope this has helped you in terms of thinking about how you would invest, the different types of investments you can make, whether you're just putting some money in and getting some money out passively or if you can actively work it into something where you're getting like $2.3 dollars return on ad spend. So any time you put in a dollar on ads you get $2.3 dollars back. That to me is something that is like one of the best investments in the world. So I I definitely don't want to give that up and take all that money and put it into Bitcoin because then now I'm following Bitcoin as well. I hope this helped you think about how you and want to get into Bitcoin or even into a paid ad strategy or thinking about your portfolio and how it could be splitting your focus and I will see you in the next episode. Boom. Bam. I'm out. 

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