Bitcoin 101 for FM Practitioners

Hello, everyone. It's Satchin. I hope you're amazing this morning. Today we're going to be talking about a topic that I think is probably the most talked about thing in my life right now. And I've been having countless conversations about this with friends and family members, colleagues, and even my dear friend Tibby, who is here today, who's going to be sharing some information about bitcoin and cryptocurrency. So welcome Tibby. How are you doing today?

Doing well. Thank you for having me. And yeah, it's great to connect with you today.

All right, so many of you might recognize Tibby. Him and I worked together for many years. He was instrumental in actually launching the mentorship. So he is in part to thank or blame, depending on what side of that coin you're on, for creating this mentorship with me. And we sat side by side for a couple years putting this all together. And then TB ended up moving and, you know, kind of moving halfway around the world, literally halfway around the world, and then has gone kind of in a path of personal sovereignty and financial sovereignty. And his goal is to essentially, you know. Well, I'll let you tell people what your goal is, but my understanding is your goal is to have maximum freedom in all areas of your life. Is that. Would you agree with that statement?

Yes. So particularly, what is most important is medical freedom and then freedom in general. So I think the world we're living in, this is a very important topic, and it's very closely related with sovereignty. And that's what bitcoin is essentially. It's a sovereign global asset that gives you 100% ownership and custody.

Okay, amazing. So let's talk about this from a foundational perspective, because I would say most people's understanding is very foundational. Let's actually put this in the chat. Like, on a scale of 1 to 10 or 0 to 10, you might be totally new to this. On a scale of 0 to 10, what is your understanding of bitcoin specifically? We'll stick to bitcoin today for this question. Okay, so lots of ones and twos, some fives, fives and sixes. I would say I'm probably somewhere in the 5 and 6 range. And my personality is to connect with people who I trust and kind of get their viewpoint and their opinion. And I will be totally transparent. Tibby's been on my case to get involved with bitcoin for the last three years. And so I have a very small position, and I'm looking to have a significant, more significant position for myself. Because I see this as a vehicle for growth, and I see this as a vehicle to secure Devon's even financial future. It was interesting yesterday. He came up to me, and he's been hearing all these conversations I've been having, and he's like, dad, can I give you $40 to put into a bitcoin account for me? I'm like, okay, we're making some headway here. He gets it. So this is something that. I'll be totally transparent, that I've been sitting on the sidelines for the most part myself. And, you know, it's one of those things that if we don't understand, we don't jump all in. And it could be. And this is like a good example of functional medicine, right? If our clients don't understand it, they don't jump right in. But when they do, when they see it, they're like, oh, my God, what was I thinking this whole time? So I'm kind of in that what was I thinking this whole time state right now. And I wanted to bring Tibby on because we've been having some conversations, and I thought it would be really helpful for all of us to kind of be a fly on the wall. So as we get started to be, what. What is bitcoin? What is bitcoin and cryptocurrency? Why don't we start there?

Awesome. So I'm glad you made that distinction. So I would categorize bitcoin as a asset class that is on its own. So it's essentially a global network. And it's the first. I don't even know what to label it. It's the first manifestation of something we've ever had like this in human history. So something that is not controlled by one entity. So it's not controlled by one bank or one government or one person or corporation. So everybody in the world eventually will be using this network. It's just a matter of time, in my view. So now it's been 12 years since this network launched. So one way to think of it is like staking your claim early in the Internet. So imagine you can buy 1 out of 21 million shares out of the Internet in the 90s or early 2000s. I still think there's a lot of upside on the market cap of bitcoin. So I've been learning about it since it was less than 100 billion market cap. So now we're at 1 trillion. So we've already gone up 10 times. And then, yeah, even before that is to be 10. 10 billion. And then 1 billion. So 1 trillion is actually a new milestone. And it's almost like when Bitcoin reached $1 for the first time. So it went to $1 to $10 to $100 to 1,000 to 10,000 to 100,000 soon than a million, then 10 million and 100 million and maybe even more. So all we're doing is it's a unit of account that cannot be inflated or diluted. So you have 21 million units forever, for eternity.

Okay?

So it makes no sense to ever give up your share, regardless of what the fiat denominated value is. In my view, the only thing that makes sense is to buy and then buy some more in perpetuity. And then at some point in the future, you can leverage it. A small part, small part of your stake, you can leverage it and get a loan. You can get a 5 or 10% loan versus your, your, your stake, and you can collateralize it up to 20, 40%. So you can essentially pay your loans and fund your lifestyle by having the stake, this ownership on this new, essentially land, like a cyberspace. You have land in cyberspace. Okay, so you want to have more land. The more land you have, the better off you will be. Your children will be and their children. It's a ripple effect.

Okay? So one thing that comes to mind for me is we're seeing the value of bitcoin go up higher and higher and higher. And one thing that really helped, that you helped me see is that is the value of bitcoin going up or is the value of the dollar going down? Can you speak to that a little bit?

Yes, absolutely. So I like that question. And let me see if I can have a graph so we can look, look at this as well, because one.

Thing many of us are probably noticing as you're pulling that up is that, you know, I just bought my parents a house last week. And one of the things that we're noticing is the home prices are like through the roof in Toronto right now. And so I'm asking myself, is the value of the house going up or is the value of the dollar, the buying power of the dollar, significantly decreasing? And when you see how much money is being printed, when you see how much bank, how low the interest rates are right now, banks are essentially giving money away. There's a lot of strategy that can be used. In fact, even big companies right now are borrowing money to throw into bitcoin and realizing amazing returns on their investment. And you had me listen to a podcast, and I listened to it last Night and parts of this morning and I got through it and it was just, it's almost like, hey, we're on the cusp of something really, really big. And you're either in or you're never really out. But it's just gonna, it's gonna be a smaller stake. So anyways, I'll let you speak to this graph. How about that?

Awesome. Yes. So I'm happy you had a chance to listen to this. And keep in mind my understanding of this, of this network has changed over the last four years. And as you learn more, how you perceive something can shift and also the thing itself can also shift and mature. So right now it's 12 years old. It's getting more mature, the industry and the assets. So the price is also a reflection of less risk because it's more time tested now and you're paying a premium because you had, you didn't take action earlier. So you're getting punished for not taking action earlier. So if you took action earlier and you saw it earlier, you have more reward. So essentially another, another way of looking at it is satoshi versus dollar. So back when bitcoin launched, you can get one bitcoin for a dollar. Actually less, you can get even a thousand, I think, or even up to 5 or 10,000 bitcoin for $1. So some people who had. Most people sold it off eventually because they didn't know what they were holding. But as time goes on, so this graph only picks it up from 10,000. So in Bitcoin it's kind of misleading because one can be broken down into 100 million pieces. So just like how the dollar has 100 cents, one bitcoin is 100 million satoshi. So that's the base unit of currency. So instead of 100 cents, it's 100 and million, 100 million. So that may, that may sound confusing, but once you shift your perspective, you're already a millionaire. If you have one Bitcoin, not only are you a millionaire, you're 100 millionaire. And at some point in the future, I believe that's going to reach parity to the dollar. So when you have 100 million of this currency in the far future, I think it's going to be worth at least a million US dollars, if not 10 million or 100 million US dollars, maybe even if you run this timeline to 1000 or 10,000 years out, maybe even higher. But I'm talking in the next two, four, eight, 10 years. So basically this next decade I think it's going to be, is Going to be a shift where a lot of the value is going to shift into digital essentially, which kind of makes sense based on the timeline where we are, on the evolutionary timeline as well. So as time goes on here, you just lost purchasing power. So $1 now you're buying less than 2,000 of these units. Now instead my clients and friends have been telling you to buy all this time here and some people listen. Some of my clients have already 10 times their money, some even more. There's also risks in this space. So if you don't understand the security and custody aspect, you can lose these units. So I've lost billions of these units to scams and hacks, which is why I have no limit Bitcoin now to help people avoid mistakes and understand the space better and learn a security, learn a custody as quickly as possible. Because if it takes you longer, you're losing time and money and energy. So the more you put this off, the worst off position you're going to be in my view, which is why I think it's worth to place a bet on this. Whether it's 1% bet, 10% that, 50% that, 90% that or 100% or you can leverage. A lot of people are leveraging and buying this by the billions or trillions. People who have deep fiat pockets. Our competition isn't. Yeah, I mean it's not really retail now. It's become global institutional money that's pouring into the space. So companies like Tesla are buying this now. MicroStrategy, they own 71,000 Bitcoin, Tesla owns 48,000. Keep in mind, this cannot be inflated. And many people who purchase it, purchase it for eternity, they're never selling. So the longer you wait, you're going to be at a disadvantage because some people, including myself, are never selling, regardless of what the price is, ever. So that's the strategies. Buy and accumulate more and then leverage. Even if it goes down 50% or 80% in value, which I think won't in the future, in the past it has, but now it might have a dampening effect where you might lose 20, 30, 50% of the value. But I'd be surprised if we start having like again, 80% correction. And even if we did, to me it's still worth holding and just buying. I view it as a discount. So if you look back at this graph here, what happened in 2017, you had another opportunity. So we peaked and then boom, Your dollar has more purchasing power so you can buy more bitcoin now. And then we now we went back to 2017. So even if you bought the peak in 2017, when it was 20,000 units of dollars, you had a second chance because it crashed. So you had another chance to load up with dollars. And then the whole Covid thing happened. 2020, the lockdowns and all this BS happened, and they started printing a lot more currency now. Trillions. 1 10, 100 trillion. They're just going to print to infinity, really. So all that money's essentially getting stored in this new network. And that's our competition, people who have infinite money who are going to acquire most of this network. So in my view, you should never sell this asset and then have enough where it doesn't matter to you if it's going up or down. So to me, even if it goes to zero, it's fine. I can rebuild everything. And part of my strategy is learning how to never go to zero in any currency except this one. Which is why security is so important. Because if you can actually secure it, you have direct ownership over it. So you can map out how many locks you guard. This energy, you're essentially the guardian of your own land in cyberspace. You need to understand how to protect that. And that might sound intimidating if you're just starting out, but that's where you should want to get to long term. In the beginning, you can start off slowly. It is technical, it can be a bit complex, but in my view, it's very essential if you're essentially becoming your own bank at this point. So just like going to medical school or engineering school, you're not going to be a genius in the first day or first week. It takes a few years to build proficiency and learn the language, like so learning a new operating system or language and how that interacts with the legacy system, the fiat currency. So another good, a good link that I think helps put this in perspective is looking at every currency versus versus Bitcoin. And currency is just one way you can look at it. You can look at this as property as well. So it's just how people are perceiving this network. So bitcoin on this chart is number 14. When I've been talking about this since it was like 50 or 100, it's going up the list. Eventually it's going to reach number one. So as the net, as the value grows, Bitcoin is going to be at the top. It will be the strongest currency. So it's just climbing up. Remember one, Bitcoin gets you 100 million units in this currency. And you can buy fractions, you can buy 10, 10 million units or 1 million unit even less. You can buy a thousand satoshi right now. A dollar gets you 2,000. A dollar buys you right now 2,000 of these units at this point and in my view of the price crashes, great, I have another chance to buy. Just like in 2017, it goes back up. You have more purchasing power with fiat. So as the price goes down or goes down versus a dollar, it's better to take more loans and leverage dollars to buy more of this asset. That's what the smartest money is doing. And then people who don't understand this are scared because they're looking at the dollar price going up and down, crashing 5, 10, 20, 30% which really when you zoom out, it's irrelevant. Okay.

One thing to also realize right now is that a, they're printing more money. They're also loaning the money at a lower interest rate. And as currency gets inflated, it's actually easier to pay back. Right. So if you have a $50,000 loan and the fiat currency hyper inflates, then that actually kind of works in your favor in some regards, especially if you're, and this is my understanding at least, and Tibby, you can correct me if wrong, but especially if you're positioned in Bitcoin because of the dynamics of how that works out, would that be a correct assumption?

Yes. And I actually shared this in my group here. Let me see if you can, Let me see if I can save this picture so I. We'll share my screen. Okay. Can you see my screen?

Yes.

So yeah, essentially this is a nice visual. So as time goes on, imagine you take a loan, you use a property or something, you have a value and you can already do that with many things, even some shares. For example, you can take loans against some shares and that's what big companies do. You, you can use a boat, take a loan against, you can use any asset painting. So when you're using this, you're essentially putting up collateral to take a loan against something that has value. So you can do that with any of your existing assets or you can just get loan, loan at 1, 5, 10%, 20%. It really doesn't matter. Some of these people are getting 0% because as time goes on, remember to give you an example, Sach, this is what I was trying to explain to Sachin. I guess part of me is I didn't understand it as well at the time. If I had a better understanding, maybe I would have done a better job convincing more people earlier and also myself because my perception has matured on this, on this, on this as well. Because as time goes on, if you take, if you, if you bought a million dollars worth of Bitcoin in 2017, that would be a thousand bitcoin at the time, at $1,000 a coin, which was at the beginning of 2017. So you're right now you're in possession, imagine, of 1,000 Bitcoin for only a million dollars. And you took a 10 year loan, let's say with 10% interest, yours might be higher or lower. So at the end of 10 years, you can do monthly payments on this loan. So at the end of the 10 years, you owe it. In total, you owe 1.1 million and you pay that monthly off, essentially. So what have you done? You now have something that is 1000 bitcoin, which now is worth 50 or 60 million US dollars or maybe 100 million. Let's see whatever that is worth right now. So let's say 50, but I think it's higher. So Q. Right now at $50,000 of Bitcoin. Yeah, it went up 50 times for 1,000. 50,000. So that 1 million is worth now 50, 50,000. 50 million USD. And keep in mind, you're paying monthly payments on this very small loan that you took out. And the price of Bitcoin went 50 times. You could even take a loan on one of your bitcoins. So now you have a thousand Bitcoin, one Bitcoin, which is now worth $50,000. Let's say you want to get to a million, you need 20. You take 20 bitcoin and now do another loan against your 20 bitcoin, collateralize your bitcoin and you can even use this money now to buy more bitcoin or pay your previous loans off. So you're essentially just creating amplification all the way up. Because as time goes on, your purchasing power increases. You have more purchasing power in this big circle. And all it takes is a tiny circle to keep up with the loan. So you're essentially just increasing and purchasing power at an exponential rate.

Okay, that's a. Yeah, that's a really powerful visual. And you know, when, when all this happened, just to give people a little bit of backstory, Tibby called me up and he's like, can you get access to a hundred thousand dollars? And at the time I was like, yes, but I'm buying a house. I had all these excuses in my head, right. And all these reasons not to do it. And I didn't fully understand, to be honest, as well. And then you see the market going up and you see it crashing down and you don't understand it. You're like, damn it, like, what the heck? I missed, like a fantastic opportunity. So that hundred thousand, if had we invested, it would be worth like, what would it be worth now?

50X.

So it'd be worth like over 5 million.

Yes, 5 million right now. Soon will be 50 million.

Yeah. And then that 5 million can then be further leveraged. Easily could have paid off that hundred thousand dollars, right?

Exactly.

Borrowed another hundred thousand, two hundred thousand million dollars. And we're just talking like real numbers, but you could scale that number down to whatever is suitable for you. So if it's 10,000, then the opportunity right now is, I think it's only going to get better and better. And because your strategy is to really hold on forever and leverage as opposed to cashing in, there's really no bad time to get in. So can you, like. I think we're still used to this idea of, you know, money changing hands. And over the last many years, like, money doesn't really change hands. Right. It's kind of like this abstract thing now because of credit cards and how banks loan out money, like fraction lending and all these kind of things that they do. So can you kind of describe to us the trajectory that just our society as a whole is going to take? Everything digital and why cryptocurrency works better in that, or bitcoin works better in that arena?

Sure. So we have bitcoin, which again, is this entirely separate network, and then you have crypto, which is essentially, in my view, another. A completely separate island, if you want to say. So when you're coming to the space, you have two separate things. I suggest most people have 100% Bitcoin or close to it. If you want to put a little bit in all these other systems, you're welcome to. But what I've learned is a lot of them lose value, some of them gain value, but they lose value versus Bitcoin. So you should track the performance of every single one of your assets. Assets versus Bitcoin. And then you'll soon realize that as you plot the value of virtually anything versus Bitcoin, it's trending towards zero on a timeline, to infinity.

Okay, so let's answer some questions that are coming in just so we don't lose people. And this can be a very abstract concept, especially initially for people. Look, listen, it took me three years to even bring Tibby onto the stage to share this, and I'm still learning. So it's okay. If you have questions, we're here to answer them. Tiffany says I should have had my. Shouldn't have said no to my husband in 2015. Yeah, sometimes us guys are right, you know, so listen to us once in a while. Can you recommend a self directed IRA to use for purchasing crypto? I don't know if you know the answer to that to be. I certainly don't, but maybe we can find an answer for that. I'll share the podcast link that to be shared with me as an interview with Michael Saylor. And I thought it was really, really fascinating. And it's almost like what he's saying scared me a little bit because I'm thinking all these big corporations are gonna come and gobble all this up and there's nothing left for the small guy. And the value is just gonna keep skyrocketing and it's like they're gonna buy all the art, right? They're gonna buy up all the land. And so we can watch that happen or we can get a small piece of that action, right? Certainly I don't have billions of dollars to invest, but we can be very bullish and leverage certain assets that we might have against this asset, and it's going to continue to grow for you. TJ's asking, how do we buy bitcoin? Let's get to that a little bit later. And then things of Victoria saying, how do you realize your gains? I think we talked about that. And just for clarity, you leverage that, right? So imagine you have a big pile of gold in your house. Just think of bitcoin, perhaps like digital, big pile of gold. And you say, hey, listen, I need a loan and I'm going to leverage this big pile of gold that I have. So if I go bad on this loan, you can take my gold.

But.

You hold on to your gold, you don't give it up. But that person knows where to come. They know where you live, and they know how they're going to come and get that money. All right. And then another question from Laura is I am confused. On the graph, it seems like the peaks, peaks versus the low points should be opportunities. So it's the. On that graph that you were showing, you were showing the purchasing power of a dollar for a Santoshi. And so what we want to see is the higher the graph, the greater the opportunity for us. And right now it's low because the purchasing power of the dollar versus one Santoshi is low, correct?

Yeah. So Satoshi is the name of the creator of bitcoin. I think ultimately the creator of bitcoin is God. So regardless of if it was one person or 10 people or two people or artificial intelligence or governments or whoever made the system, ultimately I think it's an expression of God. And in my view, I think this is just part of our evolution. It makes no sense not to take a bet in this. So I suggest start with whatever you feel comfortable with. But I'm just letting everyone know what's, what the marketplace looks like and what is coming in the next decade. So if you keep thinking about it like I've been telling people to buy sincere and everyone's been thinking about it. So you just lost $50 million because you were thinking about it. Have you made $50 million doing something else? Maybe, but probably not. So like, it pays to pay attention and make the right moves. So as essentially as this is going lower, you're losing purchasing power. Like you're, it's escaping, you're. It's trending towards zero, literally. We started at 100 million more than started at a billion. Billions. We started at billions and now we're only at 2,000. So we went from a, from a billion, we went to 100 million to 10 million to 5 million to 2 million 500. This is a dollar, Satoshis versus one US dollar. So this is how much one dollar can buy you in this new currency. So right now it buys you only 2,000 units. Before, you could have got billions of units for $1. Now you're only buying 2,000 because you've been thinking about it for 12 years.

Okay, what's the difference between Bitcoin and other cryptocurrencies?

What's the difference between Bitcoin and cryptocurrencies? Everything essentially is a fragment of Bitcoin. So e, Ethereum is the second biggest cryptocurrency and in my view, it's less secure and more bloated. I hold some as a bet. I'm expecting it to maybe go to zero. Maybe it might do well if Ethereum launches something good or something. But it's essentially a gamble in my view. The only way, in my view it makes sense to place a bet is if you think it's going to outperform bitcoin. And it might, but it also might not. So, and also you're storing this energetic network. So keep in mind, Bitcoin is the law of thermodynamics. You're essentially taking physical energy globally from Iceland, from China, from Asia, from North America, from South America, everywhere where you can draw electricity Whatever. If it's renewable electricity, I think it's going to revolutionize renewables as well. But it's going to create better energy sources for the entire planet. And right now it doesn't matter because the old legacy system is using way more energy than this system is relative to how much value is produced. This network is offering so much value. And the reason you want to have a network that churns and needs energy is because it's guarding energy, it's protecting, it's preserving this energy. So if it's weak, you don't want to have a bank with one armed guard who doesn't have a gun. Anyone can come and take your money. Like you want to have a network that is well guarded and is difficult to attack and corrupt by anyone. And the fact that it's 12, it's been 12 years and nobody's been able to shut this network down is what gives it value. If it's, if it stops producing a block every 10, 10 minutes, then there's something difficult, something's gone wrong essentially. So in the last 12 years, it's like everyone's, Most people here are medical doctors or some type of doctor or health practitioner. So think of like a patient. See, it's got a heartbeat Every, every 10 minutes, really nonstop. But it gets confirmed. Every 10 minutes you confirm it's alive. Every 10 minutes there's another block. So right now we're at block number 671. I believe the price is going to be more than a million before block. A million well before that. It's a time, in my view, it's an absolute certainty. Like right now the game has shifted to such an extent where there's a 99 or greater percent chance of this winning. When you think about 2, infinity, I don't know what's going to happen in the next few years, but to infinity, in my view, it's already 1. There's a small chance of less than 1 that something goes wrong and maybe something happens to it. But in my view, it makes no sense to not bet. The expected probability is so high that it's stupid to have 0% ownership in this. Somebody else will. If it's not you, it's someone else.

Yeah. And one thing that we can 100% guarantee is, is that the value of your dollar is going down. That's not up for debate. Right. So we need to find assets or secure our resources and put that resource away in an area that is going to grow and is going to create a return for us. So a Lot of questions you're asking are questions that I had for Tibby as well, few years ago now and even leading up to our most recent conversations. So TJ is asking what is stopping any organization from starting another cryptocurrency or competing with Bitcoin?

So 10,000 other organizations or cryptocurrencies exist. So ask yourself, why is Tesla and Microstrategy and the smartest people in the world? Why are, why, why are they buying bitcoin and going 100% on bitcoin? Should think about that. Why are the smartest people placing 100% or almost 100% of the bet on Bitcoin?

Right, Yeah, I mean, that's a fantastic question. Right. And then I guess the other thing too is how do we know they're not betting elsewhere?

You can if you want. You can, but we can review some graphs so I can show you visually because now you're entering the market so you can plot these different cryptocurrencies versus Bitcoin. So let me know if you can see my screen here. Everyone see my screen? Yep. So this might be a bit, a bit confusing if it's the first time you're seeing something like this, but what we're looking at is, is the price of Ethereum versus the price of Bitcoin. So right now the price Of Ethereum is $1,531. So most people, when they think of Ethereum, they think about buying Ethereum with dollars. And that's fine, that's your, your, your fiat minded, like you perceive the world. Most people, including me looked at the world with, with Fiat. Essentially you price things in dollars or euros or whatever currency, yen or whatever currency is, is in your country. But in, in this space you can price, you can price everything, not just cryptocurrency. You can price your house in Bitcoin or your car in Bitcoin. You can price your laptop or phone in Bitcoin. You can price anything in Bitcoin. And that's in my view the correct or ideal way, if you're thinking long term, you want to price everything in Bitcoin and compare the ROI of everything else versus Bitcoin, how it's holding value versus Bitcoin. So Ethereum priced in Bitcoin right now is 3.1%. So what point 03 means is 3 million of these units. Remember, one unit is 100 million units. So 3%, one unit is 100 million. Yeah, yeah. So 3% of 100 million is 3 million. Is that right? Yep. Yes. So 3. 3% of 100 million is 3. So 3 million, or another way you could write that is 0.03. So that's all we're doing. We're pricing Ethereum and Bitcoin so you can buy one Ethereum. Right now if you want to buy it. This is the market rate, it just went up 32. So it takes 3.2 million Satoshi or 3.2% of one Bitcoin to buy one Ethereum. So what's happening, what happened recently is you've essentially lost money if you bought at the top here because here it was 4.5%. So you paid instead of paying with dollars. Think about spending your bitcoin. So you spend your bitcoin. To buy ethereum you spent 4.5 million, but now you can spend only 3.2 million. So what does that mean? It means that your purchasing power increased versus Ethereum if you're holding bitcoin. So you're better off holding bitcoin because now you can buy more Ethereum with your Bitcoin because the price went down for now. In the future, if you want to gamble and place a bet on Ethereum or any other currency, you're betting that it's going to go higher and it may in the future it might reverse this trend, might go higher actually instead of going lower. So what you're doing at that point, here's the all time high. In 2017, the all time high versus Bitcoin was 10%. So 0.1 actually went a bit higher. It peaked a bit higher 12, maybe even a bit higher on some exchanges. So let's sake of argument, say 10%, 0.1. So in 2017, if you sold your Ethereum and bought bitcoin, you would have been better off because you would have got 10 million Satoshi or 10 million of this new currency. Basically you would get 10% of one Bitcoin if you had one Ethereum. In 2017 you sold your one Ethereum, somebody bought it and then they gave you an exchange. 10% of a Bitcoin or 10 million Satoshi. So what happened is that person essentially took a loss and you won because now the value collapsed versus Bitcoin. Right now it's only 3.2%. So now with your 10 million, if you come to the marketplace, you can buy three Ethereum and remember you sold only one for 10 million. But now your 10 million can buy you three Ethereum. So the only view, the only reason it makes makes sense to buy is if you think it's going to shoot up. And it might. Once we break this resistance of 4.4%, if and when we do, I might place a bet on this. For example, I'm going to buy ethereum with bitcoin and then when the price goes up, I'm going to sell the bitcoin to get more bitcoin so it can go back up to, let's say, 10%. So right now, if you have bitcoin, you can spend the bitcoin to buy. Let's say we spend 10% of a Bitcoin to buy three Ethereum. Now, I'm holding my three Ethereum until the price of each one Ethereum goes to 10%. And then I sell these three Ethereum and I get 30%. So now if one Ethereum is worth 10 million of this currency, I'm going to get 10 million times 3, 30 million. So I tripled my bitcoin by buying this asset with bitcoin and selling it for more bitcoin later. The reason I advise most people to be careful is because in most cases, most of the times, you're going to get less bitcoin back if you place bad bets. And that's kind of like a venture capital asset. If you want, you can place a couple of big bets on some of these, or you can place zero and just play it safe. So if you want to bet on these other things, you're taking additional risk, in my view. So the only real reason you would do that is if you want to multiply your bitcoin, in my view. So does that make sense?

No. No, I'm just kidding. Yeah, Well, it makes sense to me because you're basically getting us out of our fiat mind and using bitcoin as the base. So we just have to. And then the units change. Right? So think of a dollar being divided into 100 million pennies. Like, if you think about it, like, kind of a interesting thing, in Canada, maybe in the US Too, they don't even make pennies anymore because it costs more to make a penny than the penny is worth. So in Canada, like, everything gets rounded up or down to the 5 cents because they still make nickels. And so it's kind of interesting to see that, you know, they. They can't even make the pennies anymore. The money's that worthless. All right, so Tiffany's asking, what can I buy with the bitcoin? Can I actually buy things?

Awesome. So, yeah, you can buy things. So the best way, in my view, to do this is to leverage your bitcoin. So you go to a bank or a third party and you say, I'm going to get a loan. And a lot of people, in my view it's going to become the most heavily collateralized asset ever. So essentially you'd never sell. You take a loan against it. So what you do is you then have this loan. Let's say you take a 5 or 10% loan versus your Bitcoin. So right now you can, let's say that you get a 50% collateral. Let's say one Bitcoin is 50K right now, but in the future it'll be a lot more in my view. So what you're doing is you're taking a loan and offering your bitcoin as collateral, saying that if I cannot pay you this money that you're giving me as a loan, you're going to have my bitcoin just as you would have your boat or Picasso painting. So if I can't pay you 5 million back or 100k or 50k back, then I'm going to give you this asset I have that has value up. So you never want to really collateralize 100% of it because the price can fluctuate. So you can take a conservative collateralization. Let's say you take 40% out of one BTC. So let's say for the sake of argument, one Bitcoin is $100,000. If you want to buy something with it, what you do is you get a $40,000 loan, you take 20,000 of that $40,000 loan and you put it aside. And the function of this $20,000 is to pay back monthly payments every month. It pays back your, your, your monthly payments of 10% collateralized over let's say 5 or 10 year loan. And then the other $20,000 you can use for funding your life. You can live off of that and be mindful with your spending and really want to buy more bitcoin. Buy as much bitcoin as you can because you can do this in perpetuity. So you don't want to spend, spend it. You want to, you want to leverage it. So these loans essentially can pay themselves off if you, if you draw this to infinity. Okay, does that make sense? I know maybe it's a bit, it's kind of, it's a shift in perspective. You don't, you don't like even like what happened in 2017. Maybe I can, I can give this example. And he, Michael Saylor did a good job explaining this as well. But some people sold their bitcoin to buy Lamborghinis in 2017. At that point, you're flipping. We're flipping bitcoin to make Lambos because people still don't understand what it is, because if they did, they would never sell. You would buy it. And you can take a loan versus your Bitcoin and you can use that loan to buy your Lamborghini. So this way you keep your Bitcoin and you have a Lamborghini instead of selling your bitcoin to buy a depreciating asset which is losing value, and now you buy back. Now you could buy 10 Lamborghinis instead, or 100 Lamborghinis, or a thousand in the future. But that Lamborghini now costs you $100 million or 10 million or $1 million. They're like you overpaid by a factor of 10 or 100, essentially by doing this incorrectly.

Okay, another question that's coming up is where do you get that loan from? Can you just walk into any bank and say, hey, this is my collateral? I mean, don't you have to have the bitcoin first to use it as collateral? How does that work?

Well, how do the banks make money? How come they can print 1 trillion or 10 trillion? Where does that money come from? I invite everyone to think about that, and I invite everyone to think about why some people have access to this freshly printed money first before the general population. Because what happens is people who have access to this new capital first can acquire all assets first. So they can acquire land, they can acquire bitcoin, they can acquire tech stocks, high growth stocks, they can acquire everything first before the average regular people. So that where you're getting a trickling down effect when then you have prices going up. And the people who have these assets are benefiting in perpetuity off of this, while the average people, they get trickled down breadcrumbs. So out of all the trillions they print, the average person gets some breadcrumbs at the end of it, while the wealthy are left owning all the assets that produce in perpetuity. Okay, so how you get your loan is. Depends who you know. Do you know a banker? Do you have a business? Do you have other. Yeah. Relationships. Do you have existing assets that you can leverage as collateral? It's like there's many ways to do it. Everyone's in a unique country, the laws may be different. Everyone's in a different financial situation. Some people have a lot of capital, some people have just enough, some people don't have enough. So it depends how you're positioned right now and what country you're in, what currency you're in, what banking relationships you have, what businesses you have, what assets you have. Everyone's position is kind of different. So that's kind of what no limit bitcoin is about as well. It's helping you position yourself in this space. So this is a resource I'm going to share with everyone. And you're welcome to review a lot of these links. So buy bitcoin worldwide, look into bitcoin.com, learn me a bitcoin.com safedine.com, bitcoin only.com Bitcoin Treasuries, mempool. You can actually take a look at the blockchain. You can see every transaction that's happening in this network essentially forever. It's publicly accessible. It's essentially a database protected by the laws of thermodynamics. You can see every single transaction here. Somebody sent 29 Bitcoin to these addresses, so you can see live what everybody's doing. Someone sent 91 Bitcoin to these three addresses so you can break up your balances. 91.9 Bitcoin broke into a million Satoshi, 25 million Satoshi, and 91.7 BTC. So you can have multiple inputs and outputs in the system. You can draft, kind of like signing a check. But when you sign this check, you can use various inputs on this check, and you can have various outputs to who the check is, who's. Who's writing it. And you have the final and only authority of authorizing this transaction in this database. So that's what a private key is. That's kind of what this, where the security aspect comes. Because as a user of the system, you have the signature, and only with that signature can authorization be done to spend coins from one address to another. Nobody else. Nobody else can do it except for you, which is where the sovereignty aspect comes in. And you can have multiple of these keys. You wouldn't keep $100 million on a single key. It makes no sense. Because if somebody takes your key or you expose it to somebody, they can liquidate all of your assets. And bitcoin transactions are irreversible. So if somebody finds your key or you lose your key, then you cannot retrieve your funds back. And there's so many keys that exist in the universe that it's like finding a molecule within a grain of sand from any planet. Out of all possible planets that exist in our galaxy, in the universe. So, like, this is a 256 bit integer, which humans write as essentially binary codes, zeros and ones. It's a large number, and we Write it as 24 words, or 12 words. And you can further encrypt that as well if you want more security. But that's what you do when you have a wallet. It gives you 24 words, typically, or 12 words, and that's your private key. It's a number, like a password. And then only with this password, only with the signature, can you authorize final settlement. Only you can authorize making a transaction. Nobody else can, can do that without your permission, essentially. So that's what it, what, that's what it means essentially, to have sovereignty. It's, it's essentially sovereign money, something we haven't had before. So it's a very, very unique thing, especially on the Internet, because if I send you a picture, you can create a thousand copies of that, or a million copies. But with Bitcoin, you cannot double spend. You cannot create infinite bits. Each one is unique, which is what gives a value, because you cannot inflate the supply. The max supply is 21mil. Right now, 19 are minted. For the sake of argument, you can just assume all 21 of them are minted. Because the difference between 19 and 21, they're almost the same. 19, 20, 21. So that's how many million. There's 21 million houses. You can also think of it as houses. If you don't, you're going to be homeless. If you don't have one BTC, you need to have one BTC. I encourage everyone to do everything possible to have one BTC. Ideally you want to have 10 or 100 or a thousand, because the more you have, the more you can leverage and the better you're going to be off your children, your children's children.

So something that comes up for me is that if we're continuously comparing Bitcoin to the US dollar or other currencies, what happens when those currencies, let's say, go to zero? Then the value of things like a cup of coffee and stuff like that. How do we assess that if we'd have nothing to compare it to?

Well, Bitcoin is the base unit of comparing everything to. Basically you use Bitcoin. That's why I like thinking from this operating system, because you compare everything else to Bitcoin, because you cannot inflate it, which is why I think it's going to infinity on the timeline, to infinity especially, versus fiat currency. Eventually that might change. That model might completely change, but might be another Paradigm shift or something happens, right? But as of right now, for comparing it to the legacy system, these infinite currencies that they can print to infinity in the trillions and quadrillions and whatever comes after that, and they're at no cost. They can print a trillion tomorrow. You cannot print a million, bitcoin. There's only 21 million ever. You cannot print a million more because we have an emergency. Nobody can print more. So that's why you want to measure everything versus this, in my view, long term, because this is your unit of account. Why would you have a unit of account in a currency that can become valueless?

So what about like, you know, there's a question coming in from Definite. She's asking about the government's power on Bitcoin. Is there a possibility of government deeming Bitcoin illegal or somewhat making it null?

Well, I believe Bitcoin should make governments illegal.

Okay?

Because in my view, any government who tries to stop this is impoverishing their population. It's like saying, no, you cannot have 1 out of 21 million shares of the Internet and neither can your children or your children's children. It's a human right violation to force the currency on free sovereign human beings on planet Earth. This is our currency. It's a native currency of the Internet and of humanity.

Okay, and then another question that's coming up. How do you keep your key secure? Don't do what I did, which I'll tell you in a second, but how.

Do we keep that key secure? This is what no limit Bitcoin is about. So if you want to learn this, and it's in your best interest to learn this as soon as you can, you can learn online. And here's all the resources where you can learn. All of this is open source, meaning you can go and learn yourself online. And if you want one on one consulting and you want to accelerate time, essentially save time and avoid mistakes, you can work with me privately as well, and I can help you guide through how to acquire, how to secure it, how to leverage it, how to think about it, how to diversify your risk and how to not lose it. That's the number one goal. If you're very wealthy, number one goal should be not to lose it. Wealth preservation and anything about multiplication. So you want to preserve your wealth across space and time. That's the number one goal you want to have. And then this is a wallet. I recommend one of the best wallets you can have is called a cold call cold card. So this is essentially think of it like a computer. And this computer is specifically designed to operate Bitcoin and you're really not even operating it. It's a way for you to draft your transactions and to generate your private key. And this essentially lives on this little computer that has no Internet or Bluetooth capability. You don't want anyone to be able to connect to this device, because if anyone connects to it, they can see your private key and they can liquidate your funds if it's a single signature setup. So what this wallet does, essentially it's Bitcoin only, which reduces vectors of attack, meaning you're not interacting with Ethereum and Dodge, Coin and Dot and Uni and all this other coins. Because now you're dealing with many networks with one private key. So if any of them steal it, they can liquidate all your assets controlled by that one private key. So it's very good and very smart to have a private key that does one thing and does one thing very well, which is what this wallet does. There's other wallets that do multi currencies, but that introduces vectors of attack, in my view. And why expose yourself to that risk when you don't have to? So if you do decide to get any other currency, you should get another dedicated device like Ledger or Trezor and use that device to interact with any other assets. If you decide to do that, you could also store your assets on an exchange. So Coinbase or Binance or other of these exchanges, they can essentially custody they have the key, you're trusting them. Just like you trust your bank with your money, you trust another third party like Binance or Coinbase to keep your money. But what happens if they don't return your Bitcoin or your money? So I've had that experience and many of my friends did as well in 2017, where the biggest exchange in Canada called Quadriga at the time, went offline and they went offline for good, meaning they stole about $250 million of people funds. So I lost a lot of bitcoin, many of my friends lost a lot of bitcoin, and now every bitcoin you lost is a $50,000 mistake and soon it's going to be 100k mistake and soon a million after that. So every Bitcoin you lose is a million dollar mistake. So my services, if you think about it, are priced in the millions because that's the amount of value I can bring to the table for eternity. Not just for a year, for 10 years, for the next thousand years. So it's in your best interest to learn the security and make sure nobody can acquire it. You want to understand how to operate the system securely. And I've had unfortunately even some clients who didn't understand it completely. So I recommend starting small. And luckily they didn't lose a lot. But before you don't put 100 million or 1 million and then you lose it. Before you put a million dollars into this, you want to understand how to secure it yourself. If you don't feel 100% confident, then don't do it because eventually this, this coins is going to end up in the hands of hackers or somebody more capable than you. If you don't understand how to use it, eventually someone's going to steal it from you because it's going to become the most wanted asset. So you want to guard it like the most, the most wanted asset. So essentially this is a hardware wallet, it's called. And with this offline machine, this offline computer, you can generate a private key by rolling the dice 256 times to generate ones and zeros. And that's going to transform to 24 words. So that's essentially your private key, your password. If anyone has your password or private key, they can liquidate your Bitcoin so your balance is zero. You never want that to happen ever. So you need to understand how to prevent that from happening. Because if somebody liquidates your account, it's not good because you cannot reverse it. You can't call the satoshi or the bank to say reverse that transaction. The system is unforgiving is the way it was designed. So don't lose your private key if you decide to go for 100% sovereignty and essentially be in control of your keys. And what I also suggest is not having all of your assets on a single key because you want to eliminate the risk of ruin, which means you don't want your balance to go to zero ever. So how do you do that? Well, if you have, let's say you can have five private keys, so if one goes missing or something happens, well then you don't lose 100% of your money, you just lose one fifth of your money. Or you can design a system in such a way, but this is more complex. This is not for beginners. What I'm speaking about is more complex. Now you can do a multi signature wallet, which means that you can require three signatures or five signatures to authorize spending. And it's when people have larger balances, they often learn this or hire a professional to teach them this because you want to make it harder to spend. So if somebody wants to hack you, well, now they don't use just one password. They need three or five passwords. So you want. If there's more passwords needed, it becomes more complex to spend both for an attacker and for you. So you want to make sure you understand the system if you decide to do that later on, which I think eventually everyone should, because if this wins out over the next 5, 10, 100 years, it's going to win big. If it. If it fails or whatever, there's a small possibility of that happening. In my view, it's almost zero or zero. Yeah. I mean, that's why you don't want to have maybe everything, have a home, have some other assets as well. So you're not completely exposed to this. But having 0% ownership in this makes no sense in my view. And then you're also going to learn about wallets. So eventually I recommend everybody learn this. But this is definitely more advanced. You don't start here, but you could if you wanted to, especially if you have technical knowledge already. You can essentially install the system directly on your machine, or you can build a machine that essentially signals the network directly. So when you're using most wallets, what happens is you're trusting them to broadcast your transactions. If you want to become fully sovereign, you can also broadcast your own transactions, meaning you can directly interact with the Bitcoin network. And you keep a complete database of the entire chain from the first, from Genesis, until now. Basically, you have a complete record of the last 12 years, everything that happened on Bitcoin, every transaction from zero, from the start of it until now. So you can go back in time and see every single transaction that's happened in the system. And then you can directly broadcast transactions to the network yourself. Most wallets do it on your behalf, but still let you keep your private key, which is what you want. You never want somebody else to have your private key.

Okay, got it?

Yeah.

And I wrote mine in a journal. So I've got a journal somewhere right now in my. In my house, which I've moved around, I'm sure many times. So it's going to force me to go through every single journal that I have where I wrote this key down. So maybe that's. Maybe that's the most secure place to write it down. I'm not sure. I bet Tibby would disagree. But having a wallet like this or somewhere offline where you could house this information, obviously is very important because as Tibby mentioned, it's not forgiving. So there's no way to address no repercussions if something happens. Another question that comes up, which I'm very interested in is, let's say we have money in our business and we want to pull that out. And is there a tax event that takes place as a result of that? Do you know the answer to that? In Canada or in the US I.

Didn'T catch the last first part of the question, but I heard the word tax and every country has different tax rules and regulations, etc. Eventually, I think it doesn't really make sense to tax. Like when I go to Europe and I spend Canadian dollars to buy Euros, I don't get paid 30% tax or 50% tax on that. To me, that makes no sense. You're doing a conversion. So in my view it's. And you're already paying fees. You already pay brokerage fees. So to get in and out of your position, you pay brokerage fees. You also pay fees to move the coins on the network. So every transaction, you pay bitcoin to the Bitcoin network, which is what you want. You want to incentivize the network with bitcoin to secure it. So you pay with bitcoin on the network to broadcast and settle transactions. So you can do about half a million transactions right now on the bitcoin blockchain on average per day. And that's the technical limitation to keep the blockchain from ballooning in size. So you don't want to have a large database. The larger the database, then it's harder to make it distributed. It's already like 500 gigs. So there's all these forks which are much bigger or smaller because they're not even filling up. But essentially you want to keep that size small enough. And then when it comes to taxation, one of the main reasons and benefits of not selling it is you don't incur capital gains tax. If you buy and sell bitcoin, certain countries still to this day, this might change in the future and everything should change. Want to tax your capital gains. So if you bought Bitcoin at 10k and you sell it at 50k, they'll view that as a capital gains tax, not currencies losing and gaining value versus each other. So some certain countries are specifically crypto friendly and have zero tax on crypto. So I'm researching which are the best places to go. And I think the countries that have the best bitcoin rules and regulations, et cetera, and don't tax it are going to win out long term because all the smart money and capital is going to flow to those places. The places that are going to ban this are typically going to be the places where you don't want to go. And then by not selling it, you also avoid capital gains tax, so you're leveraging it. So if you're not selling it, you're not getting taxed on that gain as well. So keep in mind, there's so much benefits to leverage because if you sold it, you might pay 30% tax on it, which makes no sense because you could get a loan for 5% or 10% versus using that as collateral. So you actually incentivize not to sell, which is great.

Okay. And I know just for the record, neither Tibby or myself are accountants, so always check with the appropriate authorities just to kind of cya, if you will. And then what's interesting to me is how would they even know? So if I took. Let's say. Let's say I have a million dollars in my bank account, in my business bank account, and I take 200,000 and I put it into Bitcoin, would there be a. I would imagine there'd probably be a taxable event on taking the 200 out. But how would they know that I.

Even have that Bitcoin? In my view, there's no. You don't get taxed when you buy it. You typically get taxed when you sell it. When you buy it, you don't get taxed. You're making a purchase. So if you buy bitcoin, it doesn't create a taxable event. Typically when you sell it, it creates a taxable event. And then how they would know is most exchanges, there's two kinds of exchanges. There's a KYC exchange, which stands for know your customer, and then there's KYC free exchanges. So everything is going digital now. So eventually, I think. I mean, part of the network, I think is going to be KYC'd. But people who value privacy don't want to let everybody else know which balances they control. I believe privacy is a fundamental human right, I don't think. Yeah, I mean, not everyone should know what you spend all your money on, and then they shouldn't. Like capital controls. All these countries now are creating crazy capital controls and really impoverishing their populations. And they're going to say, it's for your safety. Most of the stuff is not being done for your safety, it's being done for control. And then, yeah, none of this is financial or tax advice. I'm just Expressing my views and opinions. And every country has different regulations and they have different ways of integrating with this new system. So when you have something innovative like this, like a fire or Internet or airplane, it's a game changer. So people are trying to see, like, what is how. Like, people are viewing this thing in different ways. Just like reality, People view reality from different perspectives. So some people might say it's an elephant, someone might say it's a cow, Someone might say it's a giraffe. I don't know. They're looking at it from different angles or they're looking at different parts of the same animal. Everyone's looking at it, but they don't know what it is because they don't see it. Let's say they're just touching it or viewing it from a certain position. So they don't know if it's a currency, if it's a commodity, it's an asset, it's property, it's digital real estate, is it commerce? Money? On the Internet, these are all just labels, Just like words. Every word is a label.

Okay. Another question that came up, and I had this question too, is what happens if the Internet goes down? And I loved your response. So you want to share that?

Well, if we have the Internet going down, what happens to virtually every hospital? And what happens to all your financial data, private data? What happens to the nuclear codes in the world if they shut off the energy grid? What happens to everything, like, if there's a complete shutdown on the Internet or, or the earth energy grid, like Bitcoin should be the last thing on your mind, because if you have bigger problems at that point, and if everything does come back online, we have the database on Bitcoin, it would just boot back up. In my view. It'd be one of the first signs that we're continuing on if that were to happen. But in my view, the chances of the Internet or the entire power grid going down are very small. You should be focusing on the likely things that are going to happen. Okay.

I think a fatal flaw that people make in trying to just kind of wrap their heads around this is because of all the volatility as well. They view it as a currency. They think they're going to go to the gas station and perhaps pay with Bitcoin. And by the time they're pumping their gas, the value compared to a fiat dollar is totally different. I think we have to view this as an asset. And I think that makes a lot more sense for my brain at least, is just try to acquire as much of it as I can, put it aside and then leverage it as opposed to spending it. Is that kind of a good way to look at it, would you say?

I think in the short term that's what's likely going to happen because I don't think banks and governments are going to completely give up all power and control. And I don't think we're at the point where everyone's ready to adopt this. That's going to. This, this, this is going to mature. As time goes on, it's going to mature. In my view, it also doesn't make sense to spend. I know some people may disagree and those people, at this point, they can, they can choose to spend it on whatever they want to spend it on, but I don't think fiat is going to go away right away. Maybe in the future might go away, but I don't think it's going to go away right away. I think it's definitely going to lose value. So it's smarter to spend your hardest money last. You want to spend your weakest currency first. You want to spend your hardest currency last. So if I have Zimbabwe dollars and I have Euros and I have Bitcoin, I'm going to spend Zimbabwe dollars first, Euro or dollar first and Bitcoin last. I don't want to spend my strongest currency that is most likely to gain against all every other currency.

Okay. If you have any questions, feel free to raise your hand or unmute yourself and I'm happy to have Tibby answer them for you. Laura, did you have a question?

Yeah. How do we work with Tibby?

All right, well, I'll let Tibby answer that.

Awesome. So let me pull that up so I can share this with your. With your group. Sachin and everyone's the Google document. Everyone can use these resources. So yeah, here's all the resources you can browse and learn about. We could even take a look at them. I'm not sure how everyone's on time, but I'm happy to go a bit longer. There's technical links, market links, wallets, the cold hardware wallet. You can also start with a hot wallet, but keep in mind your private key would be connected to the Internet. So if you want to just test on your phone how this works, you can use a machine that is not dedicated, like this one. You can use a wallet that essentially is connected to the Internet and your private key lives on it. So that's not secure. You don't want to store more than a hundred dollars on this. It's just or a thousand dollars because it's very prone to hack, to getting hacked. You want to do a cold hardware wallet whenever you're dealing with any substantial amount. And then for the mentorship you would go to nolimitbitcoin.com. And I just launched this website. Eventually I plan on building this out, but as Satya knows, it takes a lot of capital and energy and time to build a proper website out. So it's a long term project. But I do have a vision for no limit bitcoin and building a lot of these resources out so it's accessible to everybody. And then for people that do want to collapse time and learn this quicker and get help, essentially you would come here and you click I'm ready and you would fill out this mentorship application. And then after you fill this out, I'll be in touch with you and then we can take the next steps. I have one other quick question. Sure. I think I know part of the answer to this, but if I take something out of an IRA to put it in Bitcoin, that's a tax event, right? Yeah. So I'm not a tax specialist. Okay. I. One thing I want to also want to make clear is maybe I should hire somebody who's a tax specialist in this. But my passion is really about freedom and sovereignty. And in my view, I think people that are trying to tax and control and regulate this are kind of hurting the project. Like it's, it's an open market. So I encourage you to, if you really want to zoom out, you want to move to the most bitcoin friendly place that's going to be in your best long term interest. So if you're dealing with governments who are oppressive and governments who want to control and regulate and eat too much of your pie, it's probably not in your best interest to stay under such a system. And yeah, I'm not sure what the implications are with that, but I'm sure there's tons of people who could answer that question. It's just taxation and tax is just not my area of interest or where I, where I can give you advice. I can definitely help you with the security of it and acquiring it and storing it yourself and just learning about how it all works and how to best become a full user of the system. And not everyone I think is going to dive right in. So I know that this is still a very niche thing like for some people to go and learn this and go all the way. It takes time. It's not done in a Day or a week. It takes some time to build up to it so everyone can start somewhere. And as time progresses, you can learn more and improve your security or privacy and learn more about how that impacts your tax situation, depending which country and state you're in. So, yeah. Thank you. Welcome.

All right, is the resource sheet proprietary or can we get a copy? So we'll be sharing it within our mentorship, but it, you know, just like everything else, it stays within our mentorship. So, you know, we kind of rely on the honor system there and our goal is to honor everyone who's put the work in, like to be, to, you know, to put the resource like this together. So yeah, just keep it within our group. And then Laura wants to know what countries are more friendly to bitcoin. Do you have any, you know, in mind that you've identified?

What's popping up on my radar right now are definitely places like perhaps Singapore or Portugal or Malta. There may be a couple other islands in there. At this point, my main focus wouldn't. You can definitely think about that as well. But the main focus should just be to acquire as much of it and leverage it, but primarily just acquire as much of it as soon as possible. In my view. I think that's the smartest move to do. And then you can worry about after, like what the next step would be in terms of where to go. There's a, there's a bunch of people who can help you with your global sovereign strategy as well. One person that comes to mind is nomad capitalist, so that's a separate channel. And then his specialties were helping you pick the right countries. For now, my, my focus is strictly on bitcoin, but I'm sure I'm going to bring some of that information in as soon as I learn it and discover more of it. But ultimately the whole long term aspect of this is to really acquire as much as you can. And then ideally over the next few years, decades, we'll see how the landscape changes. Keep in mind, change can happen quickly. It's hard to predict. So you're, you're more. In my view, one of the advantages of having this asset is you can literally just pack your bags and really go because no one can take it from you. So like, you have global mobility, your energy is not tied to one specific geographical location. Your energy is ubiquitous around the globe and really the rest of the solar system. So you have more leverage in this way in my view as well.

Okay, and then a question coming up from Yaima is what is a Minimum investment.

So you can buy like I, everyone, everyone at the, at the minimum should get on any exchange. So start learning. Buy Bitcoin worldwide as one of the exchanges. You just put your country, say we're in the U.S. america, I guess United States, USA doesn't exist anymore guys. Soon maybe. How do you want to pay? You want to pay with cash or. Yeah, here, let's say cash. Here you go. Liberty x Bitcoin ATMs and then typically you can also do an exchange, let's just say, I don't know, transfer. So Coinbase, I don't really like Coinbase. They're always slow and they have high fees and low limits. Gemini, or it might be better look Bitcoin ira. So I think now all these all countries are not all but they're starting to introduce like Bitcoin, like kind of ETFs if you will, things that track the price of bitcoin. So you can just click from your bank. I don't like doing that. I like taking custody. But if you want to link it to existing legacy systems, it might be easier especially meanwhile until you can figure out your own custody and but you can link this directly with your legacy systems. And let's see, there's Bitcoin, treasury, so these corporations are also doing that. There's also options to do this for your business. So that's something I should probably look into myself as well. The best way to get your business to operate and tie into the system. Go ahead.

Now I was going to say, what are your thoughts on all these big corporations coming in and scooping up bitcoin?

Well, it's good and bad in my view. It's bad for the average person because they're going to eat up most of the supply, which is why I've been telling everyone screaming for the last four years to buy it. And I wish I had more as well. And I wish I didn't lose or get hacked for a lot of it. So also keep in mind there's no protection once you take custody of this and somebody hacks or an exchange like Coinbase goes down. Eventually governments keep in mind if they want to get a million Bitcoin, they may have to confiscate it because you cannot mint more of it. And where is most of the bitcoin? Well, a lot of it is sitting in hardware wallets and personal wallets like you're the owner's in custody. But sometimes like Binance or Coinbase or these third parties, they custody it for you. So I think most People are going to get bitcoin exposure without custody. Unfortunately that's going to be what most people will end up having. Few people are going to have direct custody of it and being like directly interacting with the network and system on base main chain layer. I think in the next 10, 20 years it'll probably be a bank settlement layer, like global bank settlement layer for moving funds around the world.

Okay, awesome.

I'm going to get my charger. Almost dead on battery. All right.

Okay. Well probably once he comes back, we'll probably take a few more questions and wrap it up for 11 Eastern. Hope you guys are finding this helpful. I mean initially, especially if Your understanding is a 0 or a 1 of this topic, it can be a little confusing and overwhelming and a little bit hard to understand. And that's why perhaps working with Tibi more privately might be a good idea for you because then he can answer some of these, you know, one on one questions that you might have and make sure that you feel comfortable because you know, I think that's there, there is a lot of moving parts to this or an awareness or understanding that you need to have. And it is, it's kind of like learning functional medicine for the first time. Right? It's. You have to kind of give it that type of space for you to understand it. And listen, if we just follow what very influential and successful and smart people are doing, then it becomes very clear that I don't think Elon Musk is going to invest a billion and a half dollars unless he's done his due diligence. Now it's a matter of how do we get on the system, how do we reallocate some resources that we have and put them into play so that we can own a piece of this?

Yeah, so for Canadians bull, bitcoin is probably one of the best places to go. There's also bitcoin wealth. There's tons of exchanges. Keep in mind it's exchanges are ubiquitous. So every country, almost virtually every country has exchanges. So you can buy and sell bitcoin across the world in many currencies. So for example, let's see where's the markets? We go to markets tab. So Coingecko is a place where you can get all this information. CoinGecko.com and then you have all the places in the world. Binance, ftx, there's literally thousands of these. It's not listing all of them but yeah, every especially fiat currencies. So spot, perpetuals, futures, it's a bit more not entry level.

So one thing That I struggle with a little bit is.

Just like that.

This isn't a protected. So I'm just trying to wrap my head around, okay, I call my bank up and I say, okay, I want or I go to the, go to one of these exchanges, wire them, let's say $10,000 and then they'll send me back the appropriate amount in bitcoin. Right. So then where does that security piece come in? So tell me about that particular step because I think we're, how do I log into it, how do I access it, how do I spend it or move it around? Can you walk me through that? Like the 62nd high level overview?

Sure. So there's only two ways you can acquire bitcoin. The first way to acquire bitcoin is to mine bitcoin. But right now that's difficult to do and expensive. So most people are going to buy bitcoin or you can get paid. So I guess someone needs to send it to you. Either mine it from the system directly or somebody sends it to you. And for somebody to send it to you, you need to give them something in return. So what do you give them in return? Typically a fiat currency, but you could also request to be paid in this currency. So essentially that's what exchanges are. They're middlemen. Just like your bank, you would send them fiat money. Now they have the fiat money and they have the bitcoin. So you say, give me my bitcoin. So then they send it to you in exchange for what you bought. And because this is being traded all around the world in hundreds of currencies or thousands of currencies, crypto and fiat currencies, essentially everyone's going to have a different spread. So for example, look in here. 1 BTC to us is 48K. If we go to Thai, 1 BTC to Thai Baht, it's 1.4 million Thai Baht. If you go to Canadian, Canadian 1 BTC 2. I guess I got to remove time. It's 61K in Canadian dollars. And let's say Bali in Indonesia. In Indonesia you can get 687 million of this currency. In this currency, let's say Japan. If you go to Japan, you're worth 5 million Japanese yen. If you have one Bitcoin in Japan, that's how much you can buy in that currency. Let's go to Korea. In Korea you're worth 54 million South Korean won. So keep in mind, every currency in the world, all these fiat currencies, they're all essentially you can price Them versus satoshi. So just like we spoke earlier, if I can find that tab, where was it? Here. Like the. The price, you can price all these currencies versus Satoshi. So we have the strongest fiat currencies currently. Let's see. Kwd, I think that's Bahrain. I think these are mostly the Gulf Arab countries. You have London essentially here, UK Euro, Switzerland, American. So with one US dollar, you buy 2,000 of these units. So the weaker currencies, like Singapore is here, Canadian dollar, you only. With the Canadian dollar, you're only buying 1,700 units. With the US dollar, you're buying 2,170 units. So your dollar, the American straw, is stronger. You can buy more units with the dollar. If you have the euro, you can buy even more. Does that make sense?

Mm.

And then. Yeah, essentially they need to transfer it to you. When do you.

When do you set? Like, so you have to. What do you have to set up in order for that exchange to take place? Like, you have to have a wallet address for them to send it to, right?

Yes, yes. So you would generate your wallet addresses, like from a hot or cold wallet.

Okay, so the first step is to get a wallet then.

I mean, for now, the first step is just buy it and let them hold it for you until you learn how the wallets work. So that's the first step. At least you have exposure to the price, but you're also aware of the risk that they're custodying for you. And if the exchange goes down and which could happen. I lost a lot of money to exchanges going down, essentially stealing your money. There's no consumer protection against that. And it's very expensive. If some. It's fine. If somebody, if somebody steals 10 grand from you, whatever, or 100 grand, somebody steals one bitcoin or 10 bitcoin from you, long term, it's going to cost you a lot more. It's going to cost you 100 times more long term. So that's why security is so important. You don't want to lose this asset. I don't even.

Yeah. So why wouldn't I get the wallet first then?

Or you should. Which is why I. That's what I teach people. I teach people how to get the cold card wallet first, secure it, and that way they can start taking custody of, at least partially, some of their money until they build up competence and understand how this entire system works. So this is. I want to be clear, this might not be for everyone, especially it might be a bit complex or technical. If you're just getting started, so. But I also don't think it's like you. Eventually it can make sense. I can help you make. I can help you make sense of this as easily as I can. And certain people are obviously going to pick it up quicker than others, and that's fine. At least you're learning. It's a new language, it's a new system. Some people are going to learn a different language quicker than other people.

Amazing. Well, thank you, brother. This has been very enlightening. And, you know, I just, I just love looking at this from somebody who's been studying it, you know, for many, many years. And I'm just so grateful that we have this opportunity to share this. I'd say, I don't know, once in a lifetime opportunity. It's going to be an opportunity that presents itself over and over again, but not at this price point. Right. So the key is, you know, and it might take you a couple of months or even years to fully understand it. And I think that when you full understand it, you'll realize that I should have been involved a long time ago. So just like functional medicine, we don't want to be on the receiving end of what happens to our patients when they say, oh, I should have done this a while ago. Why did I wait so long? That's kind of what's happening here. So, you know, thank you again to be. Is there any parting words you want to share before we jump off?

Well, I just want to say thank you for having me and hosting this, this call. I really feel this is essential. Anything is essential. It's really bitcoin for yourself, your family and I think humanity. And I think part of my intention was here is because I know everyone here really wants to help other people and help them with their health, which I think is the most important thing. Health and then bitcoin and time. So health is the most valuable thing you have. So you're better positioned if you have this than if you don't. And everybody who is creating an impact and in the world can better leverage it to fund their business, fund their life and ideally, yeah, be part of, get exposure to this because if you're not getting it, somebody else's. And as we looked at the price, it's. The trend might change, but for now, the trend is trending to zero. So the longer you wait, the more you're going to pay. If you bought it at 10k or 1k, now you're paying premium 10 times or 50 times more. So that's kind of I mean, there is actual urgency in my view here. So that's kind of what I've been telling people last years, over the last few years as well, that you get punished. People think I'm going to think about it, but I think what people should, they should buy and then think about it. That's the correct way to approach this. And then learn security and move custody and move it to your own, to your own wallets. And then also I want to take any other questions prior to concluding the call. If anyone has any other questions or feedback, I would love, love for that as well.

Well, lots of thank yous coming in for sure. Ginny says mind blown. Thank you both. TJ says thank you so much for sharing your time and knowledge. Yeah, thank you, Tibby. And thank you for those of you that want to connect. Nolimitbitcoin.com you can connect with Tibby and then fill out the application and he'll be happy to guide you and mentor you through the process of getting this all set up. So I'm excited to kind of get started. I've got to go through all these journals now to figure out if I can find that password. Thankfully it was only like half a bitcoin, I think. So one of my journals is worth about 25, maybe at some point in the future. Million dollar. Million dollar journal it could be.

It's a million dollar journal for sure. It will be just a matter of time in my room.

All right, so I'm going to jump on, get that wallet. I think that's at least a good first step. So it's at least in the mail and then yeah. Thank you again. I really, really appreciate your time and I think this was a great session. So thank you again.

Awesome. Thank you everyone. Enjoy the rest of your day and look forward to connecting with you.

Okay, bye everyone. Have a great rest of your day.