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I am a Crypto Freak!
I love being a Crypto freak. I am the guy that lives and breathes this space, fully addicted. I have never been able to understand how other people could laugh it off so easily as a joke industry. I had an investor in one of my Ventures put Capital in on the condition that I never talk Bitcoin to him again. I am that much of a Crypto (annoying) freak.
Why Bitcoin is a better investment than marriage
The news that Fidelity investments with$7.2 trillion dollars, making it the fourth largest asset manager in the world, has entered the Cryptoverse, is welcomed by this freak but I hope there are plenty of freaks among the 27 Million investors in Fidelity. Fidelity is the leader in the United States when it comes to 401(k) retirement savings plans and is one of the largest 403(b) retirement plan providers for not-for-profit institutions. The BIG question is will this new easy access to Bitcoin translate into people securing their Bitcoins and Crypto in their own wallets or will they leave it with the asset managers?
Fidelity has more investors than there are Bitcoins! Bitcoin is still a cheap asset in my opinion. It is cheaper than an average holiday for two, a really shitty second hand car and is roughly the same price as what Americans spend on engagement rings. Given more than 50% of marriages fail this makes buying a Bitcoin a better investment than an engagement ring. In fact, Bitcoin at the time of writing, is the same price as what people in the state of Oklahoma spend on engagement rings.
Business insider says that Californians spend $10241 on wedding rings. The divorce rate in California is 60%, this makes Bitcoin an absolute no-brainer for Californians.
You can hide your Bitcoins during the divorce
During a divorce Bitcoin might also be a better investment than anything else as well. It is the only unconfiscatable asset we currently have, the first in human history. Lots of head slapping by people who have been through divorces right now! Ok, I am just joking around here….sort of.
Back to Fidelity Investment joining us Crypto freaks. I have no doubt that Bitcoin will only get bigger. If I compare where we are at today to this time last year there is no comparison. With 27 Million new people able to get their hands on Bitcoin and Crypto more easily, Bitcoin will become less freaky and more mainstream. I suspect we will see lots of custodial services pop up very fast and the monopoly Coinbasecurrently has for easy on boarding will dilute.
Why is coinbase so successful?
I think coinbase is so successful because people are lazy, they can buy their coins there and leave them with coinbase. Easy yes, smart? not in my opinion. How regulation and the declaration of this new asset class develops will be very interesting but the fact remains that Bitcoin can’t be taken from you. The issue of being asked to declare them is already with us and rightly so. If your coins are in someones else custody then you really have little control of what could happen, coinbase, Fidelity whoever. Get your coins in your own wallet then they are truly yours. How you proceed when asked about Crypto assets is not my place to advise, that is up to you.
Bitcoin is unconfiscatable!
As it has become easier to buy and store Bitcoin what will be diluted is the understanding of what Bitcoin actually is, wait for it……it is unconfiscatable! People really only learn the hard way, and that usually involves losing something of value. Given the divorce rate, maybe we will see real knowledge of what Bitcoin is by the people in shaky marriages or going through divorces. For the 1000th time, Bitcoin is yours people! Bitcoin is something you actually own and that can not be taken off you. I’m just having some fun with the whole Bitcoin is better than marriage thing but I hope you get the point I’am trying to make. Owning an asset that is actually yours, and yours alone, and can’t be taken off you is pretty good and we have this now. BITCOIN……….if it is in your wallet.
*I would like to get married, especially to someone with at least ten bitcoin who will share thier private key. I suspect 10 Bitcoin will be worth a bit in the future.
**To my future wife, we don’t need rings lets buy Bitcoin instead.