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the asset itself is creating nothing I think it's a scumball activity I would short it if there was an easy way to do it hi fellow this is EZ investing 101 kindly subscribe to be an intelligent investor firstly is Bitcoin worthless let's listen to what Buffett talks about Bitcoin cryptocurrencies basically have no value and they don't produce anything so you can look at your little Ledger item for the next 20 years and it says you've got X of this cryptocurrency or that it doesn't reproduce it doesn't it doesn't deliver it can't mail you a check it can't do anything and what you hope is that somebody else comes along and pays you more money for it later on but then that person's got the problem but in terms of value uh you know zero when you buy a farm uh you look at the crop every year and and what prices are and you decide whether it was satisfactory investment I mean you you look to the asset itself and what it produces for you when we buy a business we look at what the business earns and decide how we feel about it in terms of what we paid but we are buying something that at the end of the period we not only have what we bought in the first place but we have something that the asset produced and when you buy nonproductive assets uh all you're counting on is whether the next person is going to pay you more because they're even more excited about another next person coming along but the asset itself is creating nothing uh one of the interesting things example is is gold uh if you go back to the time of Christ and you look at how many hours you had to give up in order to buy an ounce of gold and you take it forward to now you'll you'll find the compound rate maybe a tenth or 2/10 of 1% you know and and then you have to ensure it during that time and make sure you know somebody doesn't steal it from you and everything but it doesn't produce anything and productive assets uh you may you can pay too much for a productive asset but I bought a a farm in the 1980s and and every year look at how much It produced the away soy beans and corn and at the end of that period I've still got the farm and I've gotten some significant income off of it apartment house operating business but uh if if you and I buy various cryptocurrencies they're not they're not going to multiply they're not going to be a bunch of rabbits sitting there in front of us that they're just going to sit there and I got to hope next time you get more excited after I've bought from you and then maybe I'll get more excited and buy it from you and actually we could we could sit in the house by ourselves and we could keep running up the price between the two was but at the end of the time there's one Bitcoin sitting there now we got to find somebody else and and they come to an end I mean those that mean that's a greater fool Theory that's what you're saying well yeah it's it's it's it's buying something because you expect the pool of people who want to buy it because they want to sell it to somebody else will'll grow and and and it's wonderful because it does create a rising price does create more buyers and people think I've got to get in on this and and it's better if they don't understand it that's the other thing about nonpr if you don't understand it you get much more excited than if you understand it I mean if you buy a bond ass say it's going to pay you 4% a year you're not going to get any pleasant surprises she's going to pay you 4% a year but if you if you you can have anything you want to imagine if you just look at something and say that's magic you can do it with sharks teeth or seashells or or anything and uh you know they did it with tulips and and in the 17th century and in in Amsterdam and and and they'll do it again I mean people they like to speculate they like to get okay let's see what Charlie MRE says about Bitcoin Bitcoin is worthless artificial gold which if it succeeded would facilitate a lot of illicit activity now that is not something I think the world needs and I do think that a properly run bank is a great contributor to civilization and that the central banks of the work world like controlling their own banking system and their own money supplies so I don't think Bitcoin is going to end up the medium of exchange for the world it's too volatile to serve well as as a medium of exchange and it's really kind of an artificial sub itute for gold and since I never buy any gold I never buy any Bitcoin and I recommend that other people follow my practice well Bitcoin as a as a the computer science behind that's behind Bitcoin is a great Triumph for the human mind that's what captivates L of these people they've actually created a product that's hard to create more of but not impossible now that is very peculiar but they've managed to do it so a lot of the compu computer science people love it just because it's such an extreme achievement of computer science I of course have no interest in in that because it's not my subject and I see an artificial speculative medium that people are buying just because they think they can sell to somebody else at a higher price even though it inherently has no intrinsic value and so I regard the whole business as antisocial stupid immoral immoral yes IM why why would you trade suppose you could make a lot of money trading freshly harvested baby Brands would you do it or would you say that's immoral you wouldn't trade them would you too it's too too too awful a concept well to me Bitcoin is almost as bad it it's not having any desirable social purpose we've got debit cards it isn't like we don't have a payment system we've got WeChat in China incredibly efficient payment system China doesn't need Bitcoin and if you have a WeChat why would you do it in a medium where the changes enormously nobody is right mind would want a payment system where the very thing you were using went up and down by 20% of the day now I regard the thing as a as a combination of dementia and immorality and I think the people that are pushing it are a disgrace last year there ought to be some things that are beneath you you just don't do and this is one we did not need a gold certificate I mean a gold substitute uh like this let's find out what Ray Doo shares about Bitcoin well I'm not going to give the precise amount of u uh Bitcoin or um and that I do own uh some ethereum as well um and uh but the answer to your question is um that I don't own a lot of it I view it as um and alternative U money um in a environment where um the value of cash money um is depreciating in real terms and I think it's very um impressive that uh for last 10 11 years uh that programming has still held up it hasn't been hacked and so on and it has an adoption rate so I'm very big on diversification and it it's a relatively small part of the portfolio I would like to say that um cash I've been quoted cash is trash um that um cash which most investors think is the safest investment um is um I I think the worst investment um and that it's important uh because it loses buying power the one thing I would say to investors is don't judge any in your returns or your assets in nominal terms in terms of how many dollars you have view it in terms of inflation adjusted dollars and so cash like this year you'll lose uh four or 5% to um inflation and so pay attention to those because I believe that that'll be the worst investment and then beyond that the important thing is to diversify one's portfolio well because we know um from that um the surprise is in the balance we also know that um those asset classes on average significantly outperform and will significantly outperform cash and that they move between each other in a way that one um that has to do with correlations because of when things go down when the economy goes down then bonds will do better than stocks and so on so forth so diversification a of assets I view crypto as a small piece of that and the message is uh cash is um going to be a problematic asset and hold that other Diversified portfolio of assets keep it looking at it in real terms not nominal terms and that diversification should be um also uh International diversification from countries not just AET classes um in order to have a truly well- Diversified portfolio well I think it's worth considering all the uh the alternatives to cash and all the alternatives to some of the financial asset um and so Bitcoin has um has is a possibility is that a merit I have a a certain amount of money in Bitcoin it's a small percentage of that which I have in gold which is a relatively small percentage of what I have in my other asset classes and so on and I think that that has the Merit it's it's an it's an amazing accomplishment to have brought it from where that programming occurred to where it is and T the test of time on the other hand it's if if it's successful it's going to not be the governments don't want to have it successful you don't want to have we're starting to see governments like El Salvador I know that's not exactly uh going to be the leading government on this but there there are governments that may take this on but no no no no no um the you have El Salvador taking on and you have have India and China getting rid of it and you have the United States talking about how to regulate it and it could still be controlled so that's what what it looks if you're El Salvador and you talk about your alternative monies you know it's a different thing do you believe that regulation ultimately will make something like Bitcoin and other cryptocurrencies have a future or do you think regulation will kill it well I think regulation I think at the end of the day if it's really successful they'll kill it and they'll try to kill and I think they will kill it because they have ways of killing it but that doesn't mean it doesn't have um you know a place a value and so on but it's one of those things that has it doesn't have intrinsic value if you if you put crypto currencies or let's say Bitcoin in the historical perspective right there were so many things in a historical perspective that were given intrinsic that didn't have intrinsic value and were have perceived value and then became hot and then they become cold and so it could be either way you just have to know what it is right I mean like you know it it could be tulips in um in Holland you know and the intrinsic value so what is the value and then there are technological changes I don't I'm no expert on it I'm just trying to say that you ask me what my opinion is take it for what it's worth I'm no expert on it I think it I think diversification values it it matters I suspect the question that investors should be asking themselves is how much stuff like that do they have do how much stuff do they have do they have gold okay should we be talking about how much you have in Gold versus how much you have in Bitcoin and do you have a diversification in those kinds of things that we might call intrinsic value money because we have a Fiat monetary system okay with a Fiat monetary system where is your hard money that's the question and I however you go after it I think that's the question to be answered and finally let listen Bill Gates shares about Bitcoin I don't own Bitcoin I'm not short Bitcoin uh you know so I've taken a neutral view I do think you know moving money into a more digital form uh and getting transaction cost down that's something our The Gates Foundation does in developing countries uh but there we do it so that you can reverse the transaction so you have total visibility of who's uh doing what so it's not about tax avoidance or illegal activity uh but you know Bitcoin can go up and down you know just based on the Mania or whatever the views are and I you know I don't have a way of predicting uh how that will progress uh somebody gave me some for my birthday uh and then a few years later I thought hey I'm going to sell that so no uh there's some really good technology in terms of sharing databases and verifying transactions uh that is talked about as blockchain that is a good thing Bitcoin and iOS I agree completely uh it's one of the crazier speculative things where it's not as a as a an asset class you're not producing anything uh and so you shouldn't expect it to go up it's it's kind of a pure greater fool Theory type uh investment um so you know I I I agree I would I would short it if there was an easy way to do it well Bitcoin uses more electricity per transaction than any other method known to mankind um and so you know it's not a a great thing now you know if it's green electricity and it's not crowding out other uses eventually you know maybe that's okay so I don't see the topics as as deeply related even though you might label me a a Bitcoin skeptic that is I haven't chosen to invest money I buy malaria vaccines I buy misos vaccines you know I I invest in companies that make products it's not a hey somebody's going to buy this for more money than than I pay for it but you know I if other people find their fortune that way I I uh I applaud them but but you don't think and there are people who believe this I'm sticking with the climate thing on bigcoin for a second there are people who believe u uh these are are are Bitcoin bears that given the energy requirements to create and maintain the Bitcoin Network that actually ultimately um given all of the uh societal efforts for climate that actually Regulators or rules would be imposed or make it more expensive to actually hold Bitcoin now I don't I I should look at the most bullish projection on what percentage of the electricy demand would be there are other ways of doing digital currency that our foundation is involved with which are done in local currency the transactions are not secret they're reversible you can't use it for rant some or or things like that and yet the transaction fees are so low that it's empowering the poorest so you know we worked with India uh to do their digital currency we're working with all the countries in Africa so I'm a huge fan the biggest investor uh philanthropically in digital currency so that financial services are available to everyone on the planet well look Elon has tons of money and he's very sophisticated so you know I'm I don't worry that uh you know his Bitcoin will sort of randomly go up or down I do think people get bought into these Manas who may not have as much money to spare so I'm not uh bullish on bitcoin and you know I my general thought would be uh that you know if you have less money than Elon you should probably uh watch out why aren't you bullish on bitcoin it's it's look there are things we invest in in society that produce output uh Bitcoin happens to use a lot of energy uh it happens to promote an anonymous transactions they're not reversible transactions are the Gates Foundation does a lot in terms of digital currency uh but those are things where you can see who's making the transaction uh so digital money is a good thing uh uh and you know there's a different approach that's local currency and attributed and you know deals with all the money laundering and terrorism type regulations and yet gives you the very the convenience and the low cost of transaction uh and so you know our foundation is very proud that in the pandemic a lot of the countries we funded to do this were able to get money out to their citizens very very efficiently so that's something that it's not got the visibility of Bitcoin but move towards digital money uh that we're very engaged in is a super positive thing uh that eventually we'll get to even the poorest countries if you think Bitcoin is good just comment your reason below just comment your reason below thank you for watching hope you enjoy thank you for watching please like share and comment your idea please like share and comment your idea for the next
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