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Japan sent me a 34-minute video from Beckmann who commented on Bitcoin. Let's take a quick look at it, guys. We don't buy crypto. And the thing is, it's from 2021, and Wildegg is a respectable person, a hedge fund manager, an active hedge fund manager to be precise. If we look at what this good colleague has to say, also for Andy Stern, the thing is, the package will be Corinna Androsch, a lot of people say that.
First of all, it's cool that he says he doesn't understand it and reduces it to something else. But it's a bit about the technology, which makes the whole thing a bit incomprehensible. So, very technology. I 'm not a techie, I don't even know how my computer works. Yeah, I 'm not a techie, but you can still learn about it.
And the best nation, I actually agree with him. It is indeed a very speculative asset due to the volatility. Exactly, and the argument that he says I should have bought Bitcoin at 100. You've heard that argument about cryptocurrencies at every level. Yeah, so first of all... So, at 100, I would have Bitcoin, I would too.
By the way, I've just written an article that will be published in the Berliner Zeitung where I share some of my experiences. Back in 2016 or so, even earlier in 2015, Arno talked more about Bitcoin, and I said, "Yeah, okay, you can buy it. What does one of these things cost?" He made a small investment for 250 or so, I think, and then at 300 it's too expensive.
At 300 euros, it's far from being worth 30,000. That 's a really good point, or completely right. If you don't know anything about any asset class, the next Bitcoin is coming, and you don't feel comfortable investing your money, then just do n't. And I think that's exactly the right approach because what happened in the financial crisis of 2007/2008, or rather, the one before it, was that all the banks filled themselves up with these subprime loans, or rather, the derivatives on them.
Subprime loans, why? Because you could make good money with them, and the credit rating was relatively high. The ratings were high, and you could make good money with them. Then suddenly, pressure arose on bank managers from shareholders, specifically those bank managers who didn't have these subprime loans in their portfolios.
They said, "Do clean, why are the other banks making so much profit and not you?" And that's how it came about that state banks and the like filled up with this stuff. Yes, and I think it's good that Big Man doesn't do that. Just because many people didn't make money with them doesn't mean you have to get into Bitcoin today.
Just because many people made money with Tesla doesn't mean you have to get involved, and so on. You should only ever invest in what you actually understand. That's an absolutely good principle. You from Bergmann had the citizens, it's not a gossip portal, okay? If I'm not quite there now, but that's the eternal crypto discussion.
These are " generate cash online business talks," so you ca n't use a TCF model. However, that 's a relatively weak statement because there are other asset classes that do n't generate cash. For example, commodities do n't produce cash and don't generate any ongoing income. There are also asset classes, like stocks, that won't generate any income for many, many years.
Even Mike Wolff shares might eventually pay dividends, but I don't believe in the theory that a stock is valued solely by its future dividends. You can also imply and say, " Okay, I don't expect to receive a dividend if I invest in Amazon in the next six years, but I do expect to be able to resell this stock for a higher price in the future." This intrinsic value discussion is a very heated debate that's held about many things and can easily dismiss an asset.
The motto is: no intrinsic value. Without it, there's no real argument. It's true, you can't build a DCF model on Bitcoin, and you can't build one on gold either. You have to find other valuation criteria. Yes, how, for example, are startups invested in? We don't invest in startups here, dinosaurs around.
We look at the cash flows, the future expected cash flows. Other models are used there, multiple valuations and such, or option price models. But creating a DCF model for a startup is relatively imprecise. So, the DCF model is inherently very imprecise, but it gets even worse. Someone fairly said that gold is n't productive either; it only pays out some cash.
Furthermore, I agree. Actually, you shouldn't put all your money into crypto. That's what I think too. I would find that just as stupid as saying that you can destroy the entire group with a single argument. It has no value. Period. I think it's important to divide it across different asset classes.
He certainly seems coherent. He does n't seem very agile, very jealous. He 's an interesting person. He's been through many highs and lows, he's had some great, successful speculations, then you don't hear from him for a while, then you come back to him. He's definitely an interesting personality, one that definitely divides opinions.
Adriano just sent me something too, maybe we'll see each other if you're interested. It's newer, the video is actually Morrison, this one's over and this one's from June, just a month later. He says he's been looking into the topic, especially smart connect chains. I don't know what he's talking about, it's getting into a pretty specific area, I have the feeling.
I'm just seeing this as an application for the whole group, advertising, but I'm curious. Yes, there are a lot of, let's call them, classic investment people who are into Bitcoin and corrupt advertising in general. There are different opinions, but this Bitkom is just saying there are only Bitcoins.
A few others say there are other cryptographers who are really good and bring added value. There are people who say there are others who say only crypto as a supplement and so on. The only one who steadfastly Nothing from Kurt remained, and I was persuaded that we want BA Fit and Charly Manga, but I could imagine that the more Beckmann, a super intelligent person, engages with the topic, the more he will also find cases that are interesting.
Why not? I write, my team, is he him? I think there is no team, there is just use. Surprisingly, being in the team isn't something you can just inform about, and you don't have to be the ultimate fanboy or anything because as soon as you are a fanboy, you are emotionally trapped and can't make rational investment decisions.
That's how I see it. That's a very different statement than when he made a video about Feuerring. I see that the same way he does, so a whole and a condensation of his business. Okay, fine, at the company level, but there are entire industries that are built on it, and you can already see that in this business.
But know how many jobs are currently called work in the crypto space? That would be a super interesting time. He said not yet, yes, so he is open to changing his opinion, and that's what makes a good investor for me. I hope you like this. We like our reaction format; every week we watch live videos about finance together with the community.
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