I've bought the book because I'm always enjoying your content and want to support you. And of course because I expect it to be a good read 🙂 Thank you!
A big big NO. Unless you will pay taxes. You should always promote Bitcoin as THE medium of exchange. Your net worth does not change anyway whatever you use. Unless you have the agenda to keep this USD thing going, you should not use USD to pay for things where you can use Bitcoin.
In 2017, we retired and experienced an empty nest as our kids moved out. We sold our house, liquidated all our investments and IRAs, and invested everything into Bitcoin. This decision has turned us into multimillionaires several times over. However, our sole asset is Bitcoin, and we rely on it daily for living expenses. Exactly how is this stupid please explain.
Very smart and enjoy this beautiful life. I am not retired yet and our kids are still young and in our house but all fiat on our bank accounts is in Bitcoin since late 2021. I wish it was 2017 again but I believe that we are still early.
why can't you convert a percentage to stable coin and use that for spending? (essentially credit card and then payoff the card with stable coin) keep the BTC as the lifeboat.
Good on you. I also don't subscribe to the above advice. Bitcoin is a network, and utilizing that network in any way (buying, spending, saving) is a positive in strengthening that network.
At the core of this question is the fact that we need to get used to denominating things in bitcoin terms instead of fiat terms. Unless you’re trading in and out of market cycles, (which in reality is akin to trading dxy moves with usd) you’re already in the best currency. I think this video is directed at people who gat paid in fiat, pay for most things in fiat, and save some bitcoin. If you’re already all in bitcoin since 2017 you are way ahead of the curve. Sit back and enjoy watching everything continue to get cheaper vs the first completely scarce thing in human history 🥂
Great take from Phil Rosen on Bitcoin being treated as a savings account rather than cash. Their perspective highlights the long-term value of holding Bitcoin.
Not if they tax you at 50%. And what stops sellers from asking for more bitcoin for products if bitcoin is the standard? The fallacy is that the dollar HAS to exist to make these kinds of comparisons.
No need to insult spenders of bitcoin as stupid. Some in the US have a system for easily securing, spending and tracking btc cap gains. Besides avoiding cap gains, is avoiding gains. They are arguably contributing more to the health of the network than straight hodlers. Strength with humility 💪 😉 Keep up the good work!
Why not both? What’s the down side to moving as much of your economic activity to bitcoin as possible? Why decide to protect only your savings from theft?
Sorry, Pomp, but I disagree. Assuming you're a person/family who has first found a way to spend less than they make AND they plan to save for short term emergencies and long term savings, AND that person/family has gotten savvy enough to put their savings in BTC, then it's safe to assume that they've done the work and understand BTC's value proposition. Which means they understand what money is AND they know that everything that's fiat based - i.e., all other assets in the current system - are melting ice cubes! So why would this BTC savvy guy/family ever invest in the S&P 500?! The returns pale when compared to BTC! Because Warren Buffett says don't bet against America?! By your own words, this typical guy doesn't have time to do all that work! He's too busy trying to survive! Besides, he's already done enough work to bring him to BTC. Everythings else pales massively in comparison and he knows it! And that's how BTC eventually - slowly, then suddenly - begins to devour increasingly larger and larger bites of the $900T of other assets in the world!
The only time I spent my bitcoin was on a conference. I bought three coffees and a book via Lightning. It wasn't a bad feeling at all. But in general, I would agree. Save in bitcoin, spend fiat, take a fiat loan to buy more bitcoin.
Yeah, the problem is we're still in the phase of speculation of the value of bitcoin and this phase will remain until we see real world utility. Just holding and moving value around the bitcoin ecosystem isn't enough. In time, a killer dapp will emerge and bitcoin doesn't provide the framework simply because: it isn't programmable, there's a high barrier to entry and there's no official governance to direct future growth. Meanwhile, smart contract platforms will continue to advance with programmability, lower barriers to entry w/ staking options and official governance structures that will out maneuver the bitcoin ecosystem. The game is called innovation.
My problem wiith BTC. It doesnt cash flow...aaand im supposed to hodl it until i die. Does anyone else see a problem w. this strategy ? At what point does my standard of living get better if i dont sell any ?
Bitcoin will appreciate so much that you will have to spend fractions of your bitcoin to make purchases. Somebody who bought 1,000 Btc back in the day has to sell 0.00000000x worth of bitcoin. It’s not that you never sell it, just sell it when it’s smart or when you need it.
It can flow as quickly as you move it. To see the value in bitcoin you have to see the guaranteed devaluation of fiat. Bitcoin is just the first thing with a fixed amount in human history. This quality makes it an excellent measuring stick, and the dollar, and it turns out all other investments, come up short. Money is supposed to be a unit of measurement. Bitcoin is just the first tape measure that doesn’t stretch.
A world may exist where you can borrow against your Bitcoin stack. It will be considered pristine collateral, and those who hold it will likely get favorable rates from banks.
Cold storage via hardware wallet ideally bitcoin only wallet. Spend a couple of hours to learn about it and how to use it as all the responsibility will be on you.
This is not totally true - money is a better term to describe this. Money must fulfill 3 roles. Store of value , medium of exchange, and unit of account. Take a deep dive on those. Bitcoin is still in the store of value phase. Eventually it becomes medium of exchange once others want to hold it. Unit of account is the most interesting in my opinion though.
You're right! BTC's great use case right now is as a store of value. We're still a long ways away from it being a unit of account. Maybe we never use it to transact. Stable coins seem to filling that role quite nicely.
The 99% reduction of purchasing power isn’t really in fiat terms, it’s in real terms. You can get 99% less apples for $1 now than you could 100 years ago
If you hold bitcoin as your savings your life gets cheaper over time. If you hold fiat liabilities over time your life gets more expensive. That knowledge is certainly something to celebrate.
LTCN !! 🎉 Woohhooo!!! Then next cycle I am buying bitcoin for my savings account. 100% into my savings account. And that bitcoin savings account will outperform pretty much all stock investments and real estate. YEAH!!! Thank you guys!!! Be well.
Lol yes, bitcoin is money. Fiat isn’t money. It’s debt. Fiat is literally debt. Money settles debt. Transacting in Fiat is just moving debt from one hand to the other. Fiat stopped being money in 1971
It has a value of 67k for one Bitcoin. I think that qualifies it as money. Can it fail? Absolutely but not very likely. Too many people believe in it and that's all it needs. More and more people will buy Bitcoin which grows the network. The more it grows the more the price goes up. Never underestimate a cult. Bitcoin is a movement and as long as it stays decentralized and secure the number will go up long term. Right now money is exactly what it is.
You can buy my first book here: www.amazon.com/Live-Extraordinary-Life-Anthony-Pompliano/dp/0857199927
I've bought the book because I'm always enjoying your content and want to support you. And of course because I expect it to be a good read 🙂 Thank you!
Save in Bitcoin, but spend it when you need it
A big big NO.
Unless you will pay taxes. You should always promote Bitcoin as THE medium of exchange. Your net worth does not change anyway whatever you use.
Unless you have the agenda to keep this USD thing going, you should not use USD to pay for things where you can use Bitcoin.
this. BTC is much more than just a store of value
100% agree
I would rather sell a bar of gold for than sell my Bitcoin bag 💯
Exactly, do not spend you bitcoin, use fiat and debt card to pay your coffee. Bitcoin is the best store of value. Great video as always 👍Thanks.
What if you’ve no more fiat to spend do you got to sell some bitcoin to pay the bills ?
In 2017, we retired and experienced an empty nest as our kids moved out. We sold our house, liquidated all our investments and IRAs, and invested everything into Bitcoin. This decision has turned us into multimillionaires several times over. However, our sole asset is Bitcoin, and we rely on it daily for living expenses. Exactly how is this stupid please explain.
Good for you, I think the tax implication is what Pomp is referring to.
Very smart and enjoy this beautiful life. I am not retired yet and our kids are still young and in our house but all fiat on our bank accounts is in Bitcoin since late 2021. I wish it was 2017 again but I believe that we are still early.
why can't you convert a percentage to stable coin and use that for spending? (essentially credit card and then payoff the card with stable coin) keep the BTC as the lifeboat.
Good on you. I also don't subscribe to the above advice. Bitcoin is a network, and utilizing that network in any way (buying, spending, saving) is a positive in strengthening that network.
At the core of this question is the fact that we need to get used to denominating things in bitcoin terms instead of fiat terms. Unless you’re trading in and out of market cycles, (which in reality is akin to trading dxy moves with usd) you’re already in the best currency. I think this video is directed at people who gat paid in fiat, pay for most things in fiat, and save some bitcoin. If you’re already all in bitcoin since 2017 you are way ahead of the curve. Sit back and enjoy watching everything continue to get cheaper vs the first completely scarce thing in human history 🥂
This all sounds good but what happens after regulations? How will this work?
Great take from Phil Rosen on Bitcoin being treated as a savings account rather than cash. Their perspective highlights the long-term value of holding Bitcoin.
I hold btc… but my true question after this is since we shouldn’t sell our bitcoin or spend it how is everything truly getting cheaper?
Borrow against your bitcoin.
Bc u still have it if u need to spend it rather than if u didn't have it at all then u wouldn't have the choice
Spend fiat, save in BTC, gold, and silver.
Slowly selling all precious metals to go all in on btc, sol and jup!
Silver - the OG shitcoin
Not if they tax you at 50%. And what stops sellers from asking for more bitcoin for products if bitcoin is the standard? The fallacy is that the dollar HAS to exist to make these kinds of comparisons.
No need to insult spenders of bitcoin as stupid. Some in the US have a system for easily securing, spending and tracking btc cap gains. Besides avoiding cap gains, is avoiding gains. They are arguably contributing more to the health of the network than straight hodlers.
Strength with humility 💪 😉
Keep up the good work!
so why's it been stuck at under $70k in terms of resistance?
When your annual BTC holdings out perform your annual 401K returns, you know you're good
This is why I’m thinking about transferring my IRA into BTC.
Clear and to the point. Great work Pomp. Ty
Why not both? What’s the down side to moving as much of your economic activity to bitcoin as possible? Why decide to protect only your savings from theft?
we'll have to sell bitcoin when we need to use it for daily living expenses
Sorry, Pomp, but I disagree. Assuming you're a person/family who has first found a way to spend less than they make AND they plan to save for short term emergencies and long term savings, AND that person/family has gotten savvy enough to put their savings in BTC, then it's safe to assume that they've done the work and understand BTC's value proposition. Which means they understand what money is AND they know that everything that's fiat based - i.e., all other assets in the current system - are melting ice cubes! So why would this BTC savvy guy/family ever invest in the S&P 500?! The returns pale when compared to BTC! Because Warren Buffett says don't bet against America?! By your own words, this typical guy doesn't have time to do all that work! He's too busy trying to survive! Besides, he's already done enough work to bring him to BTC. Everythings else pales massively in comparison and he knows it! And that's how BTC eventually - slowly, then suddenly - begins to devour increasingly larger and larger bites of the $900T of other assets in the world!
Great information!!
Nailed it Pomp.
is the must to drive lambo on moon
The only time I spent my bitcoin was on a conference. I bought three coffees and a book via Lightning. It wasn't a bad feeling at all. But in general, I would agree. Save in bitcoin, spend fiat, take a fiat loan to buy more bitcoin.
…and leverage your bitcoin with loans when you want to spend it!😃
Its hard to do what pomp says when I drops by 50% in its cycles.
At what point do you spend the Bitcoin?
Instead of selling it all sell what you need
Powerful ❤️
BANG BANG. Preach it brother POMP! 👍🏻👍🏻
Love it Pomp
It’s a win win situation 😊
There's a reason pomp is constantly losing subscribers.
Let the losers LEAVE!!!😂😂😂
You have to sell some to pay your taxes
True. Capital gains
He that dies with the.most btc wins.
Yeah, the problem is we're still in the phase of speculation of the value of bitcoin and this phase will remain until we see real world utility. Just holding and moving value around the bitcoin ecosystem isn't enough. In time, a killer dapp will emerge and bitcoin doesn't provide the framework simply because: it isn't programmable, there's a high barrier to entry and there's no official governance to direct future growth. Meanwhile, smart contract platforms will continue to advance with programmability, lower barriers to entry w/ staking options and official governance structures that will out maneuver the bitcoin ecosystem. The game is called innovation.
Great advice 🙏🇿🇦✌️
You hold some bitcoin. And you trade or sell some bitcoin. You spend btc profits in usd or invest those in real estate or whatever.
Max out all credit cards and take out large loans to buy as much bitcoin as possible!!!
Fo real tho
Thanks for the solid financial advice!
Brilliant view on Bitcoin.
My problem wiith BTC. It doesnt cash flow...aaand im supposed to hodl it until i die. Does anyone else see a problem w. this strategy ? At what point does my standard of living get better if i dont sell any ?
Right a lot of people will cash out for a house and retirement as they should.
Bitcoin will appreciate so much that you will have to spend fractions of your bitcoin to make purchases. Somebody who bought 1,000 Btc back in the day has to sell 0.00000000x worth of bitcoin. It’s not that you never sell it, just sell it when it’s smart or when you need it.
It can flow as quickly as you move it. To see the value in bitcoin you have to see the guaranteed devaluation of fiat. Bitcoin is just the first thing with a fixed amount in human history. This quality makes it an excellent measuring stick, and the dollar, and it turns out all other investments, come up short. Money is supposed to be a unit of measurement. Bitcoin is just the first tape measure that doesn’t stretch.
Banks are already starting to loan against it.
A world may exist where you can borrow against your Bitcoin stack. It will be considered pristine collateral, and those who hold it will likely get favorable rates from banks.
Finally a decent explanation. So what's the best real way to store it?
Cold storage via hardware wallet ideally bitcoin only wallet. Spend a couple of hours to learn about it and how to use it as all the responsibility will be on you.
If you're pushing the message to not spend your Bitcoin, then it's not a currency.
Bitcoin is an asset, it's serve as a store of value, which you can use as a currency
My house is not a currency either but I can still get cash out at a low rate and it's non taxable.
whatever you need to tell yourself
This is not totally true - money is a better term to describe this. Money must fulfill 3 roles. Store of value , medium of exchange, and unit of account. Take a deep dive on those. Bitcoin is still in the store of value phase. Eventually it becomes medium of exchange once others want to hold it. Unit of account is the most interesting in my opinion though.
You're right! BTC's great use case right now is as a store of value. We're still a long ways away from it being a unit of account. Maybe we never use it to transact. Stable coins seem to filling that role quite nicely.
Financial education solves that Pomp, not bitcoin. Bitcoin will move some younger middle class into the upper class but it won’t solve poverty
its a savings account... with the highest yield 😁
I have a neighboor that bought this house from ground up with BTC , mortgage free. I am a maxi now - there is no 2nd best
rich don't get richer (by and large) by bitcoin...but traditional investments. Stocks, business, real estate. Of course don't hold too much cash.
Ironically though, Bitcoin will make the rich even richer still... the poor don't save because they are living paycheck to paycheck
Easier said then done, I’m down to my last 1.5
This is taking to long for me
Why you spending it?
Hello!
Hello
You are dumb if you drink coffee.
VOTE TRUMP!!!!!!! Save the World!
Btc is awesome, but its not the most important thing.
What is "the most important thing."?...
Have fun staying poor
Obviously
It’s the only important thing 😅
No money is
99 % reduction. But still in fiat terms. That makes no sense to celebrate it.
The 99% reduction of purchasing power isn’t really in fiat terms, it’s in real terms. You can get 99% less apples for $1 now than you could 100 years ago
Keep learning! Once you get it your mind is blown
If you hold bitcoin as your savings your life gets cheaper over time.
If you hold fiat liabilities over time your life gets more expensive.
That knowledge is certainly something to celebrate.
LTCN !! 🎉 Woohhooo!!! Then next cycle I am buying bitcoin for my savings account. 100% into my savings account. And that bitcoin savings account will outperform pretty much all stock investments and real estate. YEAH!!! Thank you guys!!! Be well.
first
1st
bitcoin is not money
Lol yes, bitcoin is money. Fiat isn’t money. It’s debt. Fiat is literally debt. Money settles debt. Transacting in Fiat is just moving debt from one hand to the other. Fiat stopped being money in 1971
Money is exactly what it is.
@@blackfiree91🎯
Then what’s money?
It has a value of 67k for one Bitcoin. I think that qualifies it as money. Can it fail? Absolutely but not very likely. Too many people believe in it and that's all it needs. More and more people will buy Bitcoin which grows the network. The more it grows the more the price goes up. Never underestimate a cult. Bitcoin is a movement and as long as it stays decentralized and secure the number will go up long term. Right now money is exactly what it is.