Bitcoin Trigger Fest - Presbyterian v. Presbyterian

All right, well I'm going to talk a little bit more about Bitcoin today, but before I do, let me just share with you a comment that I thought was like a mic drop comment from one of my

YouTube subscribers. By the way, I love my subscribers. I feel like the quality here is just top -notch.

But anyway, he was responding to my video called Who's Your Daddy, Ruslan? And it's the part about Marcus when

Marcus said that he'd rather the church do education poorly than the government do it well.

And that was actually a pretty controversial comment. I gave you my suggestion of what

I thought it meant, but a lot of you corrected me in the comments. And actually, Marcus said that the commenters were actually right about his point.

And this comment here, I think, encapsulates the idea perfectly. This is what Nathaniel said.

He said, I thought that was a brilliant way to put it.

Because, you know, Saul was doing the offering. He was doing it so he could honor God. But you can't honor

God by doing something that directly contradicts the order that he himself established.

And so for that reason, when it comes to government schools and government charity programs, I'm out.

If you know anything about my channel,

I used to drink these kale smoothies every morning. They're disgusting, but they're pretty healthy.

So I'm doing it again. And so hopefully this will give me a little bit of sass today. You know what I'm saying? Anyway, yeah, so Bitcoin.

Whenever I talk about Bitcoin on the channel, usually I get some very spirited comments from both supporters and protractors.

Protractors? Detractors. Yeah, protractors is that device that measures an angle. I'm talking about detractors.

Anyway, but yesterday was extra special because Andrew Torba, who is a

Bitcoin aficionado, retweeted my take on gold versus Bitcoin and Elon Musk's ability to move the markets and all that kind of thing, which got me a ton of engagement.

So thank you, Andrew. I appreciate that. But the responses, some of them were very predictable and others were very interesting.

So if you remember in the video last yesterday, I said that if your response to my criticism of Bitcoin is the classic,

AD, you don't understand Bitcoin, then you might be a cultist. And what I meant by that was obviously not if you disagree with me about Bitcoin.

I've got a lot of people who watch this channel regularly, supporters of the channel that love Bitcoin. And I always say that that's fine if you like.

In fact, in the video yesterday, I said, I'm not telling you to sell all your Bitcoin. I'm not a financial advisor. Plus, it might not be necessarily a money making idea.

And so if you want to hold Bitcoin, that's totally fine. I'm not going to hold any Bitcoin or Ethereum or whatever.

And because I have some underlying beliefs about the value of those coins. And so here's the thing, though.

So, you know, it's about the response. It's not about agreeing with me about Elon Musk moving the market and stuff like that.

It's about the response being the typical nonsense response of you don't understand

Bitcoin when that's just it's just such a cultic type of response. You just don't understand.

You just don't get it. Now, there was a guy named Crypto Presby. I have him here on the screen here.

He doesn't have a YouTube channel, but he does go by this exact name on Twitter. At least he says he does.

I don't click Twitter links. I don't use Twitter in any way, so I couldn't check it out. But he said Crypto Presby is his name.

So if you're interested in crypto news from a Presbyterian brother, then please watch his channel.

He got especially triggered by my video yesterday. We're going to get to that in a minute, because the reason he got triggered was ridiculous.

In fact, he did engage in the old cultic, you just don't understand crypto. But but actually, he did help me out because he revealed that I probably should explain myself a little bit more, just because I don't want to.

I don't want to make crypto boys angry. I like crypto boys. Well, take that one back.

Anyway, let's jump into it. But before we get into Crypto Presby's take, let me get into some of the more interesting ones.

This one was the first. This guy, a couple of people said this, and I wanted to address this one.

He said, quote, he didn't affect my holdings in the slightest. I'm going to hold as long as I'm alive.

My child will enjoy my bitcoins when I'm dead and gone. And, you know, a couple people said this to me.

And one of the responses I gave to this is that's totally fair. You know, if you want to hold Bitcoin for the for the rest of your life, and that's your position, you want to hold that position for the rest of your life.

I think that's fine. My warning, though, is don't ruin yourself in the process. So if your entire life savings is in Bitcoin, and it goes down and it tanks and stuff like that.

Yeah, like, I don't think that's very smart, you know, and frankly, I don't think it's very smart to have your entire life savings in any one thing at all.

So yeah, if you want to hold Bitcoin for the rest of your life, and you think that it's going to be a really good inheritance to pass on to your children, that's totally fine.

I've got some financial positions that I'm planning on holding on for the rest of my life. So like,

I get that I understand. But even if I disagree that your children are going to enjoy your

Bitcoin, next generation, I don't agree with that. But it's fine. I could be wrong.

And if you want to hold the position for the rest of your life, depending regardless of what the price does, that's totally on you.

I'll give you an example of a position that I'm trying to hold for the rest of my life, depending regardless of the price, I'll probably hold my house for my entire life, regardless of what happens with the price.

Because the thing is, like, the house has value, no matter what the price does.

Like you can live in the house, you can rent the house out, you can use the house for a variety of things.

I disagree that Bitcoin is like that. But hey, I could be wrong. And if you want to hold your Bitcoin for the rest of your life, that's totally fine.

I don't I don't think you're, you know, bad person or anything like that. It's fine to hold to plan on holding financial positions for your entire life.

Obviously, I could foresee a situation where I would sell my house. But the plan right now is to hold it forever.

So I get it some positions you can hold forever, some position it makes positions that make sense to hold forever, and all of that.

So that was one comment that I thought was interesting. Here's another one that I thought was interesting as well.

This is from Torba retweeting me. This guy took my tweet or my gab. I hate that.

My gab, my gab. This guy took my gab in the exact opposite way of many people. Here's what he said about my gab yesterday about gold.

He says, This sounds like another idiot who took out a massive loan to invest in Bitcoin.

He's now raging because welfare boy Alon just nuked his millionaire dreams. He was talking about me.

He said that my comment sounded like I was really upset at Alon because I took out a loan to buy

Bitcoin. And now my my loan is is coming due. And the Bitcoin is not worth as much as it used to be.

He obviously has me all wrong. Again, I don't own any Bitcoin. I sold the last of my crypto a few weeks ago or a month ago or something like that.

I sold my Ethereum at the time I was up 33%. It was a modest position.

I was up 33%. So I sold it took the profits. If I would have held it, I would have made a lot more because shortly after I sold it.

Ethereum did really, really well. So totally understand. You know, he says

I sound like an idiot who bought a lot of Bitcoin. He's wrong. But I shared this on gab because I thought that welfare boy

Alon was a really funny name for him. Welfare boy Alon Musk. That's pretty funny.

All right. Here we go. This is Oh, here's some who call me

Tim gave me the cult response. Sounds like most of you don't understand blockchain.

You gotta love it, man. You gotta love it. I promise you I'm not a profit. I cannot see the future.

But the you don't understand Bitcoin response is just so typical. It's easy to predict and all that kind of thing.

So last one, I wanted to address a lot of people were trying to take a bite out of me by telling me that the volatility is really good for Bitcoin because there's opportunity to make money with all the volatility.

So if Elon Musk, you know, you know, says something stupid and the price goes down, you know, 20%, that's actually a good thing for Bitcoin, because then you can buy into Bitcoin.

And then when Elon says something stupid the other way, you can make 20 % of your money easy. And there's some truth in that.

Yeah, the volatility, it does breed opportunity if you know what you're doing. But to bank on Elon Musk being able to to move the markets like that very consistently and stuff like that.

It's risky, it's risky, you have to understand that there's risk there. So if you're going to play in the markets like that and use the volatility to your advantage,

I'm not saying you can't do that. In fact, a lot of people do do that. What I am saying, though, is most people are incapable of doing that.

Either they don't have enough information, they're not smart enough, or they don't have the makeup to play in a market like that.

It's risky. So just be aware of the risks. Don't embrace the cult mindset of you can't lose with Bitcoin because you definitely can lose with Bitcoin and most people will lose with Bitcoin.

So if you're going to play if you're going to be a Bitcoin day trader, fine. I'm not you're not a bad person.

If you want to try to make money on the volatility. That's definitely a possibility. I personally think that there's easier ways to make money.

But that's just my opinion. Maybe I just don't understand Bitcoin. You know what I'm saying? I don't know. But anyway, so, you know, some of those comments were pretty interesting.

Yeah. I mean, if you've got the makeup to do the day trading and you know that you can understand the technicals and all that kind of stuff, then fine.

If you want to do that, that's fine. I think there's better uses for your money. Now, here is the Crypto Presby guy.

So I wanted to respond to this in a little bit more depth. And he was very triggered.

I mean, super triggered. You know, I was talking to my brother earlier yesterday, rather.

And I got to say, out of all the people that I trigger on my channel, like the crypto boys are they get triggered real hard when

I don't even say anything that aggressive. Like I don't say anything that controversial. Like my my tweet yesterday was like, you know, it's it's probably a problem that, you know,

Elon Musk can move the markets like it's an issue. And they're like, how dare you? How dare you say that about it? You don't understand

Bitcoin. It's just they get triggered with like the slightest stuff. Like, let's calm down, everybody. Let's just take a deep breath anyway.

But I wanted to read this because he put a little bit of time into this. So I thought it would be helpful for everybody.

So the first thing you'll notice from the Crypto Presby guy is that he shares a chart and some some comments that he made to a friend.

And what he's trying to do is to prove that the markets moved over the weekend for different reasons besides Elon Musk speaking.

And I'm going to address that one in a minute. But he's also trying to prove that he's like a crypto genius, like he knew that the markets were going to go down.

And let me just say this at the outset. People understand how to read technical charts like this and stuff like that.

They can in some ways know generally what crypto is going to do.

They can't know perfectly and they can't know the reasons sometimes. But there are some things you can do with some of these technical charts like this to kind of predict where Bitcoin is going to go.

Now, it works until it doesn't work. And we'll talk about that in a minute, too. So here's what his comment says.

He says, A .D., with all due respect, you don't understand Bitcoin. Now, he doesn't quite say that.

He says, A .D., you don't understand the markets. So it's very, very similar to the cult response. Very similar.

But he tweaked it a little bit. So he avoids the cult label for now.

With all due respect, you don't understand the markets. Saying this does not make me a cultist. He took he took very much offense to that cult comment yesterday.

So anyway, many of us expected Bitcoin to drop 20 percent prior to the Elon tweets.

I'll prove it. The blue arrow on the chart is where I sent a message on May 12th saying I expected Bitcoin to drop 20 percent.

I informed another friend on the same day that I expected the drop. We're currently down 20 percent from when I said that Elon's tweet was yesterday.

Understand the saying. Show me the charts and I'll tell you the news. Many of us expected this. I put my money where my mouth is and I shorted

Bitcoin on May 12th. I could go on and on, but I simply don't have the time. Suffice it to say this had nothing to do with Elon.

And you sully your brethren when you say we're cultists if we disagree. Bottom line, Bitcoin has been overextended for weeks.

It's been rejected at 60K for weeks. It was rejected a fifth time in early May. It did not have the strength to hold.

This is a reversion to the mean. I have many more evidences as well. If you still wish to argue that Elon caused this,

I'll even debate you on your show. I'll show my trades prior to any Elon tweet you can conjure. Feel free to check out my

Twitter, Crypto Presby for more info. Shout out to Crypto Presby. So he took extreme offense.

He's like, I understand Bitcoin so well. I know when the market's going to move. I know what it's going to do.

And it has nothing to do with Elon Musk. I'll prove it to you. And he shows me all the charts and all that kind of stuff. Here's the problem with this, right?

This is the problem because both things can be true at the same time. Let me give you an example.

So the other day, the other day, the Treasury Secretary Yellen, is she the secretary?

Yeah, she's the secretary now. Yeah. She said something about potentially raising interest rates.

Like she said something very mild, like eventually we might have to raise interest rates in our country to avoid inflation, blah, blah, blah.

And the markets tanked when she said that. They tanked. And this is, they didn't tank as much as Bitcoin, but they tanked.

I mean, I think they dropped like 3 % or something like that, the NASDAQ anyway. And then the Dow was down, the

S &P was down, all that kind of stuff. All because one person, Janet Yellen or whatever her name is, said that they might have to raise interest rates at some point.

Maybe we'll think about it. And that was enough to spook the markets, right? They spooked the markets ridiculous. It spooked it so much that she came back that day and said,

I don't set the interest rates. It's not my job. So she kind of walked it back and the markets gained a little bit.

So you could easily have said that Janet Yellen's comments moved the market 3%, which is pretty massive for a day's move, right?

But I could show you a chart like this that said that I took a short position on the

NASDAQ weeks ago. And that's true. I did. I bought a fund that shorts the

NASDAQ market weeks ago. I have not made money on that trade yet, but I'm pretty confident that I will at some point.

Now, I could say, well, no, no, you don't understand.

Someone could try to trigger me that Yellen moved the markets 3%.

And I could get all triggered and say, what you don't understand is that, no, no, it wasn't Janet Yellen's comments. It's the underlying factors that the

NASDAQ is totally overvalued. And I could prove it to you by showing you this chart where I shorted the market and all that kind of stuff.

And I'd be right. You know what I mean? There's a reason that the markets can go be moved by Janet Yellen so aggressively downward.

And in my opinion, the market, the NASDAQ market is totally overvalued.

So any little thing can eventually pop the bubble. What I can't do is predict what that thing is going to be.

And so Alon's tweet, in a small way, at least in a temporary way, has popped the

Bitcoin bubble. Now, does that mean that Alon caused the bubble itself?

No, I don't think so. I think those are underlying factors there, right? So the NASDAQ is overvalued. I believe that in my mind.

And so I took a position keeping that in mind, knowing that the NASDAQ is overvalued. And so eventually

I'm going to make money on that trade. That's my thought anyway. And so did I know that Yellen was going to get on and kill the markets 3 % in one day?

Did I know that was going to be the thing that in a small way popped that bubble? No. In fact, it didn't really pop the bubble.

In fact, I think there's a lot more room to go and that kind of thing. I can't predict what's going to pop the bubble.

All I can predict are the underlying factors, what I believe the real value of the NASDAQ is, and all that kind of thing.

I can take a position on that, just like Crypto Presby here can take a position on what the true value of a

Bitcoin is. Now, I think Crypto Presby is really off on the real value of Bitcoin, because I don't really think it has all that much value.

I could be wrong. I could be wrong, right? I hope you guys make a lot of money on Bitcoin. I really do. Anyway, but the point is, though, that it's right that Elon's tweet had something to do with the market, and potentially right that he knew that the market was overvalued, the

Bitcoin market was overvalued. I think so too. He got all triggered by this, but the point is that it's not that nobody could predict the market's going to go down in Bitcoin.

Of course, people can predict that, right? Of course, people can predict that. I can't, but people can. So that's not the point.

I'm not trying to take away any of your technical prowess, any more than anyone would be trying to take away my technical prowess, if they said, wow,

I can't believe Elon moved the market that much. I wouldn't take it personally, though. No, no, I could predict this.

The Nasdaq's overvalued. Why would I take that personally? I don't know. It doesn't seem to be a very normal thing to do.

So I think it's silly to say that Elon Musk had nothing to do with what happened on crypto over the weekend.

However, that does not mean that you didn't have your technical know -how and know that the market was 20 % overvalued.

I think you're off on that by a lot. I think you're off on that by a lot. That's why I don't own any Bitcoin. I could be wrong, and that's totally fine.

It's the same thing with gold, right? I bought gold at a certain price because, in my mind,

I felt like the overarching value of the gold that I bought was greater than the price that I paid for it.

I still think that. So I'm planning on holding gold for a long time. Now, if something comes out where it's like, well,

AD, it was just this one person who increased the value of gold. So you didn't know. Why would

I take that personally? Whatever the reason the price goes up or down, as long as I understand what the value is,

I'm not going to take that personally. There could be all kinds of different reasons. The bottom line is this.

Did Elon take some of the wind out of Bitcoin? I think he obviously did, and I think it's silly to think that he did not.

I think that's a problem for Bitcoin. Now, that does not mean that the Bitcoin market is totally illegitimate, just like it doesn't mean that the

NASDAQ market is illegitimate, that Janet Yellen's stupid comments can move it 3%. I'm not saying it's illegitimate because of those reasons.

I don't believe in Bitcoin as much as you do. That's very clear. But I'm not saying your life's work or your whole

YouTube channel or your Twitter page is illegitimate. I think there's legitimate things there.

I'm sure there are. You seem like a very smart guy. Don't know why you took this so personally, but you clearly did.

Now, I think I don't even really know what the point of me responding to this message so much is.

I don't want to offend people unnecessarily. But I do think, though, Bonson memes, you know,

Crypto Presby here, if your response to these criticisms just always reverse back to you just don't understand, you just don't get it, you just don't know,

I know, you don't know. It's like, are you in the Bitcoin cult? I don't know you, man, but that's not a good sign, because you took what

I said and you ran with it and you added all kinds of context to it that had nothing to do with it.

I'm sure that you can make a ton of money with Bitcoin. I hope you do. And I wish you luck in all that kind of stuff.

But with all due respect, that'll be the end of that. Now, I think that's enough

Bitcoin, maybe forever. That's enough Bitcoin forever.

It's too cryptic. It's too currency. And I just I maybe I just don't understand it.