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Understanding Bitcoin can change your life. Once you get it, your entire system of assessing what is worth of your time, money, and effort will change too. I discussed this idea and more with Brad, the newest member of the Bitcoin Conference team, on Twitter as @Chad_Capital.
He and I discussed how he first heard about Bitcoin, which was due to the contagious excitement many feel about Bitcoin once they understand it. It seems that there is an exuberance that emanates from humans once the incentives of nature are matched with a technological experience available to them today. He agreed and followed his thoughts on how Bitcoin can change people’s lives. Brad wrote two separate articles for us here in the magazine, one of which is titled “Bitcoin: The Ultimate Opportunity Cost”. In this article, he explains that every single decision you make represents an opportunity cost for Bitcoin in realizing the true value of Bitcoin as an asset. Both time and money are what you exchange for goods, services and progress in the world, and every single decision we make must take into account maximizing our bitcoin stack.
We also discussed the power of memes and how they use humor to convey commonly understood notions of the absurdity of the fiat world we live in. A fiat world deserves to be mocked by memes, and it drives a culture that seeks the truth.
We ended up with what he’s looking forward to in the bitcoin space, including a shoutout for Bitcoin 2022 and his final bullish price prediction.
Check out our written interview below and listen to our interview above.
What’s your bitcoin rabbit hole story?
I heard about Bitcoin for the first time in an LA bar in early 2017. I heard someone talk about Bitcoin mining and show people the price on their phone. I asked him about it and he was very excited to talk about it. He started telling me about the halving, hash rate, and Bitcoin’s entry into a bull market. I had no idea what he was talking about, but I was interested. He gave me his number and the next day he sent me some articles and videos. I was absolutely thrilled with the second article.
How has Bitcoin changed your life?
Bitcoin has completely changed:
My time preference, personal time preference change is pretty straightforward – knowing that your buying power will increase over time will force you to think twice about what you are buying today.
My concept of opportunity cost, Bitcoin is already the ultimate opportunity cost for me. That means I weigh other financial decisions against the risk of not buying Bitcoin. I think traditional finance will be forced to realize this at some point. Currently, the opportunity cost or “risk-free rate” of every professional investor and asset manager is government bonds. It’s such a hilarious idea that there is a risk-free investment, but it’s even more fun that the entire financial system uses the worst-performing investment as a yardstick for making decisions. We’re witnessing a great social experiment where you can instead use Bitcoin, the top performing asset ever, as a benchmark.
My critical thinking skills, I think to understand bitcoin deeply, force people to question many ideas and beliefs that they have long held or have been told to be correct. I think I was lucky enough to find Bitcoin in my early twenties when I wasn’t too stuck in my ideas. The ability to look at things from the first principles and always question my conclusions has definitely expanded to other areas of life.
You wrote about hyperbitcoinization with memes for the magazine. How do you see memes as a force to drive the adoption of bitcoin?
The memes are hilarious, I just laugh all day while scrolling through twitter. Bitcoin is the internet’s native money, and memes are like the internet’s native language. The bitcoin memes are so natural, I think it’s because most of the people I shit with think the same way as if we’re just killing time until hyperbitcoinization is reached. Memes promote 100% adoption. A picture is worth a thousand words and I love the videomemes because you can basically say a million words in 60 seconds. It’s terrifying and hilarious the things that are memorized into reality.
What are you most looking forward to in the Bitcoin space?
I look forward to seeing what happens in El Salvador, it’s like a testing ground for “fix the money, fix the world”. Looking forward to the Lightning developments – streaming sats for content, messaging, Twitter wallets, video games, etc. I can’t wait for Michael Burry’s liquidation tweet either.
Price forecast for the end of 2021 and the end of 2030?
End of 2021: $ 158,000. Late 2030: 1 bitcoin can be traded for about 11 million central bank digital cuckbucks, but companies stopped government surveillance in 2028.