[00:00:00] McIntosh:

What is up, Pleb Nation? Today is July 17, and this is episode two one eight of Satoshi’s Plebs. In today’s episode, I’m going to ask a simple question. Are you ready for a million dollar Bitcoin? Alright. A little bit different this week. We’re not doing a live recording. My pal, Kenshin, is not here. He will be off at least for the next couple of weeks with his summer break and working on his website, his business that he has going. So I hope things are going well for you, Kenshin. But, I’m going back to the old school. The tea is very hot, maybe a little too hot.

And, we’re gonna get things kicked off here. Our block height as we begin is nine zero five eight eight eight. Now I wanted to point out an interesting little fact that happened just a couple of hours ago at most. We actually went an hour and a half without a block being mined, which is very unusual. The difficulty adjustment is is, of course, designed to keep the blocks flowing essentially at a rate of about 10 or one per 10. Excuse me. And, of course, that’s an extremely long time about it actually ended up, I think, going, I wanna say it was an hour and fifty five minutes in total, and I don’t want the figure right in front of me. So I may be wrong, but it was quite a while.

And it had been like a year and a half since that had happened. So interesting little thing to note. I’m gonna skip the what’s new. I’m in the middle of my QA deployment with work. That’s it. That’s all we got. So I can see the finish line. It’s almost here at least for this segment, and I’m hoping things will slow down after that. I may need to go spend some time alone out in the woods contemplating, I don’t know, my future, But, we’re almost there. Okay. Before we jump into this week’s topic, we did have some support this week, and I would want to make sure that they are given credit for that. Always appreciate it when our listeners support us. So all three of these were about, episode two one seven, Printer Go Burr that we did last week.

And here we go. So we had let’s see. Yep. Send that Mike boosted a thousand and 69 sats. He said, I agree about minor league baseball being a great embodiment of a lot of the best parts of American culture. Thank you, Mike. I appreciate that. I kinda felt like I went out on a limb there, but, hey, that’s what I felt like. And so, yeah, appreciate that. And then he also boosted, 500 sets and said great music this week. So that was for Ainsley Costello, who we did the first time last week. And we have them on again this week. And our final one, album at fountain,uh, .fm boosted 210.

And this is referring to, one of the Austrian economists who’s pretty famous. I guess he was, like an apprentice of of Rothbard, if I’m understanding correctly. And I butchered the last name, which is not surprising. I’m just a redneck from the Southeast Part of The United States, ladies and gentlemen. Language language is is fun for me sometimes. But, anyways, it was Hans Herman, and I’m gonna try this, and I do apologize if I say this wrong. Hoppe. So, they’re German. They’re American German apparently. But, anyways, the name is German, and Alden said this. The e at the end is not silent. It’s German.

The name is German. Pronounced like the e in bed, not as in Adobe. I’m surprised the gentleman from Sweden is not more familiar with how it works. Kenshin, who’s not on here to defend himself, I will say this. Kenshin knows six or seven languages. I think it’s seven. German is actually not one of them if I’m not mistaken. He has a whole list, and he definitely is much more of a language person than I am. I am trying to learn Spanish right now. I have been all year. And, the first time I kinda roll into some place and try and talk to somebody who is a native Spanish speaker, they will probably laugh at me.

But at least I’m trying. So, anyways, I appreciate that. I appreciate that feedback. That’s awesome. So thank you very much for the support, everybody. 210 as in 200 or 21,000,000 Bitcoin. Appreciate that. Very awesome. Alright. Mcintosh, why are you trying to do clickbait? And I’m really not. To some extent, it’s almost unavoidable, but I do actually try and avoid titles like this that bring in people much Mcintosh saying, talking about a million dollar Bitcoin. My point is not that we’re going to have a million dollar Bitcoin this week, this month, this year, this cycle, maybe next cycle. I don’t know. I’m not predicting that.

After being in Bitcoin now since 2013 and really being heavily involved at since at least 2016, if not even a little bit sooner, I can assure you, citizens, plebs, I can assure you that Bitcoin will either do one of two things. It will either go to a million dollars or it will go to zero. And I think the chances of Bitcoin going to zero at this point are very, very, very minimal. So, therefore, I am operating under the assumption that Bitcoin is going to a million dollars. And if it is doing that, what does that mean? And I want to spend a few minutes exploring that. So we’re gonna go ahead and jump on into that.

Hopefully, I set the table there, and we’re just gonna go ahead and dive into that and talk about that. So I’ve basically got five, six different things I want to talk about. In regards to that, once you’ve established Bitcoin is going to a million dollars. Once you’ve established the certainty of that, then the question is, how are you preparing for that? And we’re going to talk about, well, a few things. And some of them are very obvious. I think some of them are maybe a little more subtle. So whether you’re somebody who’s seasoned in Bitcoin or whether you’re someone who’s brand new, And this is your first episode of any Bitcoin podcast. And if so, I’m sorry. Go listen to some others. There’s better ones out there than Macintosh, you know, blathering on, but this is my little bit into the, into the Internet.

So what do we need to do? We’re gonna ask some questions. Number one, how are you storing your Bitcoin? I have no problem telling people, buy your Bitcoin on strike if if you’re okay with the level of KYC that happens there. Buy your buy your Bitcoin on strike, but strike is not a long term solution. Or buy it on Coinbase for that matter if you’re okay, again, with the KYC. We’ve talked about KYC on a number of episodes. I’m not gonna cover it here. But both of those platforms, frankly, are easy ways to get started with Bitcoin. I find Strike extraordinarily easy.

And for anyone who is brand new to Bitcoin who had Strike available to them, I would recommend it. That’s not how you should store your Bitcoin in the long term. You should always be thinking, what if Bitcoin were 10 x the value that it is right now? Because, frankly, that can happen quicker than you think. Okay. Here’s what we’re gonna do. I am going to go back. We’ll we’ll just go back this far. Now this was a bit of an extraordinary circumstance, but on March 9, so five years and a few months ago, Bitcoin went all the way down to $3,661 Now that was because of COVID coming out and a number of mandates being announced, whatever.

It crashed everything, including Bitcoin. Now within just a few weeks so by April 20, it was back up to 7,100 or about $7,000 and then shortly after that, about 8,000. So it’s it’s let’s see. By 05/04/2009 2020, it was at $8,000 Now if you were buying right then, so five years later, your investment has more than 10 x’d. Does that make sense? I I think that is pretty simple. And this is what Bitcoin does. If you zoom out, the price is going up. If you zoom in, oh, it dipped down there. Obviously, it crashed for COVID. But then we hit $66,000 on April 12, and then it crashed back down to $27,000 Great buying opportunity, just a few weeks later, June 21.

But if you just keep DCA ing, it doesn’t matter. Always operate under the assumption that within five to maybe a few more years after that, your Bitcoin is going to be worth 10 times the value that it is right now. And that means if you’re buying Bitcoin at $118,000 like it is right now, that’s going to be worth a million dollars in five or so years. Now Macintosh is not saying that five years from now, we’ll have a million dollar Bitcoin. I’m just saying that’s what history shows us. And given the current state of adoption, the nation state adoptions, the regulations that are being passed in The United States in particular, the trade that’s happening in Bitcoin, the I already said nation state adoption.

The fact that so few people are actually involved in Bitcoin at this point, and there’s so many people who potentially could be, I see a lot of room for growth. I see no reason why that $1,000,000 Bitcoin is not, not gonna happen. Alright. So so number one, when I’m storing my Bitcoin, I need to think just a little bit ahead. Five years from now, this is worth 10 x. What does that mean? Am I gonna store it on a piece of paper that I shove in my desk? You could literally do that. Probably not a good idea, but you could do that. How much is your Bitcoin worth? Well, Macintosh is worth, I don’t know, dollars 5,000.

Well, five years from now, it may be worth 50,000 if you don’t even do anything else between now and then. See what I’m getting at? Treat it like it’s more valuable than it is currently because history shows us that it will be more valuable. What we talk about here on Satoshis PLEBS quite frequently is basically a hardware wallet, if you wanna call it that, offline cold storage. We promote, the seed signer. I promote the seed signer, I should say. And because I use that, that’s what I use on a regular basis. Just used it this week. It’s a nifty little device. They’re getting better, actually. They’ve got a brand new display, which I’m just drooling over.

And it’s a very secure form of storage. If I own one Bitcoin right now, by the way, I’m not saying to do, certainly. But let’s say that I did. Well, again, I’m thinking ahead five years from now. Maybe this is worth a million dollars. What do I need to be doing with it? At that point, you probably maybe even before that, you probably ought to be thinking about multi key signatures. Right? What do they call it? Multi sig? So in other words, essentially, two out of three people or three out of five people or some number like that have to sign for the Bitcoin.

What does that mean? If someone were to steal my seed signer and I don’t have multisig set up on it, then they could potentially, take my Bitcoin. On the other hand, if I had two or three multisig set up, and I owned one and maybe my lawyer had one or maybe one was stored in a, what do they call those? A safety deposit box, this kind of thing. Or maybe it’s all the way across the country. Whatever, geographic diversity is certainly a good thing. That is a much higher level of security. Do you need that for the brand new person? No. Again, go get strike. Start a DCA. $5, $10, a $100, 200 I don’t know. Maybe a thousand dollars a week. I have no idea what you can do or what you’re going to invest in Bitcoin.

That is up to you. But as you’re doing it, think ahead. As it accumulates on your Strike account or your Coinbase account for that matter, whatever it happens to be, don’t let it just sit there and accumulate. Right now, a 10%, point one Bitcoin is worth $10,000 I don’t know that I would leave that on strike. I I trust strike a good amount, but I don’t know that I would leave $10,000 worth of Bitcoin on there when it’s so easy and fees are so cheap right now to move it off. And plus, it gets you practice with your cold storage, with your vault. So that’s the first question when we’re thinking about a million dollar Bitcoin.

Yeah, my notes that say this specifically, the not your keys, not your coins principle becomes even more vital when we’re talking about life changing wealth stored in a single device. And I would say amen to that. I would doubly emphasize that. You don’t want a million dollars of Bitcoin on a single cold storage device with a set of keys that you keep in your safe. That is not safe enough. You need to think about a multisig setup. You need to think about some diversity. Just you just need to think that true through. And right now, you may not own a million dollars of Bitcoin, but again, you need to be thinking down the road.

Okay. Let’s talk about the second thing. Are you DCAing your Bitcoin? We preach DCAing your Bitcoin. I minimally would say you need to be DCAing once a month. And I would highly encourage you to actually do it more often than that because in one month, Bitcoin can move a lot. And that and in the next five years as we move towards that million dollar Bitcoin, I guess I’m saying I think Bitcoin will hit a million dollars in five years. I probably do at this point. I do know it will happen. Regardless, I’m going to operate like that’s true.

Over the next five years, you’re DCAing. If you’re not making huge DCAs, which you probably are not, then as Bitcoin goes up, this can get a little frustrating if you don’t change your thinking. Now a few weeks ago, we had an episode about thinking in Satoshis versus Bitcoin, and that’s really what I’m talking about. So when Bitcoin hits a million dollars, a $100 DCA, whether that’s daily or weekly or or monthly, that’s going to get you point $0.00 $0.01 Bitcoin, which is 10,000 Satoshis. That sounds a lot better. This is unit bias, and, again, we talked about it a few weeks ago.

But you should be thinking, starting to think in terms of Satoshis versus Bitcoin. There’s a 100,000,000 Satoshis in a Bitcoin, and you need to start making that mental shift because your $100 DCA buying 10,000 Bitcoin 10,000 Satoshis at a $1,000,000 Bitcoin. It’s just a much bigger psychological impact. Next item. Career. Maybe you haven’t thought about this. This is something I’ve actually been thinking about a lot. I want to get involved in Bitcoin, whether that’s working for a Bitcoin company or whether that’s starting my own Bitcoin business of some kind. So this may be lightning.

This may be Bitcoin education, Bitcoin custody services, or just simply a Bitcoin accepting a business. There will be the the field for businesses who are not accepting Bitcoin currently, but will in the next five years is huge. And you can help bring those businesses on board. You can help train them. You can help get them have get Bitcoin integrated into their businesses and so on. And you can position yourself for success long term by doing that. I think those type jobs are going to do a lot better than a lot of the traditional, maybe work. Well, a lot of traditional work. I’ll say it that way.

So that’s another angle that maybe you haven’t even thought of. So the next thing, wealth management. Million dollar Bitcoin, even small holdings of Bitcoin are going so at a million dollars, 10% of a Bitcoin is a so point one is a $100,000. Basically, the price of a Bitcoin right now. That’s a huge amount of money for a lot of people. You need to think about tax strategies, and that’s going to be location dependent and even time dependent. I hope they’re smart enough over the next five years to pass some capital gains laws about Bitcoin. In other words, I don’t believe that Bitcoin should be taxed at any level because it’s it’s not, well, we consider it an asset, but it is a currency. People use it. That’s its intended use. The fact that it’s appreciating so people hold it makes it kind of this asset of some form or another, but, really, it’s a currency.

It’s like, I got a piece of gold, and I held it for ten years, and I sold it for five times what it’s worth. Do I get capital gains on that? Actually, there is. Great. I love America. Merica. I did not know that. Wow. That should be repealed too. That’s ridiculous. Anyways, I think, eventually, we will see this. And gold isn’t actually even used as a currency anymore and hasn’t been for roughly a hundred years at this point. I don’t know. It is different. But regardless, I could certainly see a de minimis, I think, is what they call it, cap gains bill passed where if you spend, say, less than a thousand dollars, of Bitcoin that you don’t get a capital gains hit on that. And even that would be welcome. But you need to think about these tax strategies.

You need to think about your estate planning, and you need to think about possibly diversification different. That’s going to vary from family to family. I know that there are certainly people who are Bitcoin only, no real estate, no nothing. It’s all in Bitcoin. And if your family agrees to that and you’re good with that, then go for it. There are also families that that would cause division and strife. And I will tell you that that’s probably not the best thing for you to do if that’s going to cause marital breakdown.

So there are nuances there, but it is something that you need to think about right now, especially start doing this calculation in your head. Oh, Bitcoin’s at a 100,000 right now, and I own x dollars or x euros or whatever verse of, worth of Bitcoin. Just put a 10 x on that. Just just to think about. Just a thought. And the old spending versus savings. Again, we’ve talked about this. Are you gonna wanna spend something if it’s worth a million dollars? I will tell you, go to strike, buy the Bitcoin, spend it. Buy with fiat right out of your bank account. I do again, I separate cold storage type Bitcoin long term holdings from that. I’m not gonna spend out of that. I’m not gonna spend that down. I’m gonna be DCA ing into that. However, if it’s really valuable, let’s say I owned a million dollars worth of Bitcoin, there might be some tax advantages and so on to, borrowing against it, taking a loan against it because that loan is not taxed the same way that it would be if you, say, sold your Bitcoin.

I would be extremely careful about that. I’m gonna throw in a few bonus ones here. We’re making good time, I think. Let me check. Yeah. We’re doing pretty good. I’m gonna throw in a few bonus ones that I thought these were pretty good. Bitcoins in a million dollars. I do not believe that the main net will be useful for daily transactions for you and me. If you’re moving $10,000,000 worth of Bitcoin, that’s one thing. But, you’re also gonna be using level two, whether that’s Lightning, Arc, in coordination with Lightning, I don’t know. ECash, whatever.

Whatever evolves, you will probably be using that to spend your Bitcoin. And so you need to maybe start thinking about that. If if you’ve never used Lightning, it’s a great time to start. One last one, social and family dynamics. If you create wealth, it very potentially could change the relationships. Do you tell people in your family, in your friends circle? I would not really recommend it for people. Well, you do you. I I’m just saying there’s not gonna be a whole lot of difference when Bitcoin’s a million dollars versus Bitcoin’s a $100,000 for me.

My net worth will be substantially better, but I will still wear the same clothes. I may drive a truck at that point, I hope. I don’t currently own one. My 17 year old son owns a truck. I do not, which is kinda sad, but yeah. But it won’t be you know, I’m not gonna be buying a brand new truck every year for various reasons. For one, it’s just waste wasteful, But I don’t really wanna be attracting attention to myself. Now that’s just me. You may choose to tell your friends. You may choose to tell everyone in your family. Just don’t be surprised when people start coming and asking for help.

Do my friends know I’m in Bitcoin? My close friends do. Yes. Absolutely. I don’t want them to come to me later and say, Macintosh, why didn’t you tell us about Bitcoin? And I’m gonna say, well, I did. You didn’t listen. You were off buying Dogecoin or ETH or whatever. So that’s again, that’s me. So those are some things to think about. I hope that’s been helpful. I know it’s been a little bit different. No no technical content, obviously. But I do think you should think about these things, and I’m serious. Because five years is gonna come and go. And five years from now, we will be will look back and say it’s 2030.

It was 2025 when we were talking about a million dollar Bitcoin. Maybe we’re approaching it. Maybe we passed it. I don’t know. I’m not predicting that. But what you do in between may determine what your life could be at that point. Are you DCA? Stop looking at the price. Don’t worry about that. Figure out, is this the best asset in the world? You put figure out your confidence level in it, and then you invest in it based on that. And if you do a DCA, and I don’t mean a $5 DCA, I’m sorry. But if you invest if you have a reasonable income and you invest in Bitcoin in the next five years, you are setting yourself up at least minimally for financial independence.

What else are we gonna do? I hope that helped again. Thought it was something different. Question of the week. Are you ready for a million dollar Bitcoin? That’s the question. Boost in and let me know. News and notes. Don’t really have anything this week. I did see that knots passed 15%, but I’ve also not, verified that. So I don’t wanna say but it’s funny because it just keeps marching on. If it hits 25%, I think there will be chaos in the core kinda group because they will realize that this is serious. I hope that’s where we get Bitcoin price as we record as I started recording, which sometimes it’s quite a bit different as it was last week or the week before.

Let me bring up the price chart just real quick just to make sure. There it is. It’s actually gone down a couple 100. But as we started recording was $1.01 $8.00 54, so a 118,000 US dollars, a €101,801, so almost a €102,000. So the euro did quite well. The euro bitcoin, whatever, I don’t know, that pair or currency pair did quite well this week. We did not do too bad. We shot up to, like, a 122, 123 earlier this week, and then it dropped back, and it’s kind of pulled back up a little bit. We’re at a very difficult level right now. If we solidly break through $1.20 and get above it, then, you know, I think it’s lights out from there until, gosh, I don’t know, one forty, one fifty.

Certainly for a good $10.20 k, I’m thinking. But right now, it’s looking like that this level of a 120 is gonna be pretty difficult to really break through. The price last July 4000 a 118. So we are up 84.12%. Not too shabby. Bitcoin market cap, $2,100,000,000,000 USD. Gold market cap, 23,100,000,000,000.0 USD. So the Bitcoin versus gold, 9.2%. Last week, we were at 9.4. So it’s actually gone down just a tiny bit. Bitcoin’s kinda stayed level. Gold’s actually been up a little bit. We’re looking at four sets per me by right now. A lot of transactions got backed up essentially because of that gap, if you wanna call it that, that I was telling you about, hour and a half or so.

Four sats per vbyte, 17 megabytes of unprocessed transactions, and that’s 40,000, which is like it was less than 10,000 last week. It’s up substantially. Satoshi’s Plebs podcast is a value for value podcast supporting podcasting two point o. Maybe I can get another podcast in there somewhere. No ads, no sponsorships, just honest Bitcoin content. I deliberately avoid sponsors because even if I love a company, taking their money would influence my opinion. What if something goes wrong with that company? I would hesitate to warn you. Instead, I’m asking, are you getting value from this show? Support it through time, talent, or treasure.

Help with the chapters, future projects, or you can stream sats and boost with messages, even a 100 sats as I think we had one this week. In fact, a 100 sats saying great show or you suck. I’ll read it either way. Eventually, hopefully, we get to the point where we don’t read them below a certain threshold. We’re not there yet. Hey. What can I say? Check out the apps at podcastapps.com and support independent Bitcoin media. If you like the content, I would love it if you would tell your friends about the podcast. That’s the best way for us to grow. This week’s music is Cherry on Top by Ainsley Costello. Any boost or streaming of sats during that song will go straight to the artist. Thanks for being here.

I hope this has been helpful, and we would love to hear from you. Find all of our contact info at satoshis-plebs.com/episode-218. Stay humble. DCA those sats. Emphasis. DCA those sats. And have a great weekend.