The Biggest Misconception about Bitcoin DEBUNKED | Lyn Alden | Alessio Rastani - バイリンガル字幕
Whereas Bitcoin, you have this huge spike, massive contraction, huge spike, massive contraction, it keeps bouncing back from completely devastated oversold conditions.
Their view is that Bitcoin has no intrinsic value and their intrinsic value is actually zero.
It's kind of like if I start my own Wikipedia, I'm not going to do it.
A lot of people, I think, that are very skeptical on it or they think that has no intrinsic value.
I've noticed a lot of them are, and that's why a lot of people over there now are interested in Bitcoin and crypto.
Anyone can copy it,
but if one protocol is well designed and gets that lead, it has the scale, the security, the depth of liquidity that nothing else has.
When it comes to analyzing Bitcoin, what makes it somewhat unique?
compared to other cryptocurrencies.
value or is it just perception and make believe there are some people out there who think
is just perception and there's no value there and there are some people who argue no actually Bitcoin has some true intrinsic value.
The question is who is right?
That is why I talked to the brilliant analyst and macroeconomist Lyn Alden because she actually wrote a very interesting article on this issue.
In fact,
as you can see here an article as she wrote on the seven misconceptions of Bitcoin and I want to ask for this question from Lyn.
Lyn, what does she think about what is the true value of Bitcoin?
Is some value there or is there nothing?
All right, guys, join me.
All right, guys, welcome.
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And I want to play the video from the beginning when I ask Lynn this important question.
I think you're by far the best person to ask this question
because you have such a deep knowledge about the subject of crypto and Bitcoin.
Like my question is this, there seems to be, I would say very respected people when it comes to investing in the markets.
Again, people like Jeremy Grantham, Peter and on and so on, who are very much, I would say, Bitcoin skeptics.
In the sense that I listen into interviews,
for Jeremy Grantham,
their view is that Bitcoin has no intrinsic value and their intrinsic value is actually zero essentially it's all about belief and perception.
What is the future value of the dividend stream of Bitcoin?
I tell you that.
That doesn't take a prize-winning mathematician.
It is nil.
Bitcoin 100% faith.
The view that really Bitcoin is not really, there's no substance there.
There's no meat there.
It's just pure make-believe.
There's no intrinsic value.
But I think...
article.
I you disagree with that.
By the way, guys, I do recommend read very interesting article that Lynn wrote on the seven misconceptions of Bitcoin.
I'll put the link for you guys in the description so you go and read it.
It's on her website.
website where essentially you said that digital assets can certainly have value, can you explain more about that?
First of all, what is your position on that view that Bitcoin has no intrinsic value and just perception and belief?
Do accept that?
And if not, why not?
So I think it do has value, but I also think it's right to be skeptical, right?
So think that actually we can divide that.
And so,
for example, my history with Bitcoin is, you know, I heard about it in 2010 and it was, you know, it pretty much brand new.
I thought it was neat,
like, didn't know how to price it, thought it would be copied, kind of dismissed it, but you, you know, thought it was
And time, I would just pay attention to price signals.
So if something's been around for 13 years and has survived something like 8-50%
corrections and keeps grinding higher over that structurally long, pretty long time frame, I do think that's something worth paying attention to.
I that simple bubbles like say the tool of bubble,
I mean that was like the famous bubble from hundreds of years ago and that's one of those things that lasted for a few years
had a big blow up crash and that's it, that's the end of it.
Whereas Bitcoin You have this huge spike massive contraction huge spike massive contraction keeps bouncing back from completely devastated over soul conditions,
and I think that kind of price actions worth paying attention to.
And so when I had that huge run up in 2017,
I got tons of, you know, client questions about, you know, what do you think of Bitcoin?
What do think of crypto?
And it's like,
okay, now, this is a large enough asset class that I have to begin analyzing this, you know, like I do any other asset class.
And so I published my first article on that in November 2017.
And my view at the time was that it's very interesting technology,
but I want to pass on it because there's a of euphoria and it's unclear which tokens are going to win and that basically,
you know,
this proliferation of Protocol so they kind of threatened the scarcity of any given one
protocol But and that ended up being the right call because we got that blow off top
We had a massive crash the space under before in most traditional assets for the next two and a half
years But I kept watching the space and some of my concerns end up being addressed and
obviously euphoria part was addressed when you go through a multi-year bear market and then also some of the network effects and winners,
the kind of separation of what one protocol looks like compared to another was answered in view.
And I became bullish during the COVID crash of 2020 when it was completely oversold and wrecked.
I've been pretty structurally bullish ever since although when you had periods of before in kind of a tactical sense.
And the way I would approach it is that,
you know, for a lot of people I think that are very skeptical on it or they think that has no intrinsic value.
I've noticed a lot of them are In developed markets where they have operating payment systems,
they've had a long case you're pretty low inflation whereas for example,
you know People have to consider that half the world lives in authoritarianism a large portion of the world lives in double-digit persistence
And so, for example, I actually have friends in Nigeria, for example, that been experiencing double-digit inflation for a very long time.
Some of them have even protest their government around police violence and things like that.
Their accounts get frozen.
And when people experience one of those two things,
either they're in an environment where their money is just inherently broken all the time,
or they have arbitrary freezes on property and bank accounts and financial services.
I think they start to see then the value of kind of self custodial peer to peer types of monies and so basically until we had
Bitcoin If I wanted to send money to someone anywhere outside of my like physical location, right?
If wanted to send it outside of New Jersey if I want to send it across the country or across the world I had to go through banks
banks could say no,
or banks can be slow,
and banks can have all these inherent challenges, plus currencies and flight away over time, either slowly or in many cases, unfortunately quickly.
And the invention of Bitcoin,
you have a pretty credible mechanism to make this global ledger that is rather immutable and that is decentralized,
so no centralized and therefore creates a way to hold value and to transfer value.
And of course,
anyone can copy it,
but if one protocol is well designed and gets that lead, it has the scale, the security, the depth of liquidity that nothing else has.
So for example,
creating a new cryptocurrency and trying to compete with Bitcoin kind of like if I start my own Wikipedia,
I can't replicate the fact that there are millions and millions of links pointing to the real Wikipedia and that there's an army of editors
and constantly doing the real Wikipedia.
I compete with that network effect.
Similarly, I compete with Facebook, I can't compete with Twitter.
They've achieved critical mass and are self-reinforcingly better at what they do.
than anything I'd be able to do.
And so similarly, I mean, if Nigeria prints a lot more currency, that's not gonna threaten the value of the right?
Because they're just different systems, right?
And so just because you can create more one currency, it doesn't mean it's gonna impair the value of any other specific currency.
And so I think that when it comes to analyzing Bitcoin,
what makes it somewhat unique compared to other cryptocurrencies is that it's truly decentralized in most areas and therefore has a credible degree of immutability,
whereas most of the others are actually, they're not really decentralized for the most.
these central hubs that can change the protocol and that kind of defeats the whole purpose of what they're trying to do.
And so I think that when you, if you were to characterize it, let's say you wanted to leave your country.
You you bring tons of gold on an airplane.
You know, if your bank accounts are frozen, you're kind of out of luck.
And whereas Bitcoin is self custodial money, you can bring around the world, you can send it peer to peer.
And for a lot of us, we don't need that, right?
So I don't need that right now.
But it's something that I recognize that large swaths of the world actually do need an immediate sense and other people might need the future.
And so,
basically, we've kind of got this now glow That's I think quite interesting another way to phrase it is that you know for a very long time in human history money and and commerce moved out
about the same speed right so the speed of foot,
the speed of horse, the speed of ship, you our commerce and our golden silver moved at, you know, same speed.
But then when we invented the telegraph and then the telephone and laid undersea cables and ever since then,
we've been able to do commerce at almost a speed of light.
We can we can do transactions across the world and update bank ledgers
and gold and silver are slow and they have to be abstracted in order to keep up with this.
And with abstraction comes arbitrage.
So policymakers could then, you know, have everyone be in a currency, tied to gold, and devalue it overnight.
Right.
So people save in something that is not the actual underlying bear asset, but they invest in something that's a claim on that asset.
And what's interesting about Bitcoin is it's now a way to actually send custody to custody money.
at, you know, especially using the lightning network, which runs on top of Bitcoin, basically
the ability to send money that is moving at the same speed as commerce does.
And it's not based on a claim for something,
but actually,
you have the private keys,
you're alone,
you know,
you're sending actual costs to To the person in real time,
and I think that this this actually opens up a lot of interesting things and so basically I would describe it as
It's this network that is able to do certain peer-to-peer
liquid value transfer
And that network effects matter and I think once you put those two pieces together
It actually becomes a pretty valuable technology to kind of pay attention to
definitely guys by the way if next time you have an argument with your uncle or
some person in your family who says oh Bitcoin is no value or no intrinsic value,
make sure you make them watch this video and listen to what Lin has to say.
You made an interesting point about countries that are seeing hyperinflation,
or I think you used the word, I can't remember, double digit inflation or something like that.
Yeah, double inflation.
Exactly.
I mean, I traveled to Iran, at least, traveled to Iran a few times over the last few years.
I don't know if you're familiar,
but Iran has had one of the worst hyperinflation or what you refer to in the last few years, mostly because of sanctions.
but also in just a matter of a few years,
I think,
and within two or three years,
they had five-fold depreciation of their currency and has caused havoc, and are just absolutely suffering there, you it's a cost of food.
I mean,
it's unimaginable,
and I think Iran is now the second most worthless currency country I think after Venezuela,
then it's Iran as one of the worthless currencies around the world.
And that's why a lot of people over there now are interested in Bitcoin and crypto.
You everybody's asking, hey, what's this new currency?
Anyway, I just thought I'd mention that all right guys.
Thank you for watching this video before you finish I just want to mention two important things firstly if you haven't already subscribed to Lynn's premium service
Please do so because she has a wealth of information and really interesting and important information in her again in a premium newsletter and
Subscription so do check it out
That's on linaldin
.com 4 slash premium and the second thing I want to say is you can watch the extended interview where I go into much more detail with
Lin Aldin about her strategies and again, I ask her about her fundamental strategies her and also our core principles when she's analyzing the market.
So you can watch the extended interview in our members area.
So again,
when you join and become a member, on this link you see here, you can get access to all of that in our member videos.
All guys, thank you very much indeed.
Bye for now.
Thanks for watching!
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