I Got $50,000 in Bitcoin – So What

I Got $50,000 in Bitcoin – So What

If you don’t want to read it, you can watch this video.

I’ve got $50K in bitcoin and I’m not even impressed. I’m going to tell you why I’m not impressed. About seven or eight years ago I bought a lot of bitcoin. I looked in there today and it is worth $51K.

Here’s my problem with this. Let’s say I was Broke Dick Danny and I had $50K in bitcoin. What would I do? Since I’m Broke Dick Danny, I would cash it in. Then I would have no more bitcoin. The problem with bitcoin is when you spend some, you lose value. As an investment, it can be good. You can’t really do anything with it if you go ahead and spend it down.

I know a lot of people here are going, “I just want some bitcoin.”

The mindset that comes with the bitcoin craze is very speculative. Since I didn’t really spend anything, if it crashes I don’t really care. You’ve got to have more than bitcoin going on. In 2009, I started this company. It has made over $7 million. I bought some bitcoin real cheap and started my company real cheap.

If you want to put yourself in a good position, go ahead and get some bitcoin. Knock yourself out. If you really want to cement your position, you should start a company. You should start your company cheap. You should be working on getting that sweat equity. You should work on creating something lasting.

There’s a lot of talk about the old economy dying, which is true. But there’s not a lot of talk about the creative new economy that is replacing it. If you have creative capital and no physical cash, you can still make millions of dollars.

I started this company with a $289 investment. I did not reinvest in the company for two years. At that two-year point, we’d done almost a million dollars. Think about that.

If you want to get your bitcoin, go ahead and get it. But you should also learn how to code. You should also learn how to do graphic design. You should also work on how to tell a story. You should also work on writing scripts. You should also work on creating films.

Do you see where I’m going? If you know how to do Photoshop and you can make videos, you can make a million dollars if you’re really, really good with those skill sets.

I know a lot of people are going crazy about bitcoin, but I don’t think it is the value play. I think the blockchain technology behind bitcoin is where the real action is going to be. There are so many things you can use that technology for. It’s going to be crazy what is going to happen with the blockchain technology.

Buying bitcoin and holding it in the hopes of getting rich is a very poor strategy. Like I said, the minute I start spending bitcoin, I reduce my equity position. That’s the problem with bitcoin. You can get some wealth, but the minute you start spending, it’s like nothing.

I know $51,000 if you don’t have any money seems like a lot. It seems like a million dollars. But in the scheme of things it is not a lot of money. On that note, it is more than enough to start virtually any kind of company.

Let’s step back from that. If you’re going to start a company, I think you should start it based on creative assets. You should start a company based on your intellectual property. That’s where I’m going. I used to be a physical asset dude, but now I’m blending it with a heavy concentration of intellectual property.

I’ll give you an example of what I’m talking about. The song, Baby Got Back has made like $110 million in 18 or 19 years. One piece of creative property made that much money. We’re living in some very exciting times if you want to embrace the times we are in.

If you find a creative person who is very good and knows their worth, they are hard to deal with. If you find a guy who is still coming up and doesn’t know his worth, that is the ticket. Right now, I’ve got a guy in Amsterdam who is doing some t-shirts for me. I’m looking for someone to bring in-house who has the same skillsets.

How I am doing this is I give the prospective artist I want to hire a t-shirt and ask them to make the design better with limited instructions because I want to see their style and ability. It’s very challenging to find great artists.

I will only hire an artist who has been working professionally as an artist. Other resumes will go in the trash. I probably won’t hire off YouTube either.

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