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My name is Ben, the mountain man.
I've been in the mountain for several days.
You guys know I've been to Alaska.
I just got back yesterday morning about 6AM.
Ready to get back at it on Monday
Super excited
A lot happened in crypto while I'm gone.
We're going to be talking today about a decision that I made
that I think is very, very important.
And I think it's a really, really great time to--
for you to possibly make the same decision.
So I'll tell you what that is
and how it can benefit you
going forward at this point.
I'm doing something now that I haven't ever actually done myself before.
So this is going to be really interesting to see how this works out.
So aside from that,
like I said, I have been gone.
I'm back.
You know, I can't wait to talk about tomorrow in the livestream,
you know, the Ethereum Merge that happened while I was gone,
the Bitcoin price action.
Bitcoin did drop into the $18,000s.
You know, it didn't go below that.
It's showing some pretty strong support.
You guys know, I do feel like that, you know, the bottom is somewhere,
you know, around $10,000 to $14,000.
I do think we're going to get that in about not s--
not six weeks.
About 10 weeks, I think, is about what I'm targeting for that.
However,
at this point,
where we are in this bear market,
I believe that there's something you can do that's going to be extremely beneficial.
So, you guys know, we've talked about dollar-cost averaging before.
It's a principle that, you know, Warren Buffett is big behind
even though he's old man that yells at Bitcoin.
Obviously, dollar-cost averaging is a good way to get into an asset.
So, what is dollar-cost averaging?
Dollar-cost averaging is when you take the same amount of money
and you put it in an asset on a scheduled time period, right?
So, I know a lot of you guys know this.
This is a very basic stuff.
I'm going to talk about what I'm doing here in a second.
But, basically, the long and the short of it is,
what you're going to want to do is you're going to want to take, like,
let's say $100 a week,
or $200 a week,
or $500 a week,
whatever you can afford.
I'm actually going to be doing some daily dollar-cost averaging.
Now, the point of dollar-cost averaging is to avoid price swings, right?
So, basically, what you're doing,
if you had dollar-cost averaged into Bitcoin since the very, very beginning,
it roughly would work out to where you were buying Bitcoin each year
at the average yearly price.
Now, depending on the volatility, that may not necessarily exactly be true.
It might be a fun video to go look and see if you put the same amount
in every single week for the history of Bitcoin
what that looks like.
That might be really interesting.
I think I will do that video.
We're going to do a lot more videos for you guys.
We're going to be changing our content schedule quite a bit.
Livestreams are going to be the same.
We're going to be adding more content for you guys, some BitLab Academy stuff,
you know, some other things we've got in the works.
But the point is this,
is when you're putting money in,
you're basically buying it, let's say, the average yearly price
or the average monthly price,
well, whatever it might be,
depending on how much you dollar-cost average,
and you're supposed to avoid the price swings.
So what that means is you're not--
you're buying Bitcoin at the very bottom,
and you're buying it at the top,
and you're buying it everywhere in the middle,
and it reduces the volatility.
Like, think about like this.
If you had put $1,800 into Ethereum when it was $1,800 last week,
then you've got one Ethereum that cost you $1,800.
But if you dollar-cost average, and let's say you put in $100 a day,
now, you're able to, you know, take advantage of the low,
of the price action going down for Ethereum.
And I think dollar-cost averaging would end up being a better--
a better strategy for Ethereum right now
than buying a whole Ethereum, like, it was $1,800 last week.
Now, it's down about $1,400, $1,500, you know.
Still, that may be a good price, but
I look at dollar-cost averaging different.
Here's how I look at dollar-cost averaging.
I look at dollar-cost averaging like I want to--
and one of the reasons why I haven't done it, right?
Is when the price is going up,
you want to put more money in
because you know it's going up,
but when the price is dropping,
if you understand the Bitcoin cycles,
it doesn't make sense to put money into Bitcoin
while it is in the midst of a gigantic drop.
If you understand the Bitcoin cycles,
you understand when that comes,
when the bottoms are,
it's always been the year of the midterm elections,
actually right after the midterm elections,
it doesn't make sense to be throwing money into something that's dropping, okay?
Where we're at right now in the market,
the action that I observed while I was gone--
now, I didn't look--
I got one price report on Bitcoin while I was gone.
I had no idea where it was.
It was at $21,400, I think, the day that we--
the day that I got somebody to text me,
or to text the satellite phone that we used,
the price of Bitcoin.
I was a little surprised.
But I thought maybe it had dropped to the $17,000s or $18,000s
and bounced back up.
It did drop into the $18,000s and bounced back up.
But at this point, we are now within approximately 10 weeks,
we're about 10 weeks,
from where I think we're going to see the bottom.
We're within a margin of error at this point.
So I believe that right now,
there's a good chance that Bitcoin continues to go up.
Now, I still think most likely it's going to go down.
But right now is a time you want to take advantage of, in my opinion.
I think we're getting too close to the end of the year.
September has particularly usually been a bad month for Bitcoin.
Looks like right now it's just going to be meh.
So that's more positive news
for Bitcoin.
I think the dollar-cost averaging right now,
do it.
I think it's a great time to do it.
I think right now--
this is the first time I'm actually going to start dollar-cost averaging.
So I think I'm going to be putting about $200 a day.
I'm not going to put massive amounts in.
Because, basically, I want to--
you know, $1,400 a week, a lot of people can afford that,
a lot of people can't afford that.
Maybe $100 a day.
Maybe for you, it's $500 a week or $200 a week, whatever it is.
But for me, I'm actually setting up dollar-cost averaging today
to put $200 in per day to Ethereum.
So I'm going to be putting money into Ethereum.
We're going to watch it.
We're going to see how it develops.
Within two weeks, at $200 a day, I'll definitely have more than one Ethereum
unless it shoots to the moon, which I don't think is going to happen.
We did see a little bit of "buy the rumor, sell the news."
I think that's not a good way to look at it.
I think that saying it that way,
it really diminishes what actually happens.
Maybe that's something I can do another video on,
explain exactly what that means,
buy the rumor, sell the news,
and why we saw this drop.
It might be another good idea for a video.
If you guys have good ideas for videos,
drop them down below in the comments.
And I also really want to say, just a side note, before I forget,
thank you to everyone who has pre-ordered our book Catching Up to Crypto.
We have been No.1 for new releases in almost every category we've been released into.
Some of the categories, we keep going back and forth with Vitalik Buterin.
So make sure to check out Catching Up to Crypto
on Amazon or Barnes & Noble.
You guys can find it there.
It's going to be a phenomenal, phenomenal book.
You know, it's already written.
We're doing the final touches on it now.
Really excited for people to, you know, get their hands on this thing.
But the point is of the video,
is I'm going to be dollar-cost averaging $200 a day into Ethereum.
I'm setting it up today.
I'll probably add this to, you know, maybe the portfolio tracker.
In that way, we can look at every week how that portfolio is doing.
And we'll see. Like, at $200 a day,
let's see.
Let's just say that's--
14, 28, 56--
that's about--
we'll just call it $7,000 a month.
That's--
it's probably more like $6,300, but we're just going to call it $7,000.
So it would take us four weeks to match our--
or four months to match our $25,000 portfolio
for our portfolio challenge.
So it's going to be really interesting.
Eventually, this one will probably end up having the most money in it
depending on the growth of the other assets in those other portfolios.
So we're going to see what you can do with $200 a day.
And look, if you don't have $200 a day,
that's okay.
Find a way to get it.
I think that's an important thing, guys.
During these bear markets, you've got to find ways to get money.
Side hustles
Sell things
Sell a car
You know, sell, you know, some of your tools if you don't use them anymore.
Get a side hustle.
You know, start a part-time job on the weekends to get this money.
It will pay off tremendously.
Yes, if you make $200 in a weekend working 20 hours on a side job,
on a part-time job,
yeah, that's not that great,
but think about what you're doing with that $200, you know,
or whatever it might be for you, $200 a week or whatever
if you can't work up to $200 a day,
then you should be able to find some way
to create some amount of money that you can be putting in
because you're not looking at the baseline of what you're putting in.
You're looking at the potential of it.
Over the next two to three years, it's going to be absolutely phenomenal.
I really believe that.
I can't wait to get back in the studio tomorrow.
Super excited.
But for today,
that's all I got.
By the way, we're at our first fall baseball tournament.
That's why we're not at church today.
I'm not playing hooky.
I'm out here for the kids.
They've got four tournaments during the fall.
This is one of them.
So we're going to go check us out.
Hopefully, we win.
That's all I got.
Be blessed.
BitBoy out.