i think the average investor should ask himself or herself what do you have in your portfolio
that has this kind of track record number one is so is very very underpenetrated can
provide a service of insurance against financial catastrophe that no one else can provide and uh
and can go up 10 times or 50 times the answer is nothing so perhaps you should have some of this
hey welcome back everybody to altcoin daily let me know which cryptocurrencies you're buying in
the comments below of course the reason why you subscribe to this channel is because on a daily
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like the video let's get in to the top story of the day big news legendary billionaire value
investor bill miller he became a billionaire by making great investments has gone on record where
he has already said in years past that he owns a little bit of bitcoin and he's just watching the
asset he now says 50 of his personal wealth is in bitcoin and he describes himself as a
full bitcoin bull huh a billionaire 50 of his personal wealth that's got to be hundreds of
millions of dollars this gentleman has in bitcoin so the big question is why has bill miller
gone so big on bitcoin in his personal account listen to this i'd say it's a combination of of
things as it would have to be to allow something to get that bigger part of your portfolio because
you know it's it goes against many of the tenants of of uh financial discipline um
on the other hand the people that actually are the richest people in the country all are massively
concentrated you know buffett and berkshire jeff bezos mark zuckerberg so they're not they're not
widely diversified they may be they're they're highly concentrated and i think that's because
they have a high degree of confidence or have high degree of confidence in the in the value
of those investments amazing to hear bill miller talk like this before we get to ethereum before
we get to chain link before we get to alt coins let's just finish this up let's listen to him
go further why is he a bitcoin bull now what turned him so bullish listen as he describes
the paradigm shift that is bitcoin and so it comes down at the very basic level for supply and demand
so bitcoin is the only economic entity where the supply is unaffected by the demand so even with
gold if gold which is eighteen hundred dollars today if gold goes to eighteen thousand dollars
there will be a lot more gold mined because mines that are unprofitable
will become profitable and so gold which which accretes today the production of gold is about
equal about one and a half to two percent of the total value per year that's the same
uh accretion that bitcoin has currently uh that but this year 2022 i think we'll drop below 1.5
on that so only only 21 million bitcoin can ever be created or close to it it doesn't
matter if bitcoin is 100 000 or or 20 million there's only going to be that many of them so um
all you have to really believe is that the demand for bitcoin will grow faster than one and a half
percent you know over the next number of years and the price inexorably will go up
so i i've only recently been allowing myself to be described as a bitcoin bull i i used to tell
people he said oh you're a bitcoin bull you own a lot of bitcoin i'm like i do own a lot of it but
i'm actually a bitcoin observer and i'm observing its trajectory as a new
technology and comparing it to the trajectories of things like uh the printing press or the steam
engine or the railroads or the automobile or electricity and and it's following that very uh
not not predictable because it's not predictable certainly in the early days a well understood path
for the adoption of new technologies and you know stan i think it was stan druckenmiller uh said
earlier in the year that and and now he owns bitcoin by the way um but he said that bitcoin was
a solution in search of a problem and what i've found amusing about that is every new technology
is a solution in search of a problem because you have a new technology and trying to figure out
what you're going to do with it and so you know when you when we created the internet what are
we going to do with that so uh the defense department had used good uses for it but
it was tough for other other people to see and but now everybody can see what the value
of the internet is same thing with the internal combustion engine which was very dangerous no but
now that's taken over the world and now we're going to move to electricity so
all kinds of technologies have to grow into their uh grow into their potential and bitcoin is
i guess you want the theoretical answer to the question is that's the work of brian arthur
santa fe institute and and stanford who is kind of the leading authority on what he calls
increasing returns economics and what he calls lock-in and path dependence in the economy so
his basic idea is that when technologies reach a certain dominance and they're they're the leader
it's almost impossible to dislodge them even without a very superior technology and bitcoin's
there is that what that's what that's what i would say i and the other bulls believe okay so this is
the way i think about it look we're in a downtrend i think we're close to finding a bottom here i do
think there'll be a huge bounce but until that happens we're chopping around this kind of stuff
doesn't happen overnight we're going to enter some chop solidation in my opinion but eventually
i see much higher prices for me it's a long-term thing with the quality coins
now think about it like this bitcoin today at forty thousand dollars exactly like bitcoin
one year ago from today in 2021 one year ago when bitcoin was the exact same price the sentiment in
the market was extreme greed today one year later same price the sentiment in the market is extreme
fear this is a tale as old as time plus taking a look at this chart bitcoin's rsi has been this
low just two other times in the last two years looks like a bottom is near and about's due
but we'll see we'll see let me know what you think in the comments section below i'm curious to know
what you think about all this have you been shaken out do you know people who have been shaken out
and let's move forward and talk about some altcoin news american rapper meek mill are you a fan
well many people are he has almost 11 million followers just on twitter american rapper meek
mill says fans need an ethereum address to hear his new mixtape and he told his fans you
gonna need an e address to hear this new mixtape google how to get one asap now i can really rap
that's pretty cool i like it let's talk about chain link and the bowl case for chain link going
forward chain link has been at lowe's for quite a while now so you know make your own decisions but
if chain link is to have a future it's going to be because of stuff like this link is a bet
on the smart contract economy number one vast majority of smart contract use cases require
oracles to function number two the ecosystem is increasingly becoming multi-chain number three
chain link is natively blockchain agnostic with 90 plus oracle market share on integrated chains
so ethereum cardano solana polkadot elrond who will win the smart contract settlement layer
war doesn't matter all will be chain-linked the success of any one or multiple smart contract
chains lead to increased adoption and success of chain link more adoption more user fees paying the
oracle services so chain link is not picking aside necessarily just profiting from the war i guess is
the investor's thesis as chain link god.e 2.0 has put it speaking of fees pretty interesting metric
ethereum did 150 x bitcoins fee volume this might seem normal to a lot of people but it didn't used
to be this way bitcoin used to have the most fee volume it's pretty interesting i think you
know it's it's just a difference in networks right most people most people i think just hold bitcoin
it's like gold to them well a lot of people hold ethereum as well for an investment but ethereum
ether is also the utility coin within the ethereum ecosystem so of course it's going to be used more
for fees and we hear people complaining about eat fees all the time because sometimes they are very
very high so it's just interesting i just wanted to point out this metric to you just like i want
to point out this doge shib what's the move guys are you guys still huddling amc ceo says doge and
shib payments to be added most likely in march so there's a little hope in the future with that
i guess in other news getting a little glimpse into the future here cbdc wallet tops mobile app
store charts in china the pilot version of china's official digital yuan wallet app has become the
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account take advantage of this let me know if you did grand theft automaker and farmville creator
take two eyes web three opportunities with zenya acquisition this is pretty interesting take two
interactive the publisher of grand theft auto and other major game franchises will acquire
xanga for 12.7 billion the mobile game maker recently announced plans to develop games that
make use of blockchain networks and nfts we're not even in the first inning of blockchain gaming
actually infinity was a proof of concept all of these players are getting involved
2022 might be the year it might be 2023 but i think it's going to get a whole lot bigger
2021 in my opinion was the year of nfts i think it's going to continue i don't think it's going to
be the same but again like things like openc proof of concept openc was the most popular retail nft
place to buy and sell i think some market share might be taken away from them in 2022 and here is
five nft market places that could topple open c according to coin telegraph they say coinbase nft
i think that's going to be a huge one they say ftx nfts on the solana network but i think
they'll also be compatible with ethereum yes i think that's going to be a huge one
wearable it's already been around i think that is going to remain big and get bigger
zora and magic eden so let me know what you think in the comments below as far as nft
marketplaces what you would like to see let me know which coins you're buying or which coins
you're holding which coins you believe in that being said my name is aaron at altcoin daily
appreciate you guys make sure you follow us on twitter i'll see you tomorrow