Good morning, BitSquad!
Welcome back to a Saturday morning episode with Ben and the Meta Money guys.
- Hey, we're back at the seats. - Yeah.
It's not a couch.
- We don't do any work on a couch here at BitBoy Crypto. - No.
You guys, remember that.
- Yeah, we work hard. We work hard. - Yeah.
Anyway, so we are at the depths of the bear market, if you will, right?
- No! - If you look at the charts,
November of last year is probably when we started this.
Would you agree or disagree?
Yeah, absolutely!
I mean, some people will go and say even in May is when it actually started.
But peaking in April,
May, drop in sentiment,
we did have the rise in price towards the end of the year.
Most likely, VCs and institutions cashing out.
But what I'm calling this period right now that we're in is bottom watch 2022.
Dun dun dun dun dun!
Okay. So bottom watch.
- There's a lot of capitulation that's happened. - Yeah.
Okay, but there's a lot of life-changing money.
There's a lot of opportunities,
whether it's in crypto, Web3, with the metaverse, NFTs, all of that.
What do you say to people?
And whether you're an evangelist, an educator, content creator, you know.
I think evangelist kind of is more broad.
- It includes more people. - Yeah.
And you want your friends,
you want your family,
you want people that you know to take part in this ecosystem.
- But times are tough right now. - Yeah.
What do you say to get those people back?
Well, you know, I've just got to push back against a little bit.
I don't think you can get them back.
I think that really, by definition, capitulation is someone totally giving up.
And I think that, really, when someone totally gives up,
the only thing that will make them come back in
is when they're coming back in at the wrong times.
When the prices are going back up, they're like, "Oh, I'm such an idiot.
I should have done it. Let me jump in again at the wrong time."
They repeat it over and over again.
Some people have got to go through that a few times
before they, you know, move from being, I guess, dumb money to smart money.
But I think, really, capitulation is totally giving up.
When someone gets to a point where they're like,
"Yeah, my $20,000 investment is now down to, like, $1,500.
I might as well just take this out and take my family on vacation,"
it's hard to talk people down from that point.
So I think, really, you shouldn't be trying to communicate with people who've given up
because they're abrasive at this point.
- They don't-- - You said--
- They don't want to be talked back into it. - They must be--
- Yeah. - You know?
But I think, really, you need to focus on the people that haven't left yet,
encouraging each other and just, you know, making sure, like,
everybody knows we're in this together,
we're sticking through this,
we're going to get through it.
You know, last night on Twitter, I tweeted.
- Great place to do tweets is on Twitter. - Best place to tweet.
One of the best.
This is my third bear market.
You know, this the third one.
And believe it or not,
over time, you actually get to a point where you start to enjoy parts of it.
- You understand that-- - Well, there are opportunities.
It's a huge opportunity.
And then it's also kind of a change in the pace of crypto for a little bit,
especially for us that are in this full time.
But it's really just encouraging each other to push forward.
The people that leave, they're gone.
But what do you want to say to them?
Like, and I know that you said it on your channel,
we've said it on our channel, like,
you know, the bear market is,
this is the opportunity now to turn people into millionaires, right?
Obviously, it's going to have--
you have to build, you have to grow,
you have to develop your network and do all this stuff right now.
Like, this is the time.
Because maybe we're on this little, like, cusp where we're going to start going back up.
And I know that you say, like, if you've capitulated,
you've capitulated and you're gone.
See you later, you know, have fun staying poor, all that stuff.
But really, like, we're just talking to all the same people.
- Yeah. - So we need new people.
- Yeah, for sure. - We need new people when the times are tough.
Because that's not usually how it happens.
Like, like you said, the price has to go way up for people to start getting interested again.
- Well-- - I don't-- yeah, I don't know, though.
It's an interesting time because, like,
the bear market is not just about investing and making money.
Like Ben said, it's about connecting with others that are already in the space
because that is where you get your real growth.
- I mean, I met Ben in a bear market. - Yeah.
I mean, every-- all the smartest--
- We met in a bear market. - Yeah.
All the smartest people in the industry, like, when we started-- when I got into crypto,
it was like, how do I meet all these people during this time
when there's no attention towards it?
So you have a better opportunity to meet the real deal and get involved.
Like, maybe you don't have enough money to invest to make yourself millions
even in this next bull run,
but you can align yourself with someone else that is
and that's going to crush it.
So, I mean, I think that's an opportunity for a lot of people.
Like, whatever your expertise is,
you know, how can you add value to the Web3 and the crypto space,
and build now,
and that's how you're going to see your come up in the next bull cycle.
Yeah, I think you hit, you know, the nail on the head there.
I mean, I think I spent all of 2018 and 2019 really just hoping on a wing and a prayer
that it was going to turn around.
And that was the thing that really kept me going.
And this bear cycle is a lot different because I know it's going to be a while probably.
But what I was doing during that time is,
I tried to say, like,
"How can I position myself so that when things do turn around and start going up,
like, I'm in the catbird seat?"
You know, like, I'm in the best possible position.
And that's exactly how it happened, you know.
My channel really started blowing up.
And I think it's important to understand when my channel started blowing up.
It started blowing up early 2020.
The halving had not yet occurred yet,
but most people believed we had already bottomed,
and we had.
Now, we did have a big pandemic crash, but it still didn't meet a new bottom.
And people were looking for, you know, highly speculative coins
that could be on the rise when things turn around in the near term.
So, I think, really position yourself,
you got a year to really put yourself in a good position.
And by this time next year, we'll probably have more people coming back.
I know, you know, there were--
there were all kinds of big webinars on crypto.
And there were big newsletters and reports on crypto that were bringing new people in.
The new people, they get really turned on by the highly, highly, highly speculative coins.
But right now is not the time where it makes sense to talk about those.
You've got to wait till the pendulum swings the other way.
And you're right, Justin.
I do believe that we are going to see things heading back in the right direction soon
by the end of this year.
But it's not going to be this.
It's going to be--
- Slow. - Slow and then this, so.
I mean, it's the best time to really be that missionary.
I mean, you're-- and for the people that do come into crypto that you talk about,
now, they're going to thank you for the rest of your life.
So, like, tell your family. Tell your friends.
It's hard to do that in a bull market.
Like, when I have people coming to ask me questions, like,
"Oh, crypto is pumping. Like, what do I do now?"
Like, "Bro, I was talking to you, like, two years ago,
- and you didn't get into it. - Yeah.
And, like, I'm still going to try to be nice to you and, like, give you some information,
but kind of not the greatest time now.
And now when I give you this advice, we're already at the top,
so then you're going to blame me when it goes down,
so I'm just going to give you some, you know.
- Be safe. - Yeah.
Buy some Bitcoin, and you'll be good."
So let me ask you a question.
On our channel, Meta Money, we focus a lot, you know, more on the Web3 realm,
where it's-- and it's all, you know, related, blockchain, crypto, everything,
but, you know, we focus a lot on the metaverse,
what's going on with NFTs and Web3 and how that's going to affect, kind of, society, right?
Do you feel that the crypto ecosystem and that Web3 ecosystem--
again, they are blockchain, so they are related.
Are they two separate, kind of, ideals and movements?
Like, Bitcoin's going to move and then, you know, the Web3 stuff's going to move,
the metaverse lands will go back up,
NFTs will go back up,
and we see Bored Apes go from 100 ETH floor to, like, 70.
You know, like, that's a decent loss, and I think we'll probably see more,
but do you think that crypto, Bitcoin being the "king," is going to drive everything up?
Or do you think they're going to decouple at some point?
Well, you know, I think, really, the key to this is Ethereum.
You know, Ethereum's really the key to this conversation
because you can't talk Web3 without talking Ethereum.
- Absolutely. - Right?
I mean, when we say Web3, yeah, we include some other chains too.
Cardano has got some NFT stuff.
Solana, when they're not on a break or pausing, you know, they got some things, I guess.
But at the end of the day, Web3 is Ethereum.
You can't have one without the other at this point.
So I think really watching what Ethereum is going to do versus Bitcoin
as we head into this next market--
obviously, we had the Merge,
and it spiked in, you know, ETH dominance versus Bitcoin.
Now, after the Merge, we've seen it subside, similarly to what we see with the halving and Bitcoin.
But I think it's going to take Ethereum breaking away from Bitcoin
to change the dynamics of the whole market.
And so until we see that,
I'm going to say no.
We're going to see individual values of NFT projects fluctuate, obviously,
not always according to the Bitcoin cycle,
but we really need Ethereum to break away.
And I think that's really what can set this market in a much more interesting place
to where NFTs, metaverse, Ethereum, other altcoins,
they can move independent of what Bitcoin is doing
and break away from that 4-year cycle.
- And bring all the eyes and attention back. - Yup.
- And the excitement. - Yeah.
And the positivity.
- Because people need their hopium. - Yeah.
Yeah.
And the nerds.
- I think it's going to depend on the-- - The nerds are all still here! I'm just kidding.
- The nerds stuck around. - They did.
- They didn't capitulate. - Smart.
It's going to depend on the creativity of these projects that are in Web3
and if they can reach a mainstream audience that crypto wasn't able to reach.
And when that happens,
- we'll see Ethereum soar possibly, so. - I think so.
- I think that's it for today? - Absolutely.
Guys, this is now your time to soar over that like button.
Make sure you smash it on the way out.
Don't forget to come check us out on Meta Money.
We talk about metaverse and Web3 every single day.
Yeah.
Later, guys.
- Pow! - Have a good weekend.