How to Sail Against the Winds of Life with Preston Pysh
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How to Sail Against the Wind in Life with Preston Pysh
Happiness is not money and things. What we do for others counts more. And noting down your aspirations helps a massive deal in achieving them. These are some of the life hacks that Brad and Preston dispense in this episode.
Preston is a savvy investor and author who runs the podcast "We Study Billionaires." He and Brad team up for this episode to talk about life, Bitcoin, Warren Buffett, and his interesting former life as an army officer. The two delve into more topics like:
Bitcoin's independence
Value and momentum investing
Is Bitcoin being hogged by just 2% of the people?
Why you should invest in just Bitcoin (as opposed to altcoins)
Here are some of the conversation's greatest hits.
#1. Goal setting and Cashing Out Your Bitcoin
It's important to set goals for what you want to achieve in life. Writing them down is better because 'thoughts become things.' That applies to Bitcoin too. Some people are happy to stash cash in Bitcoin and lay back without a particular target in mind. A target is when you know, for example, "what you'll do after Bitcoin goes to this and this…", as Brad points out. When you set a target, you're not driven by emotions, i.e., fear or greed. Greed can make you lose, and fear can prevent you from actualizing your investment goals.
#2. Is Bitcoin Going To Hit $100k This Year?
At this point, this one's a given. Preston even thinks Bitcoin is set to become global money: "it's more of a potential than people realize." Bitcoin has indeed flown in the face of critic's expectations. It has survived a decade of regulatory onslaught and unfavorable media coverage. This December, it doubled its 2017 all-time high and flew way past that in recent weeks. All these demonstrate its staying power. Even if it doesn't become global money, Bitcoin is here to stay, and it and will, actually already has fundamentally changed the financial system. It can no longer be ignored.
#3. Bitcoin Can Take Care Of Itself
"You don't have to do nothing for Bitcoin", contends Preston. It's tempting as heck to go scorched earth on these Bitcoin Cash and other altcoins' 'maximalists' who cast aspersions on Bitcoin despite them existing because Bitcoin does. But Bitcoin is built in such a way that it will roar on despite the noise. Preston notes Bitcoin is hard-coded in a way that will help it keep going. Miners rewards and halving every four years, for example. And if we're going by Moore's law, Bitcoin will only go from strength to strength.
Timestamps
00:00:00 - Weather forecaster Frankie McDonald's is now forecasting Bitcoin
00:01:51 - Introducing Preston Pysh
00:07:08 - Why it's important to write down your goals
00:16:29 - Brad's comedy past
00:19:05 - How did Preston get into investing, and Warren Buffet
00:29:07 - Value investing vs. momentum investing
00:36:13 - Bitcoin as a unit of account?
00:39:31 - Is all Bitcoin owned by 2% of the people?
00:42:56 - Goal setting and doing what brings you joy
00:51:14 - Is Bitcoin going to hit $100k?
00:53:58 - Don't ever label yourself
00:59:03 - Remaining positive online despite trolls
01:00:53 - Bitcoin doesn't need defending; it can take care of itself
01:08:15 - When did Preston get into Bitcoin? Plus Mayer Multiple and dollar-cost averaging
01:20:03 - Just stick to Bitcoin
01:31:35 - The shoeshine story
01:43:45 - Book/Habits recommended by Preston
01:48:02 - Social media plugs
Podcast Mentions
Book Recommendations
Love Yourself Like Your Life Depends On It