– I’m gonna give you my outlook for Bitcoin prices for 2017 and I’ll explain to you who should be buying Bitcoin and who shouldn’t be buying Bitcoin. I’ll also explain some of the comments I’ve made in the media in the past about the whole blockchain and investing and Bitcoin and mining it. All that stuff we’re gonna get into right here and you’ll see what we believe the value of Bitcoin is going to reach towards and what it’s worth right now and what it’s going to be worth a few years from now. Bitcoin will always have a special place in my heart because it was when I broke my record from the most media interviews on any one topic in a single day.

Let alone all the interviews we did over the weeks and months leading up to and after that point. We did 14 interviews in a single day. Plus two more which were written interviews. So, we’re talking to magazines, newspapers. We’re writing articles about it. And the thing is that a lot of people misunderstood what I was trying to say. We believe that the price of Bitcoin is going to break through $2,000 US per Bitcoin. I almost said per ounce, per Bitcoin. And when that happens, it will be a media-worthy event. Media will cover the fact that Bitcoin has hit a new high and broke a plateau level like that. And what happens with that is that the media talks about it.

So, people read that or see it and then they act on it because they think they’re missing out and they think that Bitcoin is gonna keep on going up in price. And it will fuel another speculative bubble, which will push the price probably up to about the mid 2,000s. 2,000 and probably four or five hundred dollars per Bitcoin. And Bitcoin price will collapse back down closer to about 2,000 but it might bounce off of there and go to much higher levels in the longterm. People thought I was against the concept of the whole cryptocurrency world. And they also thought that maybe I was underestimating the value of the blockchain of technology. And the time when I was talking about it, Bitcoin was in the middle of a speculative mania. And that’s one of the things we do. Especially since we’re in a penny stock industry. We basically see these manias come and go all the time. And people wind up losing so much money because they turn on the TV. Everybody’s talkin’ about Bitcoin. And they think, oh, I better take $1,000, scrape it together, take it out of my kid’s college fund. And they’re like, I need to buy Bitcoin.

They’re all of a sudden missing out. And most people who do that, they buy at the peak. And then, the Bitcoin value starts coming down and they wind up losing a lot of money. My quick summary on Bitcoin is that the technology is really solid, really valuable, really powerful. And this is a way of getting out of the system, so to speak. It’s not relying on any one central bank, it’s immune to inflation. It’s immune to a lot of regulation and taxation. And that’s what’s great about it. But when I argued that it was not as good as people believed, the prices were dramatically overvalued. It was right in the middle of an investor stampede.

And as I mentioned, we see this all the time with penny stocks. We’re in the penny stock world. So, we see this happen with everything going back to the Dutch Tulip bulb mania. But we’re talking about, you know, 3-D printing technologies. We’re talking about marijuana stocks lately. And we see these concepts get so overvalued that people who shouldn’t be investing in this stuff and who do not understand this stuff, they’re going crazy trying to buy it. And this drives up the prices and these are the people who wind up buying at the top. And when something like Bitcoin turns around and starts coming back down, they can’t believe it. They couldn’t expect that the price would ever decrease. They thought it would only keep on going up.

And at the end of the day, there’s a lot good, honest people who were trying their best and they wanted to invest in the latest hot thing. And by doing that, they end up costing themselves a ton of money. There were a lot of problems with digital currencies that most people didn’t see. And there was a lot of digital thefts. People had a bunch of money that just disappeared. And who do you go to at that point? What regulatory body has the responsibility and the authority to try and help you find that money again? Or to get it back? None, there’s rules, there’s no regulations. And so, when somebody steals your digital currency, there’s very little that you can do about it. And that’s why you’ll see some of these Bitcoin thefts that happened in the past. They never recovered any of that. Money or value. Or maybe they only recovered a certain portion of it.

So, that made it a very risky investment to get into. Especially for all these people who are coming to me who have no idea how the technology works. They don’t understand the whole system and why it’s valuable. And these are the people who should not be investing in the digital currency. You do not buy something you don’t understand. You should only buy it if you get the technology, if you’re into this world. If you talk to people who know about it. This is who should be investing in it. And yeah, it has value. It has a very unique value that is not available with a lot of other types of investments. And there’s a ton of value in the sense that it is limited how many Bitcoins will ever be available.

And that adds a lot of value to it. You can also say that about other things, like, gold, for example. Which also has a limited supply. You just have to go about mining it, just like you have to about mining the Bitcoin. I said that you need to watch for the attrition rate. Because there’s a lot of companies who say, “Yeah, we’ll take on Bitcoin.” Just like when people are buying Bitcoin, driving up the prices. A lot of business said, “Well, I’ll also take Bitcoin “’cause we’re right in the middle of a frenzy.” Now these businesses, I said, “You have to watch for the attrition rate.” You have to watch and see which businesses say, “Yes, we take Bitcoin.” And they do that for awhile.

And then, they reverse direction. They say, “Okay, we’re not gonna accept it anymore.” And it was actually a pub in Europe that was the first to turn around and go, “Okay, we took Bitcoin and we’re not doing it anymore.” And in a lot of ways, this is actually kind of a problem for business owners to have this many different methods to pay.

And in some cases, it’s appropriate. But if you’re doing it just ’cause it’s right in the middle of the frenzy or the fad, this will always be reversed by the companies and it’s a mistake. We’re seeing a lot of companies that are taking Bitcoin, making tons of money from it, and they’re still doing it, and the customers like it a lot. Which is great. And these are the companies which will help drive Bitcoin a little bit closer to critical mass to make it a more ongoing legitimate type of currency.

See, people believe that so many companies take Bitcoin because they hear the headlines. They see it in the media. Look, this company’s taking Bitcoin. That company’s taking Bitcoin. And they think, wow, every business is going this way. If you look at how many businesses there are in the United States alone and also overseas, the number of companies which actually take Bitcoin, accept it as a payment method, is a fraction of a single percentage. People think, oh, it’s maybe 4%, 5%, 20%. They are way off, it’s not even close. Nobody takes Bitcoin except a few specific companies. And a lot of those are doing it for the wrong reasons. They’re trying to get onto some kind of train where it’ll help them make more money. But at the end of the day, does it really? If you run a business and you say, “Okay, we’re going to take Bitcoin now.” Did your revenues change at all? The answer is no, they didn’t, almost certainly. Maybe I’m wrong about that. But any of the companies which take Bitcoin which we’ve looked into, haven’t shown any significant or noticeable increase in their total revenue levels.

And this is why there’s gonna be even more potential attrition in the years going forward. When something’s new, as Bitcoin was, and it was new years before this but when it was more in the mainstream. When everybody knew what it was and was sort of watching it and the media was talking about it. These are when a lot of companies came along and said, “Yeah, we’ll take Bitcoin too.” But at the end of the day, what’s gonna happen is that, you know, when you start something, you can only grow.

You can go from zero people accept it to one to two to three and you grow. And then it comes a point where you reach the most you’re going to reach. And I don’t think that you’re gonna turn around and see a few years from now that there’s that many more customers or companies or businesses which actually accept Bitcoin or use Bitcoin. One of the biggest, crazy things I saw was a Bitcoin vending machine where you can go to a vending machine and buy Bitcoin out of it. That was a waste of time, a waste of money, a mistake. But that doesn’t mean that I’m against Bitcoin. I’m against bad ideas in business, but I’m not against Bitcoin. I think it’s great. I think it’s very important. Especially when you’re dealing with a situation where I think that these central banks have completely derailed the economies. Completely ruined the economies of all countries across the world. And so you need to be able defend yourself, preserve wealth, and help your investments grow.

And Bitcoin is a good tool to do that. But not for everybody and not for most. If you’re gonna take $1,000 and you’re hoping to turn it into $2,000, there’s a lot better ways to do that without having to go through all the technology side of buying Bitcoin and preserving it and keeping it safe and all of that. Not that there’s that much involved with it. But there’s enough that if you don’t understand it, then there’s plenty involved. Bitcoin has come back now, after dropping off from $1,300 way to down to about three, 400 US dollars per Bitcoin. And it’s come back up, in US dollar terms, now to $1,540, which is pretty good. So, it’s the highest it’s ever been. And it potentially is starting to look like it may just keep on going to higher and higher prices in the short term. And if this is the case, that’s great for people who own Bitcoin. But it’s not appropriate for your neighbor who doesn’t know anything about Bitcoin to be owning it and trying to use that as a method to have their wealth increased.

There’s a lot better ways to do it than that. It does have a place in terms of people who are willing to transact in Bitcoin. And the vast majority of these, over about 95% of them, are all in Eastern Asia. China, specifically. And there’s a lot of movement among the population to try and find ways to get their wealth and their money out of the country. And this is one of the ways they’re doing it. It’s very effective because it’s very difficult for the communist government to control Bitcoin.

And the fact that Bitcoin is still around, that, in itself, shows you that it’s not going anywhere. What is going to go away is a lot of the other me too digital currencies and cryptocurrencies. There’s Purecoin, Litecoin, Darkcoin. Bitcoin will always represent the very front line of the digital currency world. And as such, since it is the most popular, it owns that title. You will never see Pepsi Cola or RC Cola overtake Coca Cola. It’s set in stone, it’s done, that’s it, the end. Bitcoin will always be the preeminent, top, most popular digital currency. And as such, since there’s only so many people who are interested in trading digital currencies, it makes it very difficult for somebody like Namecoin or Dodgecoin to exist in the longterm. There was a time where Bitcoin almost went away. And that time is passed. The fact that it still exists and they’re at higher prices than ever, that in itself, will show you that Bitcoin’s not going anywhere.

But as I said, I think that Bitcoin is a great idea. I think that it will only increase in value, especially the weirder and more ridiculous the entire global economy becomes. Which is pretty darn bad right now. And I think that there’s also going to be a lot of appreciation in value of Bitcoin because of the limited supply. Bitcoin, itself, will appreciate in value. But also because the currency you’re buying the Bitcoin with, in this specific example, is the US dollar, is going to decline in value. And not just Bitcoin but also things like gold, cotton, coffee, everything bought in US dollars is going to increase in price. Because as the US dollar declines in value, as we anticipate that it will be very soon, then it takes more dollars to buy the same asset.

And anything that is out of the economy, such as Bitcoin, that you need to use US dollars to buy it with, it will seem to be appreciating in value. So, we have two sides here where the Bitcoin price should increase on its own, organically. And you should also see it increasing because of a decrease in the US dollar..