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Its not too late to get rich off of Bitcoin. Confessions of a crypto investor...

Its not too late to get rich off of Bitcoin. Confessions of a crypto investor...

I am not giving advice, but here's the deal...

My expertise is telling stories as a keynote speaker to make people laugh and help American businesses and families adopt tactics to make healthcare more affordable. But lately I feel like an expert in another area: Bitcoin. Maybe I am an expert now.

“I don’t understand it? Is it an actual asset? What tangible object do I get? What if you lose your laptop?” These are the comments and questions we are all getting about Bitcoin in recent weeks. So let's put the topic to rest right now.

Crypto is about control, and the lack thereof. That’s it. Stop worrying about understanding Blockchain, leave that to the geeks. Every investment has risks. Crypto is no different.

Here are your answers.

Just as 98% of America has never truly understood the complexities of the stock market and how a stock’s value actually relates to a company’s performance, its unlikely most Americans will ever truly understand the complexities of Blockchain technology, Bitcoin or Cryptocurrency.

I have a Ph.D., and I don’t completely understand it – but I understand enough.

But do I need to? No.

Here’s why…

I was a Chief Executive Officer for ten years. Now I am an entrepreneur with multiple companies. I am grateful for this. But it was all made possible as I learned at an early age to take note of the gifts different individuals have, and when someone is more savvy than me on investments or business, I pay close attention to their advice.

Very wealthy, successful businessmen. Mark Cuban, famed angel investor Mark Andreesson and the Winkelvoss twins (reportedly invested $5 million from their Facebook settlement) invested in Bitcoin. 

I read the newspaper and trade magazines daily, I have my entire career. So I have been reading about Bitcoin since it was created. Then in October 2017, I watched the Bitcoin documentary on Netflix. You all should to. Here were two key takeaways.

First, while the criminal element may have been one of the first groups to embrace Bitcoin, they were just a small fraction of early adopters. Those who also became early adopters? Very wealthy, successful businessmen. Mark Cuban, famed angel investor Mark Andreesson and the Winkelvoss twins (reportedly invested $5 million from their Facebook settlement) invested in Bitcoin. These are examples of business minds greater than mine. Bill Gates is also rumored to be an investor in crypto. So while the criminal element saw value in the confidentiality component of cryptocurrency, the millionaires saw this confidentiality as a means to finally escape someone else controlling their money.

In addition to their prized wealth, the millionaires are emotionally and egotistically invested in seeing cryptocurrency, Bitcoin in particular, succeed.

That someone else is the government. Any government.

In addition to their prized wealth, the millionaires are emotionally and egotistically invested in seeing cryptocurrency, Bitcoin in particular, succeed. And the millionaires want to prove the world wrong. And I believe they will prove the world wrong.

Second, I realized that I understand Blockchain enough to understand that most people will never be experts on the subject. But that’s not the point. The long term strategy is to take a portion of your crypto investment and hold it for the long term. And the short term strategy is to buy low, sell high and pull your initial investment out and play with house money on the long term strategy. Again, I am not providing investment advice...that's just what my high school economics teacher taught me.

Sound familiar? It’s the same approach many take with stocks! Its not rocket science. really, it's not. You do not have to be a rocket scientist to invest.

A friend said to me in October 2017 that many of the experts he had spoken to in his personal research on crypto believe that each Bitcoin will be worth more than $1 million per coin in our lifetime. And he’s in his 40’s. At the time Bitcoin's value was less than $4,000 per coin. A few days later I realized that even if his belief was off by 99%, I would double my investment! Not bad odds. 

So my wife and I bought three Bitcoins in November. 28 days later they had appreciated by 160% each. What did I learn from this?

First, just from watching daily I have observed that even the largest crash won’t likely be catastrophic as the millionaire investors ego’s are as big of a driver for them as their investment. They wont let it fail. Second, whether you are 21 years old or 80, it may be worth considering to take $500 and invest in Bitcoin or other crypto’s on Coinbase, Kraken, Xapo or one of the other crypto wallet applications. Many people don’t understand that they can buy a partial coin. I tell my friends to just consider investing $500 if you are interested, and then watch and learn.

Let there be no doubt that the criminal element supporting crypto in its infancy provides an easy out for those resistant to change, threatened by crypto growth and unwilling to support. But that was a small fraction of those investing, and a distraction from the fact that very successful wealthy businessmen and women have finally identified a means to maintain currency and wealth with absolutely no government control. Most highly successful businessmen I know are control freaks in some manner. So when you equate those two facts, crypto being a long term, sustainable investment makes perfect sense.

“Oh, so your hiding money?,” The naysayer say. Nope. Your holding it, and when you cash out, report it on your tax return and you have done everything by the rules. Again, I am not offering advice, just stating a clear path to implementation. 

Crypto is about control, and the lack thereof. That’s it. Stop worrying about understanding Blockchain, leave that to the geeks. Every investment has risks. Crypto is no different. But get off your high horse and before you take verbal shots at Bitcoin, explain to me in your own words how a stocks value relates to the company’s true worth, what the concept of selling short is and what it means to invest in futures.

Hmmmmm. The silence is deafening. If you don’t want to invest, that’s your right. Since its natural for all humans to resist change, my guess is that Boomers will push back hard, GenXers will wait too long to invest and lose out on potential significant gains, and millennials will start contributing $50 - $100 a month and watch their wealth grow in a manner that GenXers and Boomers have never seen in our lifetime. Just my guess....

Do you recall any dot-commers who got rich even though their product never succeeded? There were many, and their websites didn’t ever turn a profit in many cases.

Enough of the naysaying. Step aside, watch and learn. Oh, and if you’ve ever been wrong on anything else in your lifetime, you ought to give consideration to crypto as well. It’s never too late to teach an old dog new tricks. 

Did I mention I'm not offering advice? Just food for thought...

Who is Dr. Josh Luke?

Dr. Josh Luke (a proud GenXer) is America’s Healthcare Affordability Authority, a former hospital CEO and faculty for the University of Southern California Sol Price School of Public Policy. He is a keynote speaker on healthcare affordability, Blockchain in healthcare and healthcare reform. He is an Amazon Best Selling Author and serves on Forbes Coaches Council. His newest book Health-Wealth: Is healthcare bankrupting your business? 9 steps to financial recovery, will be released by Forbes Books on January 18, 2018. Find him as Dr. Josh Luke on LinkedIn, at www.DrJoshLuke.com or at www.Health-Wealth.com. 

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