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Jim Crider

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2024-04-03
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2024-04-03
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  1. “This has been like this for years. Last February, I posted Pierre's chart, that hype, that chart. And I said, because I meet with all of our clients every February and August to basically pull apart their plan and rebuild it. So I put in that forum, that chart, and I said, right now we're meeting all of our clients and we are really putting our foot on the gas to increase Bitcoin allocations. That's when Bitcoin is like 20,000. And again, people were, I was thrown on the bus again, like hundreds of comets calling me a moron. So I put out there just for fun. I said, all right, anyone who wants to take me up on this, I will go all day. VTI at that point, Vanguard's total US index fund, was at $200 and change, like $200 and something cents. He said, hey, I'll pick up five shares of VTI. You pick up 0.041, whatever it was $1,000 of Bitcoin in Sats, we'll both pick these up December of 25, whoever's is worth more, the loser has to deliver that person's asset to them.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “Listening to podcasts, I was listening to one last night and they're outside looking in speculation is that financial planners are starting to adopt this more heavily or understand it more heavily. I'm a very small piece in this, but my view is, at least in this like deep CFP fee-only financial planner world, no, it's not nearly to the extent that people are hoping it is right now. So yeah, I've been into this for really vocal on this for right about four years now. And what that looks like is for the last several years, I would go quarterly onto this forum of financial planners. And I would just say like, hey, I really would love y'all to learn about Bitcoin for yourself and your clients. And it would be like 100 people commenting, call me an idiot. And then I would come back a quarter later and say, hey, like it'd be really great if you could learn about this. My calendar, here's my calendar, put a time on here. I'd love to talk with y'all. And again, people always call me a moron.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “It's pretty hilarious. My life is quite dichotomous in that sense. So Bitcoin Maxi, like my assets or a handful of companies that are in the Bitcoin peripheral space and I own my companies. That's it. And I'm very open with my clients on how what I invest in and the things that I own and how I view these things. The other foot that I have is in this traditional finance CFP super quote unquote prudent way of investing. Like they think that if you buy any, most financial planners now have been so sucked into buying the index that if you anything beyond that, like you're trying to like time the market or whatever. It's like, dude, first off, what frustrates me is these people not recognizing that they too are being active in some capacity. Even if you're just buying the index, you're making decision how you're weighting those indexes, what you're buying is small, mid, large cap, international, you're making a decision. It's just a little bit less active, but admit it. You are making a decision.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “And you're doing a massive disservice. Like, there's a group of financial planners I used to be part of a forum with, and I had to leave because I just got, I got mad. I didn't want to think I was an absolute jerk. So I just had to step out. It's like 5,000 advisors in that group. That represents hundreds of thousands of families that they're working with. And they're giving, in my opinion, bad advice.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “The three cycles following a halving high disillusionment and the third one. I think that really directly shows, like there's a lot of people who get into it via hype. Most of them fall off and are disillusioned, but each cycle, there's new class of people who actually are educated. And you can buy this thing as hype and speculation, but you will not be a long-term holder or it's going to be very difficult for you to be one or maybe you're an accidental long-term holder. There's a me myself who Scott, thought it was hilarious. I've managed to not sell my Bitcoin from $2 up to $70,000. How'd you do that? It's like, well, I lost my wallet. So maybe you're an accidental holder. But besides that, like, yeah, you have to actually be educated on this. And there's new classes regularly coming in and being educated versus just buying it as a speckled of asset. It can be difficult to be patient with people on helping them understand the problem. Where it's tough for me, like I love educating people who are normal, where it's frustrating for me is being patient with people who work in finance. It's like, all right, this is your job is to learn these things.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “It can be tough. It can be really tough to be patient with people. I guess a few things. This is sort of anecdotal, but I would totally agree. The adopters of just buyers or speculators obviously goes up. That's like this. I think it was Pierre who did the hype.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “Everything else. And those everything else could be US dollars, stocks, bonds, but also other cryptocurrencies. So we write with this thing. There's education. So anyways, to quasi sort of non-answer question, how do we do this? It has to be anchored in deep education. Education builds conviction and conviction builds strong hands. If you are not properly educated, you will want to abuse this thing rather than actually adopting it and holding it. It's a matter of first principles. What is this thing? And unless you go there, you will be trying to apply programs and trading formulas or whatever on top of this versus base at level understanding what it is, then you can actually move forward with how to own it.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “Just starting off, okay, where are you with this? And let me go back and we go through a history of what is money and what are stores of value. We marched through that like way back to the classic Bitcoin stuff, rhystones and Rome. And then we go through like different forms of money and how money's been debased over time. We arrive at post-World War I Germany. We talk through gold confiscation. We talk through Bretton Woods. And then that leads us to Bitcoin. And then I go into Bitcoin itself and how it's not this thing that was created 10 years ago by some tech bro in his basement so we can buy a Lambo. Like this is a thing that super smart people, way smarter than I am, have been trying to work on for several decades. And so we go to this history. So it's again leading to the proper question. So when we present the answer as I think it's Bitcoin, we know what question was asked. That allows us to go why Bitcoin versus”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “It's a book on negotiation. And I take some of this tactics. So like a tactic that I bring up with clients is, hey, you're going to think I'm absolutely nuts. But I and our clients own Bitcoin. So you start off with that is identifying, hey, what I'm about to say is going to sound crazy. If you don't acknowledge that, they're going to sit there and think like, this guy's crazy. But if you admit, you're going to think that I'm crazy when I say this. You're disarming them already. Because at least you recognize you're a little bit nuts. And then before you go into tell them like how Bitcoin works, you have to go into tell me what you know or you have heard about this thing. Because again, if you're sitting there and getting the best argument, but in the back of their head, they're thinking it's used for drugs. It boils the oceans. It's beanie babies. They will not hear anything you have to say. They're going to be waiting.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “And in order to have them go from looking for a dude in a suit who's going to help them just land in a 60-40 portfolio to where we're at now requires education. And that's, we start off, I don't lead with Bitcoin. I've taken a lot of flack from people on Twitter saying that my financial planning website does not mention Bitcoin on it. Like I came to reach these people who need rescuing, not the people who already understand this thing. So I'm not going to advertise that. Otherwise, I'd scare them off. I wait until we provided immense value in other areas, built a plan, talked through tax planning, show that I'm not a moron. That way, when I bring this up, there's actually at least some level and degree of trust. And once we go there, I believe you actually reviewed this book eight years ago. It was Chris Voss never split the difference.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “Like to think I'm a pretty good orange pillar, like again in my company, like basically all of our clients have exposure to Bitcoin. And 90 plus percent of them came to us as normal people looking for a normal financial planner. They totally got the bait and switch when they got me”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “Trying to speculate in time, this is absolutely foolish. And again, I think that's a lot of hubris that tries to come in and say that you're going to be able to do that to time it. And it's probably not going to work out well. Maybe it will. Yeah, that's like you mentioned with Sailor. It's recognizing, look, this is an accumulation game, not a trading game”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “That's huge. But now we look back. It's like, dude, you just bought a lot of Bitcoin super early. Who really cares? And I have to remind people of that, of the difference between 62 and 72 seems like a lot, but you never know what could happen to cause it to go from 72 to 92 or 72 to 42. I have no clue. But one day you look back and say, I'm glad I bought early those people who bought between one and three cents and 50 to 100 and $4,000 to $6,000. It'll be similar with $50,000 to $70,000.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “Is it going to go down more? And maybe we should sell some to buy again later. It's like, dude, no. Like, stop. And there's a lot of ways to help address this. Another buddy of mine reached out and asked, like, it was when it was back down to 62. And he asked if we should wait for it to get to the 50s. I was like, dude, if I had X amount of dollars right now, I'll just buy it right now. I have no clue what's going to happen. And sure enough, that was a few days ago and it popped right back up to where it's at now. Like I have no clue what's going to happen here. The thing is, if you're buying right now between 62 and 70, it's like I have friends who bought a bunch of Bitcoin at like 400 to 700. At that point, 400 to 700 was a, that's a 75% increase.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “You just never, you don't know. I'm not smart enough. And it's not like a lot of this is not even a question of smarts. Yeah. You don't have the information out there. Like, again, like what shark or whale is in the water below you that you can't see? I had someone reach out a few weeks ago when Bitcoin went to like 72 or whatever for its first time. Like, hey, should we go ahead and sell some, assuming it's going to drop? Like, no, let's hang in there. And then it did drop. And it was like, hey, Jim, like.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “And even people like me, a lot of people think that, oh, like this is what he does for a living. He must be super smart. Like, look, I'm a normal guy. I'm willing and vocal on what I know and what I don't know. And until you go there, admitting these are things that I don't understand, like I think we'd all recognize the first step to buying Bitcoin is admitting I was wrong about Bitcoin the first time I encountered it. So you have to place that, come to that place of like, I'm not the great and mighty wizard. I am just a guy that's been behind a little curtain this whole time. Yeah, you have to admit that you're wrong. I think we're all, we've all been there.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “Yeah, it's an overcomplication that's completely unnecessary. Like, I'm a huge fan. You know, on the Wizard of Oz, they think that the wizard, this great man has it all together. But then they pull the curtain comes back on accident and it's revealed like he's a simple guy. He's just an old man that's putting on this facade. And that's where I've come to realize most of the people that TradFi thinks is With a big booming voice is really just a couple old dudes calling the shots.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  18. “For sure. I have a buddy. I've been trying to give him to buy Bitcoin for several years. And he finally started buying some, but I ran into him a couple about a week ago and was like, hey, man, you started buying yet. He's like, yeah, I've realized this is it's a great thing to trade. It's like, okay, you've bought some, but you don't understand why you've bought it yet. And yeah, he's trying to play chess when the game is checkers. Just buy Bitcoin. But he's trying to trade it and speculate with it and treat it like some sort of stock that you're going to be going back and forth in.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  19. “For me, what I need to actually thrive and flourish If you're used to swimming in sludge, that sort of water, you'll be okay with that. Instead of asking, like, what is this? What is water? Then you'll recognize, wow, this is so different than the actual thing I'm supposed to be in. And you'll look for that exit so you can go to be in that place you need to be. If we don't ask what is money, arriving at Bitcoin doesn't make sense. You've been trying to answer a question that was never asked. And that's why people look at Bitcoin as being foolish. So it's so simple. It's just starting at those first principles, those base questions. What is money? What is this? Why are we doing this? And it logically arrives at, in my opinion, the most logical conclusion.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  20. “Nice. You lucky dog. Yeah, that's explaining to him how money works and how different currencies and debasement and why Bitcoin, if I did not understand this well, I could not articulate in a way that is simple enough for him to understand. And I think that's what you see a lot. And like, so I work in financial planning. I own a financial planning company and I talk to financial planners a lot. And what I've come to realize over the years is there's a lot of financial planners who are really smart and great at managing money. The problem is they've never stopped to ask, what is money? And that seems like such a foolish, stupid question, unnecessary question to ask. You know, it's like a fish asking, what is water? The problem is though, if your fish has been swimming in polluted water for a prolonging period of time, you never stop to ask, what is actually water anyways? You won't think to ask, is the ecosystem I'm in actually designed to provide?”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  21. “Yeah, man, it's hard to find the hundreds now. Ironically, they've gone up in value because their collector's items now. Oh, interesting.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  22. “If you know something really well, you should be able to articulate it simply. So, like, my kids, my oldest is six. So my oldest for a six year old has a really good understanding of how money works, what inflation is, how Bitcoin works, why Bitcoin's superior to other currencies. He and my father-in-law, his grandpa, play a game where my father-in-law, they have a big globe, and Atticus, my six-year-old, has to identify a country and tell him about it. And then if he gets it correct, Grandpa will give him a piece of money from that country. And because of this, Atticus has now accumulated lots of different currencies. Some of them are still strong. Some have been massively devalued. I have my $50 trillion bill from Zimbabwe. He knows about these things. You don't have the $100.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  23. “That's it. It's not very difficult. It's funny owning Bitcoin, I'm very vocal on this. And I sort of do this for a living is talk to people about Bitcoin in a lot of senses. And I go like three years at a time looking like a moron, but then for like a year every few years, I look like I'm unjustifiably smart. And it's really not because I'm smart. It's just simple. I'm playing checkers. I just buy Bitcoin.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  24. “I feel like people tend to overcomplicate things. You know, from a financialization point of view of, oh, we have to go and create all these new types of assets and products. And well, what about this? What about that? It's like, look, what are we trying to accomplish? And that's what Bitcoin does Bitcoin simplifies money. And yeah, so this whole thing of, I think it's a lot of it's ego-driven, this whole like, oh, I'm playing chess while you're playing checkers. Like, dude, why? That's great, but you could be way off because you're trying to put your ego first. Like, just buy Bitcoin and be done with it.”

    2024-04-03 · We Study Billionaires · BTC176: Bitcoin and Traditional Finance in 2024 w/ Jim Crider (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT