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"이만큼 확신 주는 자산은 흔치 않습니다"…반토막 난 비트코인, 지금 사도 되는 사람은 따로 있습니다 | 전철희 커먼웰스주립대학교 재무학 교수 — Transcript

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0:00Should I buy crypto now?
0:01>> Let me give you a straight answer. I
0:04think it's okay to buy. If you are
0:05planning to steadily accumulate for at
0:08least 2, 3, or maybe 5 to 10 years, I
0:10don't think there are many assets that
0:13give as much certainty as Bitcoin.
0:15Looking at the price action, it seems
0:17we've passed the deep winter and are now
0:19in a situation where we're cautiously
0:21expecting a bit of spring.
0:22Why do we talk so much about Bitcoin
0:24when discussing the crypto market? In
0:26fact, you could say Bitcoin is the alpha
0:28and the omega. If I may put it a bit
0:31strongly.
0:31>> What did you do back then, Professor?
0:35>> As I mentioned, I started investing in
0:372017 and have continued ever since.
0:44Hello. I'm Lee Ho-seok. Today, we have
0:47Professor Jeon Cheol-hee with us. Hello
0:49.
0:50>> Yes, hello.
0:51>> It's been a while since you were last
0:54here, could you please introduce
0:56yourself?
0:57>> Yes.
0:58I think it’s been about two years.
1:01>> Ah, yes.
1:02>> My name is Jeon Cheol-hee, and I teach
1:06finance at a university in Pennsylvania
1:09.
1:10>> Yes. It's already been nearly 10 years.
1:13I’ve been interested in the crypto field
1:15,
1:16>> and I’ve been steadily monitoring trends
1:18, seeing how it changes, and doing some
1:20investing as well.
1:22>> Yes.
1:22>> Luckily, I’ve continued to publish books
1:25.
1:25>> Exactly. A new book just came out. So,
1:27yes. Yes. The book is titled 'US
1:30Investment Trends 2027'.
1:32>> I believe that's the final part.
1:36You discussed topics related to Bitcoin
1:38, and today's title, "The
1:40Institutionalization of Crypto: From
1:43Speculation to Institutional Asset,
1:45Crypto's Second Leap," seems to contain
1:47a lot of exciting prospects.
1:50I need to ask you this, so I’ll be very
1:55direct. Can we buy Bitcoin right now?
1:58Since that's what most people are
2:00interested in, can we buy Bitcoin now?
2:03>> Let me give you a straight answer. Yes.
2:06>> I think it’s okay to buy. Yes.
2:07>> Hmm.
2:09Oh, really?
2:10That’s a very difficult thing to say as
2:12a professor, yet you still say it's okay
2:15to buy.
2:16Why?
2:17>> Well, buying it for short-term price
2:19fluctuations or trying to time the
2:22market is absolutely...
2:24>> Everyone knows that, right?
2:26Those interested in the field know, but
2:28trying to time the market and flip is
2:30effectively impossible.
2:33>> It is. However, if you're not doing that
2:35and instead...
2:37>> If you are planning to steadily
2:39accumulate for at least 2, 3, or maybe 5
2:42to 10 years, In my opinion, there aren't
2:45many assets that offer as much certainty
2:48as Bitcoin. Hmm.
2:50>> Maybe gold could be one,
2:53>> but in terms of returns, the longer the
2:55term, the better.
2:56>> How should I put it? What improves the
2:58risk-adjusted return isn't just crypto,
3:01but Bitcoin. I like to distinguish
3:04between Bitcoin, altcoins, and
3:06>> crypto companies.
3:08>> Yes. I’d like to separate them, but what
3:10I’m talking about right now is in
3:11relation to Bitcoin.
3:13>> I’ve always considered it a decent
3:16long-term investment asset, and I am
3:18acting accordingly myself.
3:20>> So, in any case, you’re saying it’s okay
3:22to buy now.
3:23Since you’ve spoken positively about
3:26Bitcoin, I’ll base my next question on
3:29that.
3:31Recently, people’s interest has shifted
3:34to the Bitcoin halving.
3:36It comes back every four years, and
3:38although it feels like it hasn’t been
3:40long, people are talking about the
3:41halving again. So, I’d like you to tell
3:44us if that four-year cycle is still
3:45alive, and if so, what the exact date
3:47might be.
3:49>> I don’t remember the exact date, but I
3:54recall it being around early 2028, maybe
3:59April or May.
4:02>> Hmm.
4:02>> Yes. Yes. But regarding that cycle,
4:06personally, in the last four-year cycle
4:09, um,
4:11>> many people
4:12>> were likely more disappointed than they
4:15expected. In terms of price appreciation
4:18, I was also
4:19>> included in that.
4:22>> But at the very least, the cycle itself
4:24, even if the amplitude has decreased,
4:27cannot be said to have disappeared.
4:31It’s actually still alive. Hmm.
4:33>> Yes. So, I still believe that the
4:36four-year cycle theory hasn’t been
4:39broken yet.
4:40>> Then, how does the Bitcoin four-year
4:42cycle work? It starts to rise little by
4:44little even before the halving begins
4:47every four years, ah,
4:48>> Yes. Yes. That’s right.
4:50>> Yes. And after a year or two, it falls
4:53again, and it seems to be a repeating
4:55cycle like that.
4:58Anyway, quite a few people are
5:00predicting that the Bitcoin four-year
5:02cycle hasn’t been broken yet, so there
5:05is a high possibility that the bottom
5:07was passed this October.
5:09>> That’s right. I mean, last October was
5:12the peak, wasn’t it?
5:14There were sudden liquidations, and
5:16since then...
5:18>> straight through until the beginning of
5:19this year,
5:20>> it dropped about 50%. But in fact, it’s
5:22a smaller drop compared to the last time
5:24.
5:25Usually, it drops 70-80%, but this one
5:27took a 50-60%hit. In a way. That’s
5:30correct. But when people had
5:31expectations, it had already entered the
5:33mainstream market, and ETFs were
5:34launched.
5:35>> Exactly.
5:36>> I think many people wondered if it would
5:38really drop that much, but seeing it
5:40drop by over 50%, I thought, "Well, as
5:42expected..."
5:44>> It really is different. I think that’s
5:46what I felt. So, it’s not like the
5:48four-year cycle is over yet.
5:50People say the timing has changed, and
5:53while there may be some minor
5:55differences, when you look at the long
5:57term,
5:59>> there is still no evidence to say the
6:01cycle has been broken.
6:02>> None.
6:03>> So, personally, I think...many people
6:06call Bitcoin "digital gold," don't they
6:10?
6:10>> Yes. Yes.
6:12Everyone understands why we call it gold
6:15, and when you add "digital" to that,
6:18Bitcoin's advantages become incredibly
6:22significant, right?
6:24Yeah, hmm.
6:26>> But in that sense, calling it digital
6:27gold...
6:29>> It has that characteristic, but I’d like
6:32to add one more thing: "Digital Gold
6:35with a Cycle." It’s still digital gold
6:38with a cycle.
6:39>> Ah, digital gold with a cycle.
6:42>> I mean, yes, usually when we invest, we
6:44all know what will do well.
6:46We know AI will do well, we know
6:48semiconductors will do well, but
6:51>> it’s actually hard to time the market,
6:53isn't it?
6:54Hmm.
6:55>> As we’ve seen, with the semiconductor
6:59crash in June and even now as we're
7:02recording, the market has dropped quite
7:05a bit, so timing is tough.
7:09But if you look at it long-term, Bitcoin
7:13still has a 2-3 or 3-4 year cycle, so
7:17you can sort of tell when to buy and
7:21when to sell.
7:22>> To some extent.
7:24>> It has a cycle with a fairly high
7:26probability of success. So far, it has
7:29proven that.
7:31>> The relationship between AI and Bitcoin
7:34is an interesting topic.
7:37Since AI stocks are getting so much
7:41attention—well, not just recently, but
7:44around June or July, I felt that people
7:48who used to invest in Bitcoin or
7:51altcoins were all moving to AI to do
7:55their trading.
7:58So, one of the reasons Bitcoin performed
8:00relatively poorly this year is because
8:02AI was just too popular.
8:05It seems like that was a factor. How do
8:07you see the relationship between AI
8:09stocks and Bitcoin?
8:10>> Yes. I have actually been thinking the
8:13same thing personally.
8:15Everyone knows that capital is flocking
8:17toward AI, and that’s why we're in a
8:20situation where capital is actually
8:22scarce right now, isn't it?
8:25So
8:26>> people are trying to borrow money, and
8:29interest rates are rising, which seems
8:31to be a negative factor affecting the
8:33overall stock market.
8:35>> It feels like AI has taken both the
8:37capital and the attention.
8:39>> That’s right.
8:40>> And they say it’s going to take even
8:41more. Even now.
8:43>> Yes, crypto is a market that has grown
8:45based on interest and narratives rather
8:48than earnings, so if that attention is
8:50taken away,
8:52>> Hmm.
8:52>> Besides, if you look at the performance
8:54over the last few years,
8:57>> I mean, honestly, buying stocks like SK
9:00or Nvidia has provided much better
9:03returns over the last 3 to 5 years than
9:06Bitcoin or most altcoins.
9:10So, in the past, the Bitcoin and crypto
9:12market was attractive because it would
9:14jump two, three, or ten times, but it
9:16has lost that position in recent years.
9:20>> It has.
9:21>> So,
9:23>> all the attention has shifted, meaning
9:25it lost both capital and interest, and
9:27another thing is that AI is ultimately
9:29centered on data centers, right?
9:31>> Yes.
9:32>> And don't those consume a lot of
9:34electricity?
9:35Well, the more electricity is used for
9:38Bitcoin mining, the more it acts as a
9:41price floor, but in that sense, it's
9:44losing electricity.
9:47>> Losing electricity, losing capital, and
9:49losing interest, yeah.
9:52>> But on the flip side, since interest in
9:54AI has been extremely hot and is now
9:57cooling down, conversely, some might be
9:59thinking, "Wait, what's happening with
10:01Bitcoin?"
10:03I think there are people who might be
10:05thinking that.
10:06>> Yes.
10:08That time will come.
10:10>> I don't know when or in what form it
10:13will arrive, but I believe that
10:15narrative will definitely come.
10:17>> Yes. Yes.
10:18>> Once AI develops further, everything
10:21will...
10:23Some bills have been passed recently,
10:25but what do they call it, RWA? That,
10:27real
10:27>> Exactly.
10:28>> Yes.
10:29>> Real-world assets. Yes. Recently, the
10:32SEC issued some administrative orders
10:35regarding large
10:37>> tokenizing major stocks, and that
10:40>> That's right.
10:41Talk of stock tokenization is emerging,
10:44so since we're on the topic of
10:46regulations, let me ask: many people
10:49know that a Republican Trump
10:51administration had been pushing various
10:54Bitcoin-related policies very rapidly,
10:57but with the midterm election results—
10:59some are calling it a "Democratic blue
11:02tsunami"—there are concerns that a
11:05backlash could occur regarding crypto
11:07regulations.
11:10How do you see this?
11:13>> Yes.
11:14Well, at first glance, I think it's
11:16inevitable that things will move in that
11:19direction. Now that the Democrats have
11:21secured a majority in both the House and
11:24the Senate, the chairperson of the...is
11:27it the Banking Committee or the banking
11:30regulation committee?
11:32I hear that there, too,
11:35>> Senator Elizabeth Warren, who is
11:40somewhat known for being anti-crypto,
11:45>> Yes.
11:47>> is highly likely to become the chair
11:49based on seniority, and that's why these
11:51discussions on crypto regulations—the
11:54clarity bills haven't been passed yet,
11:56right?
11:58We could discuss those things again, but
12:01>> the direction of such discussions
12:05>> would likely focus on regulation rather
12:07than being industry-friendly.
12:09>> It seems...
12:12>> It will be difficult for regulations to
12:14be shaped in a way the crypto industry
12:17wants for the time being.
12:20In that respect, I don't think it's very
12:22positive.
12:23>> I see. I think it's fair to say that the
12:26midterm elections did have some
12:29influence.
12:30But aside from that, yes.
12:32>> There is another issue that came up
12:34recently.
12:36It’s the news about Binance getting
12:38hacked; whenever stories like this
12:41emerge, people wonder if it’s really
12:43right to hold Bitcoin.
12:46Doesn't it just disappear if it gets
12:48hacked? People start having these
12:49concerns. How do you see this?
12:53>> Right.
12:54The biggest advantage of crypto and
12:57virtual currencies, including Bitcoin,
12:59is that I can own my assets myself,
13:01right?
13:03Uh-huh.
13:04>> And ultimately, while people say they
13:07keep assets on a USB drive, you don't
13:10actually need one; if you just memorize
13:14your private key, your assets are in
13:17your head.
13:18That is an advantage, but in our human
13:22society, in a capitalist society, that
13:26advantage doesn't really function as one
13:30most of the time.
13:32>> It doesn't have much meaning.
13:34>> That's right.
13:36Unless it's a war or something extreme,
13:38that merit seems to be fading; even
13:41Binance, arguably the safest and largest
13:44exchange in the world, got hacked—
13:47though that wasn't a blockchain hack,
13:49but a hack of the exchange's...
13:53>> The exchange was hacked.
13:54>> Yes, yes. We need to distinguish that
13:56first.
13:56>> It's necessary to distinguish the
13:58concepts, because Bitcoin itself didn't
14:01vanish, it was the exchange holding the
14:03Bitcoin that got hacked; you might think
14:06it's the same result if the exchange
14:08gets hacked, though.
14:11>> Well, as you can see this time, Binance
14:14compensated for the losses, so...
14:19>> So the risk is still there, and because
14:20of that, perhaps...
14:23>> For those who are a bit naive, or not
14:26really serious investors,
14:29>> Um.
14:30>> you could buy ETFs, or rather,
14:34>> use domestic exchanges, like Upbit in
14:37Korea, or...where else is it? Like
14:40Bithumb, places that are under
14:42government regulation, or Coinbase in
14:45the U.S.;even if they get hacked, if
14:48they are under government regulation,
14:50>> how should I put it?
14:51Public opinion and politics suggest
14:53there’s a higher chance of being
14:55compensated. Compared to offshore
14:57exchanges. Mm.
14:59>> In that respect, seeing what happened
15:01even to Binance, I think it's a good
15:03strategy to diversify your assets a bit
15:05, perhaps keeping some offshore and
15:08bringing the rest back.
15:10>> Leaving some on domestic exchanges or
15:13moving them into ETFs are strategies I
15:16consider to be quite sound.
15:20Bitcoin investors probably worry a lot
15:23about where to keep their assets;
15:25there's a lot of debate on that topic,
15:28isn't there?
15:31Some say you must create a cold wallet
15:33to store them yourself, while others
15:34might think, "Why go through all that?"
15:38Since ETFs store them securely and the
15:41Bitcoin won't be stolen, some think it's
15:43better to just buy an ETF if that's the
15:46case.
15:48I think the answer to both questions
15:51depends on why you are holding Bitcoin
15:54as an asset and what situation you are
15:56preparing for.
15:59So, whether you should use a cold wallet
16:01, use an ETF, or just keep it on a
16:04general exchange—what is your take on
16:06that?
16:09This is expanding into a bit of a bigger
16:10conversation.
16:13>> If we're in a situation where we
16:16actually need to use that Bitcoin by
16:19carrying it in a cold wallet, then in
16:23such a society, that wouldn't even
16:26matter much; at that point, food, guns,
16:30or shelter would be far more important—
16:34I understand what you mean.
16:38Actually, the future imagined by those
16:41who argue that cold wallet storage is
16:44necessary is quite dystopian—well, maybe
16:47not dystopian.
16:49They are assuming a situation like war,
16:51so as you said, in such a scenario, who
16:53cares about Bitcoin?
16:54It's more important to have something to
16:56eat, right? That's the point. You're
16:58absolutely right.
16:59>> I think so too. A situation could come
17:00where you might have to trade a USB
17:02drive with Bitcoin for a few liters of
17:03water.
17:05>> That could actually happen. That’s a bit
17:06extreme. Yes. Yes.
17:08To put it extremely, do you then believe
17:10that it’s better to use an ETF or keep
17:12it on an exchange?
17:15>> There's the saying that if I don't hold
17:18the keys, it's not my Bitcoin. That’s
17:20true to some extent.
17:22>> Yeah.
17:23>> In modern society, how many things do we
17:26own that we don't actually hold
17:28ourselves but are managed within a
17:31system?
17:33If you really look at it that way, you
17:34could wonder, "I own these stocks, but
17:36are they really mine?" If you think like
17:37that, there's no end to it.
17:38So, at some point, you just have to say
17:40, "I'm not entirely sure, but I'll trust
17:42the system," for things to make sense.
17:45>> Of course. Exactly.
17:46So, that option exists; it means there's
17:48an option to truly make Bitcoin my own.
17:52In reality,
17:54>> If you have a significant amount of
17:55wealth, you could put a portion of it in
17:57cold storage, but for a large part,
18:00>> Rather than doing that, for most
18:02ordinary people, buying an ETF is
18:05>> The safest option in terms of
18:07compensation. It is the safest in terms
18:09of hacking. Regarding hacking.
18:11>> Understood.
18:13This is very important; from an
18:14individual investor's perspective, these
18:16things can be the most critical, so you
18:17can see this as a result of me thinking
18:19about that.
18:20Like, "People say I need a cold wallet
18:22for Bitcoin, what do you think?" I get
18:24asked questions like that a lot, too.
18:26Yes. Understood.
18:28Then, moving on to the book talk, in the
18:31book "2027 US Investment Trends," there
18:34is a key phrase: "Price is in winter,
18:37but the system is in spring."
18:39There's a story like that.
18:41Could you explain what that means?
18:44>> Yes.
18:45As you know, after October 2025 and
18:47through the first half of 2026, it fell
18:50quite a bit, didn't it?
18:52Looking at the price, it’s like winter,
18:56>> Deep winter,
18:58>> We are passing through it, and now we
19:01seem to be in a situation where we are
19:03wondering if spring is coming or not,
19:05with some expectations.
19:06>> Yes.
19:08In the midst of that, if you look at the
19:10institutional side, the
19:11Lummis-Gillibrand bill...
19:14>> I mean, if the four-year cycle is
19:16correct, four years ago from now—
19:19starting from 2021 through 2022—it was
19:21really difficult, right?
19:24Right? So if you add four years,
19:28>> From the end of 2025 to 2026, which is
19:30almost over now, so looking at it as a
19:32four-year cycle, yes, that’s it.
19:35So, while the price is in winter, the
19:38system has made a lot of progress, I
19:40think.
19:41>> I agree with that. Yes.
19:44Was that in '24?
19:46It was January '25. When that ETF was
19:49passed.
19:50>> I think it was January '24. Yes. Yes.
19:52>> It was January '24. I got a bit confused
19:54.
19:55After it passed, various bills,
19:58especially the Lummis bill last year and
20:01now the Clarity bill being discussed,
20:04will eventually pass, and in that sense
20:07, the system is gradually being prepared
20:10.
20:12>> Furthermore, the SEC,
20:15>> Through its administrative side, has in
20:17a way opened a space to experiment with
20:19RWA (Real World Assets), right?
20:22>> So, the US continues to view this
20:25positively, and it is
20:27>> Trying to bring it into the
20:28institutional fold. Yes.
20:30>> Or rather, it has already entered, and
20:32it’s just a matter of refining it.
20:35>> It takes time to refine, and actually,
20:38last September, in Pennsylvania—each
20:42state has its own SEC-like body—I went
20:45to the Banking and Securities department
20:49to give a lecture on crypto and talk
20:52with people there, but the regulators
20:55still seem to know so little about it.
21:00>> Hmm.
21:01>> They really knew very little. More than
21:04most people
21:04>> here in Korea. Even the regulators
21:08themselves.
21:10Of course, a few of them knew a bit, but
21:11the general atmosphere was, "Oh, this
21:13still..."
21:14>> has a long way to go.
21:16>> We need to take a long-term view.
21:19So,
21:20>> even if a bill is passed at the top, it
21:22differs by region, and
21:25>> if you consider all that, it doesn't
21:27seem like we should be too hasty and
21:29think that just because a clarity bill
21:32might pass next year or the year after,
21:34that it’s all over.
21:36It will likely permeate slowly. In terms
21:39of a long-term perspective,
21:40>> I think your comparison to spring is
21:42fitting because it arrives gradually. I
21:45mean, it was freezing cold and there are
21:48occasional cold spells, but as time
21:50passes, spring and then summer
21:52eventually come.
21:54Like that seasonality, I feel that the
21:57Bitcoin, or crypto, ecosystem is
22:00continuing to seep into the mainstream
22:03financial industry and institutional
22:06framework.
22:09Those things are appearing through
22:11various news reports, and as you
22:13mentioned, whether it's the Democrats
22:15winning or a cold spell hitting, it
22:17feels like we are just continuing along
22:20that path.
22:21And
22:24>> in your book, you talked about the 2022
22:26crypto winter, and there really were so
22:29many events back then.
22:32Terra, Luna, and so many things we'd
22:35rather not remember—I still vividly
22:38remember how hard May 2022 was, and then
22:41November hit us with another blow.
22:44I remember it being a really tough time
22:47. But
22:49>> this is just a personal question, but
22:52what did you do back then, Professor
22:55Jeon?
22:56>> I mean, you’re here now because you
22:58endured it back then, right?
22:59>> And even now, for those who are actually
23:02investing in Bitcoin,
23:05>> since they endured the past year, they
23:07can look forward to the future, so if
23:09you had to give advice on what to do now
23:11, what would you say?
23:13>> Yes. As I mentioned, I started investing
23:17in 2017, and the reason I haven't
23:19reached FIRE yet is that, even as
23:22someone who learned about all the wrong
23:25behaviors of typical investors, I
23:27experienced the same things, and perhaps
23:30because I thought I knew a little more,
23:33I made even worse
23:36>> mistakes, and I think that’s why.
23:38>> Oh, that is such a great point. So, you
23:41mean that even if you hadn't just
23:42repeated those mistakes, there were many
23:44opportunities to achieve FIRE, right?
23:45Right? Yes. Yes. Yes. Yes. Yes. Yes.
23:49That is correct. Still, the situation
23:50has become very profound now. It's
23:52deepening, but
23:53>> Although I'm not making as much money as
23:55I'd like yet, I'm just grateful that I
23:57haven't been forced out of the market.
23:59Of course. Of course.
24:01>> I am doing so. Yes.
24:02>> Yes. Then, what did you do back then? In
24:062022,
24:08>> At that time, I made some huge
24:10investment mistakes.
24:12This is a bit personal, but honestly,
24:16>> I actually started with Ripple. Many
24:20people probably did the same.
24:21>> Ah, that's right. People in our country
24:23really like Ripple. Yes. Yes, indeed.
24:26Yes.
24:27I thought it was very closely connected
24:29to the financial sector, so I believed
24:31it would be a huge hit if it just worked
24:33out.
24:34>> Uh.
24:35>> So, I wandered there for a while, and
24:38usually, when people fail with Ethereum
24:41, Ripple, or other altcoins, they go
24:44deeper down.
24:45>> Yes. Yes.
24:47They go completely to the bottom, and I
24:50know many people who actually end up
24:52like that.
24:53Now.
24:54>> Uh.
24:54>> In fact, they get kicked out due to
24:56gambling.
24:57>> It gradually becomes more like gambling
24:59.
24:59>> Because they can't go up. They can't go
25:01toward lower returns. They go deeper to
25:03aim for an even bigger jackpot. Hmm.
25:05But one thing I'm proud of is that I
25:08received a proper education.
25:11>> I realized it there and somehow returned
25:13to the light from the bottom.
25:15>> I came back up. In a way.
25:17>> I came back up. Yes, that. Actually,
25:19it's hard to do that.
25:20>> That judgment was the very decision that
25:23allowed you to survive until now. Yes.
25:25Yes. Yes. Yes. That's right. I did that
25:28back then, but in the middle,
25:30>> because I was too confident,
25:32>> yes.
25:33>> I was so overflowing with confidence
25:37that I even tried to time the rise and
25:40measure the extent of it, and I bet on
25:44that.
25:46>> I suffered a lot of losses in that part
25:49, but anyway, now...
25:50>> Oh, but thank you for sharing that
25:52courageously; many people will surely
25:54relate to it. The same goes for me.
25:57Because when I first invested in Bitcoin
25:59, I also tried to do a lot of trading at
26:01the beginning.
26:03But after doing it a few times, I
26:05realized it was something I absolutely
26:07couldn't do.
26:09Secondly, since I've held Bitcoin for a
26:11long time, I have decent profits now,
26:14but I still keep getting greedy.
26:17I tried selling at this timing, buying
26:20again, increasing my position, and did
26:22so many things, but looking back, I
26:25often think, "Ah, I should have just
26:27left the Bitcoin alone."
26:30But, um, it led to that way of thinking
26:33, and honestly, the process feels like,
26:36um, a form of spiritual discipline, like
26:38learning about life.
26:41I feel like I've learned life lessons
26:43while investing in Bitcoin, you could
26:45say.
26:48I mean, what is it that I'm...Seeing the
26:50same person, I guess.
26:51>> Hmm.
26:52>> That...
26:53>> I feel like I'm looking at another
26:55version of myself.
26:58Even though what you said was tailored
27:01for the broadcast, I understand the
27:03deeper meaning behind it.
27:06>> Right. It’s like telepathy, you know
27:08what I mean? You know what I mean? It’s
27:09that kind of feeling. Oh, I know exactly
27:11what you mean. I know what you mean.
27:13So, although I’ve repeated those same
27:15mistakes, I do think that one thing I
27:17did well was not jumping into other
27:19assets besides Bitcoin, as you mentioned
27:21earlier.
27:23>> Ah, yes, exactly. And my perspective on
27:26how to view Bitcoin has changed a lot
27:30from the beginning until now. But
27:33thinking about it now, and it connects
27:36to the topic we discussed today, I think
27:39the best investment is simply leaving it
27:43alone, holding it with the conviction
27:46that it will beat inflation, and just
27:49keeping it for the long term. If I may
27:53add, saying it will just beat inflation
27:56is actually being a bit too conservative
27:59. If that were the goal, you wouldn't
28:01really need to invest in bonds.
28:02>> Hmm.
28:04>> It’s structurally designed to outperform
28:07the stock market.
28:10It might take a while to explain, but
28:12fundamentally, it can beat the stock
28:14market. Uh.
28:16>> Yes, yes. Exactly. Yes. It’s just
28:19structured that way.
28:20>> Hmm.
28:22I mean, honestly, I also try to beat the
28:25Nasdaq with my stocks.
28:28I’m certainly not trying to do worse
28:30than the Nasdaq.
28:32>> But as you keep doing it,
28:35>> you realize how great the Nasdaq really
28:38is.
28:39So, as we talk today, the topic of "
28:42spiritual discipline" comes up, and even
28:45yesterday, seeing the Nasdaq drop 4%in a
28:48single day, I learned a lot of humility
28:51, humbled myself once again, knelt
28:53before the market, and told myself, "
28:56Yes, that's right, I need to keep going
28:59."
29:00But the fact that I haven't been forced
29:02out and am still surviving here is what
29:04gives me the strength to keep going. Hmm
29:06.
29:07>> As we’re talking now, there are a few
29:10recurring themes, and these are things
29:13that appear in every investment book you
29:16read.
29:18Through that. But that...
29:19>> Exactly.
29:21>> People who have experienced the
29:23hardships and the "jungle hell" of the
29:25market feel these things differently.
29:28Yes. That’s right. You know what I mean
29:30? You know what I mean, right? It's like
29:32this.
29:32But then, you saw it in a book. That’s
29:35right. You realize what it is. Like with
29:37kids, if you tell them, "Hey, don't
29:39touch that, it's hot," they don't just
29:41listen and not touch it. They have to
29:43touch it, go "Ouch, it's hot," and then
29:45they stop doing it. So, even if we see
29:47it in books and experience it, thinking
29:50, "Oh, I shouldn't do that," we often
29:52end up doing it anyway when we face
29:54reality. I think the key is learning how
29:58to do that while getting hurt as little
30:00as possible. Yes. I completely agree.
30:04If you’ve been investing in crypto
30:06without any failures so far, that’s
30:08actually very dangerous.
30:10>> Oh, exactly. That's right.
30:11>> Because that overconfidence in your own
30:14experience could lead you to make
30:17mistakes in the future.
30:18>> That's right.
30:20>> Yes. Who is that person again, in the
30:21movie Tazza? The...
30:23>> That's right. Exactly.
30:24>> Everything they say, put it aside—the
30:26point is they survived until now.
30:28Surviving is what matters, but if you
30:29haven't failed, honestly...
30:31>> You could be knocked out at any time.
30:34It’s that...
30:35>> It’s really important to experience
30:37failure with a small amount of money and
30:39realize, "I shouldn't do that again."
30:42I came here to promote a book, and we’ve
30:44gone off on a tangent, but for those
30:45investing in coins,
30:49>> this is actually the real core of it.
30:52People ask, "To invest well in Bitcoin,
30:55do I need to read the white paper, or
30:57what should I do?"
30:59And I just say, "No, your mindset is
31:01what’s important."
31:04I've been talking about the importance
31:07of self-cultivation for nearly ten years
31:09now while holding Bitcoin, sharing the
31:12lessons I've learned along the way.
31:16>> I mean, as we enter the AI era, using
31:19credit cards...
31:22>> Using credit cards to transfer value
31:24just doesn't make any sense.
31:27>> That's right. Exactly.
31:29>> So something new has to emerge, and the
31:31strongest candidate for that is
31:32cryptocurrency.
31:34Of course, it doesn't mean it has to be
31:36Bitcoin; it could be some other altcoin
31:39or a token, right?
31:40>> If those do well,
31:42>> Bitcoin absorbs all the success of those
31:45projects.
31:46>> Hmm. Hmm.
31:47And Bitcoin itself plays a gold-like
31:49role at the macro level, absorbing the
31:52benefits of that macro level,
31:54>> Hmm.
31:56>> and if individual project tokens do well
31:58, it absorbs those benefits too.
32:00>> Hmm.
32:00>> But altcoins only do well if that
32:03specific project does well.
32:04>> Hmm.
32:05>> It doesn't matter if the macro
32:06environment is good. So in that sense,
32:08even if it feels like it’s moving slowly
32:11, there’s nothing like Bitcoin.
32:13>> Hmm.
32:14Well, that's what I think, and I have
32:16more to discuss from the book, but you
32:18can check that out in the book later.
32:20>> That's right.
32:21So, finally, I’d like to ask Professor
32:24Jeon Cheol to highlight just one thing
32:27from our "2027 US Investment Trends."
32:31Actually, it would be much more helpful
32:33for our viewers, so if anyone is
32:35interested, please check out the book.
32:38Is there one thing in particular you’d
32:41really like everyone to see?
32:43>> Yes. Yes.
32:44To put it briefly, the cryptocurrency
32:48market isn't exactly the most exciting
32:51place right now, so interest might be
32:54low, but in the long term, it is a very
32:58promising market.
33:00And you might ask, why do we talk so
33:02much about Bitcoin when discussing the
33:03crypto market? In fact, you could say
33:05Bitcoin is the alpha and the omega. If I
33:08may put it a bit strongly. Yes.
33:10>> Altcoins are essentially like
33:12unregulated venture companies.
33:15>> And you can think of crypto firms as
33:17Bitcoin-related companies that have
33:19entered the mainstream market.
33:22>> Even if you disagree, that’s how you
33:23should think of it.
33:24>> Yes.
33:25In that sense, I've written more details
33:27in the book, so you can check it out if
33:29you happen to pick up a copy.
33:31Anyway, being here today...
33:32>> Yes.
33:33>> Talking with you, CEO, was a bit
33:36off-track, but I think we had a much
33:38higher quality conversation because of
33:40it.
33:42>> That's great to hear. Understood. If you
33:45enjoyed today's video, please don't
33:47forget to like and subscribe. We also
33:49ask for your continued interest in our
33:51book, "2027 US Investment Trends." I’ll
33:54wrap things up here. Thank you.
33:57>> Yes. Thank you.
33:58>> Yes.

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