[AUDIENCE] I am a novice in
all of this cryptocurrency stuff. [ANDREAS] Welcome! [AUDIENCE] It is interesting to hear what you are saying.
Clearly you are a huge believer [in Bitcoin]. My question is, what percentage of your
wealth is tied up in bitcoin? [Laughter] And what percentage of our wealth
should be tied up in bitcoin? [ANDREAS] The answer to [each of]
those questions is very different. What percentage of your wealth should be in bitcoin?
[AUDIENCE] That was my second question. [Laughter] [ANDREAS] A percentage that is equivalent to your
understanding of how the technology works, and your ability to absorb the risk that it entails;
for most people, that is a very small percentage.
To your first question, what percentage
of my wealth is invested in bitcoin. I think using the word "wealth" is… [Laughter] a bit of
an exaggeration. I did this job for free for two years. I am still digging out of the hole of debt
that created. [It is] not really wealth, but my small savings are 100% invested in bitcoin. I actually have a tiny bit of debt in dollars that I am still
trying to pay off, so it is more than 100% in bitcoin. [Laughter] [Applause] I would like to emphasize, again, that this is
not a recommendation [for others] to invest! I haven't invested my money in bitcoin, I have invested
my career, my intellectual capacity, my creative energy, my passion, and my work in Bitcoin. The money is the [smallest] investment I made.
I could lose all of it and still have everything else. You should invest as little as you are willing to lose in a
very volatile market.
That may mean five quid per week. A very good piece of advice, which I've heard from many
people, is to dedicate two cups of Starbucks a week, or one pack of cigarettes. Take something [away] from a negative
habit, and put that [money] into bitcoin. Just to play around, see how it works, experience it, use
some wallets, do some transactions, see if you like it. [AUDIENCE] Should the percentage depend on which
country you live in, volatility of [the national currency]? [ANDREAS] Absolutely, it depends on which country you
are in. [Now], I'm talking primarily for this audience. But if you are in Argentina, any percentage of wealth you
put in bitcoin did far better than [your national currency], every single year in the last seven years. Even in the worst years of bitcoin, somehow
Argentina's economy was doing worse.
[Laughter] That applies to Zimbabwe, Venezuela,
and a whole bunch of other places. If your country is experiencing 45% inflation [per month], the crazy volatility [in bitcoin] seems
like a rock-solid investment. [Laughter].
