Mike Hobart joined Meet The Taco Plebs to discuss his rabbit hole trip.
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On this episode of Bitcoin Magazine’s “Meet The Taco Plebs,” I sat down with active Twitter and clubhouse bitcoin pleb Mike Hobart (@theemikehobart on Twitter) to talk about his bitcoin rabbit hole journey, like bitcoin him since he discovered it and the role Bitcoin is playing in the current macroeconomic environment.
Hobart explained his unique process of completely submerging the rabbit hole after military service and the positive impact Bitcoin had on his life, as well as the potential Bitcoin creates for human civilization.
In closing, we discussed the inevitability that Bitcoin will devour a large chunk of the global bond market and the possible monetary value of the Bitcoin explosion.
Below are some more thoughts Hobart shared during the interview. Be sure to check out the full episode to find out more.
What’s your bitcoin rabbit hole story?
The very first time I heard about Bitcoin was many years ago, I had heard rumors of Runescape players switching their accounts to power leveling and selling them in exchange for Bitcoin. I had no idea what it was back then and no understanding (and therefore no value) of money or investment – I just wanted to chase girls and party.
I didn’t interfere until many years later. As I was preparing to finish the college spring semester heavily (which I was very focused on as I was preparing to mobilize for the Middle East), I saw a headline that said Bitcoin hit the $ 1,000 mark had exceeded. It was by this point that I happened to realize that the successful, rich, and powerful aren’t just working for a salary – they are putting their money (aka, capital) to work to generate income while chasing down incomes and opportunities at the same time. So I told myself that I would keep it in mind as a desirable investment vehicle for my soon to be realized provisioning income.
About three months later, I was preparing to head to Fort Hood and saw that Bitcoin had already quadrupled to $ 4,000! I told myself I had to pull the trigger and put something in it. From that point on, I went down every rabbit hole – I created a Twitter account just for buying Bitcoin information because I quickly realized that Twitter was the Mecca of BTC veterans and the nexus for new BTC information and updates was. I followed people like Lynn Alden, Preston Pysh, Pomp and Marty very early on, and risked funds with altcoins and everything.
I lost money at the speed of light with altcoins, but I learned even faster. I researched the history of Bitcoin to understand how it worked, what the problem of the Byzantine generals was and so on. But I’ve also read about technical analysis (I’ve read “Technical Analysis of Financial Markets”), economics, what the theory of diversified portfolios was, and so on. And to really paint a picture of how motivated I was, all of this happened while I was doing my military duties overseas, lol. I studied on the job, rode the elevator three hours a day, and then read and listened to podcasts for about two to four hours each night before going to bed.
How has Bitcoin changed your life?
Bitcoin changed my life because throughout the process I worked to really understand what [it] I came to develop a wealth of knowledge about finance, what money is and a better understanding of groupthink and market psychology.
Besides that, Bitcoin has changed my life in a more intimate way. When I got home from the mission, I hurried to visit my friends the day after landing on Iowan soil. Wherever I went to a bar with friends, had two or three stiff drinks at a bar, I passed out and ended up with a DUI. At this point, I was apinged entirely in Bitcoin and was forced to liquidate my holdings to cover the costs involved.
After that, it was January 2019 and Bitcoin had hovered around $ 3,000 for a while … at that point, I basically had nothing left in monetary terms. I sat down with my mother (who is my mentor in almost every way, who, by the way, is now also a bitcoiner) and said to her: “I know, deep in my soul, that if I don’t get what I can now and keep it is certain … that I will regret it for the rest of my life. ”
Now that I’ve risen over 10x with that small amount of money, it allows for a level of peace of mind that is incomprehensible.
As a middle class member and a millennial who has invested in the student loan debt trap, I know I have this fortune to hold my savings that has the growth potential that can rival Amazon, Apple and Google … Bitcoin changed everything for me.
What is the most amazing thing about Bitcoin for you?
The most amazing thing about Bitcoin is that it cannot be forcibly removed. If you take care of yourself and any individual / entity in the world can urge you to give up your money – if you persevere and resist … This is the most revolutionary aspect of all monetary assets in existence:
I. Dollars can be removed
ii. Cash can be dug up
iii. Safes can be broken into
iv. Gold can be taken
v. Bitcoin can’t
What are you most looking forward to in the Bitcoin space?
For me this is actually interchangeable with the previous question. Most of all, I’m looking forward to the future that Bitcoin makes possible. This actually got me to write the article that was my first article featured with you guys in Bitcoin Magazine that I can’t appreciate enough. Greetings to Will Clemente III for connecting me to you, Tyler.
But what Bitcoin enables is a complete paradigm shift for human civilization. It can withstand forcible seizures and offers energy production a path of monetization that the human species has never seen before. By bringing monetization and free market competition to power generation, you lower costs. As Bitcoin and the mining process, the competition for cheap energy sources and the more efficient use of that energy are better understood around the world, it becomes very exciting.
For those who do not understand basic economics, the cost of a good is determined by the amount of energy and effort put into making the good and acquiring the materials used to make the good. When energy costs go down, so do the costs of everything else. And as a civilization becomes more capable of capturing and using energy, that civilization gains momentum to “ascend”.
Price forecast for the end of 2021 and the end of 2030?
Uhhhhh … I’m not trying to be strict predictions because I don’t like how much people prefer to be lazy and cling to other people’s thoughts without doing the work themselves.
But … I have a chart, I doubt how accurate it will be in the future … but it has been accurate for about years … and it says about $ 350,000 for the winter 2021 peak.
By 2030, I’ll bet we’re taking a significant stake out of the bond market and working towards the multi-million dollar price point Greg Foss was talking about.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.