The falling Bitcoin
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What is the main topic discussed in this episode?
Hey there, it's Kim, of course. Right after today's Daily Tech Update, I'm going to have a special surprise for you. It's a clip from my other podcast. It's called The Current. It's packed with great tech news that you expect, just a little bit more relaxed. I think you're really going to love it. Just think of it as your tech coffee break. Warren Buffett predicted this back in 2008, shortly after the arrival of Bitcoin. Popular financial commentator Peter Schiff, who predicted the housing bubble crisis that nearly brought down the global economy, has been saying the same for years. The intrinsic value of Bitcoin is zero, and close to that may be where it's headed now. I'm Kim Commando for NetSuite. AI is here, and companies using it are ahead.
If your revenue exceeds seven figures, get their free guide, Demystifying AI, at netsuite.com slash kim. Okay, to be clear, the phrase intrinsic value means the value of something that exists because of that thing's own properties, not because of hype, fashion, or speculation. There's no question. Bitcoin's intrinsic value is zero. Its peak value reached $125,000 last October.
What is the current state of Bitcoin's price?
Today, it's about $65,000 and falling. Compared to its peak, it has fallen by nearly half. Meanwhile, gold is soaring. Bitcoin can fall to zero. Gold simply cannot.
Who predicted Bitcoin's decline and why?
Get my newsletter at GetKim.com. You don't want to miss this. I'm going to play a bite-sized sample of The Current. It's my other podcast where we dive into all things tech, trends, and life online. I think you're really going to love it. In The Current newsletter, I did a whole report about the stuff that you have laying around and how much it's worth. Old tech. Like, Apple killed the iPod in 2022.
Okay. Which I would have guessed way sooner, to be honest with you. Yeah, I know.
The first gen iPod Classic. The original. The original one. How much do you think that sells for?
I mean, you're bringing it up, so it's got to be high. I'm going to say $4,000. Well, $1,000 if it's used.
$29,000 if you had it in a box. You know, I had one around here in a box and it vanished. Why? I think somebody stole it.
No, not what an advantage. Why would you have one in a box?
What does intrinsic value mean in relation to Bitcoin?
Because I was going to put one on the shelf when we were building out the whole studio. Okay. And then I remember tossing it into a storage closet and I went looking for it years ago and it's gone.
Did you buy it for the collector's side of it?
No, I just, I bought too many.
Oh, okay.
And so I just had it sealed in a box. Let's see, a first generation iPhone that is used, scratched from 2007.
I bet you there's a lot of those still hanging around, especially if it's used in scratch. I'm going to say $1,500 then. $500. Okay.
Okay.
How has Bitcoin's value changed over time?
What if it's sealed? What do people do with them? What if you just bought an iPhone and you had it in a box?
Who? This is what I want to know. Who says? Because at the time, they were ridiculously expensive. You had to buy like seven years worth of AT&T. We're only at AT&T. Yes.
Why is gold gaining popularity as Bitcoin falls?
Yes.
And you had to get like three-year contract.
What are the risks associated with investing in Bitcoin?
Exactly. You had to give up your firstborn. Who goes, yeah, yeah, give me one of those. And then just puts it in a drawer and never opens it. Somebody who is going to make 200 grand right now. All right. $200,000?
Yes. Old Nintendo cartridges.
Oh, those can go. I mean, the rarity, there's a whole documentary about that guy searching for the E.T. games.
Oh, that's right.
It's a phenomenal documentary if you want to see it. He found them in New Mexico. So I'm going to say they can range anywhere from $100,000 to $10,000.
Uh, stadium events.
How does the value of old tech compare to Bitcoin?
Yeah. I don't know anything about that up to $35,000.
And you can get those graded as well. There's, there's companies that not only grade old video games, but they'll grade VHS cassettes. Like that's a big trendy thing right now is to send your VHS for quality. I don't know if it has to be inbox or whatever, but they grade it. They encase it and send it back to you.
There's a website called price charting.com. Okay. Where you can type in what you have and tell you what it's worth. Just a couple more things.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–1:03
2
What is the current state of Bitcoin's price?
1:03–1:15
3
Who predicted Bitcoin's decline and why?
1:15–2:12
4
What does intrinsic value mean in relation to Bitcoin?
2:12–2:44
5
How has Bitcoin's value changed over time?
2:44–3:01
6
Why is gold gaining popularity as Bitcoin falls?
3:01–3:03
7
What are the risks associated with investing in Bitcoin?
3:03–3:36
8
How does the value of old tech compare to Bitcoin?
3:36–5:48