JT Foxx Bitcoin – His view on cryptocurrency
JT Foxx is a serial entrepreneur investor in properties and companies. He owns a private equity firm and is the founder of millionaireflix.com. In 2018, he was also called the JT Foxx Bitcoin King with Mao Lal in 2017. He regularly speaks on topics like stocks, COVID and businesses strategy, Trump and Biden, and more. Now, JT shares his views on cryptocurrency, particularly Bitcoin.
JT Foxx shares his view on Bitcoin
Bitcoin has now crossed over forty-seven thousand dollars (06.03.2021). Three years ago, JT Foxx got into Bitcoin with Mao Lal and he was called the JT Foxx Bitcoin King. You can read his interview with Mao Lal here. Back then, it was at nineteen, and then it started going down fast for two and a half years. JT Foxx remembers 3200 and he kept thinking if he should sell at 3 200, sell at five, sell at eight, sell at nine, or sell at 14? JT Foxx started cryptocurrency thinking this: it’s either going to make him more money than he ever done, or he’s going to lose it all. JT was very tempted many times to sell it. But he bit the bullet, and now he’s a very happy man. He doesn’t plan to sell even taking profits or anything like that because taking profits would be taxable at a high rate and number two doesn’t really matter.
The new gold, the new silver, the new standard?
JT Foxx thinks Bitcoin is in an interesting position because there are a lot of people that can’t get their Bitcoin. It’s interesting because of what Bitcoin is and how it works – the security that is surrounded by accessing your Bitcoin account. Two or three years ago, the number of accounts that were out there to buy and sell like apps to be able to buy, trade, sell and they shut down, and people couldn’t get money back out of that. There’s just been a lot of money floating around that anyone will ever be able to access, not in Bitcoin but in some other cryptos. JT Foxx himself lost money just out of the app that isn’t there anymore, and he can’t get his money out of it. It’s slightly different from gold or silver because you can have a gold bar or silver and hide it in your safe. Bitcoins work a little bit differently. Now it’s at a high, so everyone’s trying to figure out how do I get it, how do I access it. Over the past three years, many saw their investment as a loss. And now it’s like, oh you haven’t accessed an account in four years, and now you’re wondering why you can’t get into it because of the technology and in the system behind it. Learn more via JT’s seminar on Bitcoin.
There are many reasons why people like and see the benefits of cryptocurrency. JT Foxx Bitcoin predictions are that the value could go up even more because there still is not full market penetration, there’s still not mass-market adoption, it still has a lot of room to grow. Fun fact there’s one capital, one country in the world that you can pay by bitcoin- the capital of Slovenia – Ljubljana.
But again, there’s a tremendous amount of risk. What’s up with the dollar bill? Like the dollar bill that floated down to my balcony when the neighbour was throwing money off his balcony. The reality is this, it is a scam, it is a piece of paper. We all know there is not one dollar of gold for every dollar of currency printed in the treasury reserve to back up this dollar bill. Countries all over the world are printing money. And it’s not how it used to be. This was a dollar that represented the amount of gold held in the national treasury to back up this dollar. That’s not what’s happening anymore, so it’s just as much of a scam.
It’s just that we use this every day, and we can physically touch it, so we believe in this more than we believe in crypto.
However, as the democrat controls the senate, there is a prediction that bitcoin will go up because more people will be putting their money in bitcoin. After all, it’s not traceable.
As with Bitcoin, as with everything else, JT Foxx urges everyone to make their own decisions. Not based on opinions, but based on fats, looking at both sides of every issue, and then being in charge of your own destiny. Remember that success is not a matter of chance it’s a matter of choice.
JT Foxx talks stocks
We’re in one of the biggest pandemic and world calamities in a long time. Now we have DoorDash, Airbnb, and Snowflake – all of which have gone public in the last couple of months of 2020. And they have doubled and tripled their stock and their valuation. Snowflake doesn’t even make money, Airbnb makes some money, and DoorDash loses money, Uber loses money as well. We are seeing people who share on social media: I made this trade, I made 940 here, and I made 200 here, and I made a thousand dollars here; everybody is an expert.
And what you now have is what’s called that casino theory; everyone has a hot hand at the casino, everybody’s winning, everybody’s excited. Until things start getting hit. JT Foxx doesn’t know when that’s going to be, but he knows it can’t go up forever.
People are going to lose fortunes because the world is irrational. We’re in a pandemic, but the stock market is higher than before the pandemic, yet there’s still record unemployment, there’s record business not working. One of the most significant segments of the economy is tourism and airlines. Those are getting hammered, restaurants are getting hammered as well but the stock market and real estate are high. The world makes no sense.
What do you think about this new world, about all these unrealistic developments?
It starts to look a lot like 2001 all over; it’s beginning to look like we live in the land of Dr.
Seuss – where up is down and down is up. Because everything that would make sense logically, that you would think in your brain makes sense, like when a company goes public – they are profitable; the stock price is valued high -that is what makes sense. But now it’s like the company goes public, the company loses money, but valuation keeps increasing. That is like one plus one now equals six; it doesn’t equal two. So, it doesn’t make sense.
It doesn’t make sense that we’re in a pandemic, and unemployment has gone up, there are people displaced, there are people on the verge of being foreclosed on, when the forbearance ends because they’re delinquent in paying their mortgage. Yet you have homes purchases at a record high. The real estate market is very hot right now, which doesn’t make sense considering people aren’t paying their mortgages and people’s unemployment’s at an all-time high. It doesn’t really make sense.
However, all these things will catch up at some point.
Like in 2001, where everything was rocking and rolling and rocking and rolling again, and people were kind of like: something’s going to happen, something’s going to happen. And then 2008 hit, and eventually, it all catches up with you. If you’ve never traded a day before in your life and you’re just making really great guesses that it’s not that hard right now. You could say, I’m going to trade Zoom because Zoom’s going up because everyone’s stuck at home. Or I’m going to trade these medical stocks because they’re announcing vaccine research.
It’s not hard to guess. But like under normal circumstances are those people still going to be able to be successful?
When the mark was at 29 000 last February, JT Foxx told his broker that they needed to short the market; it’s too high. He didn’t listen. Then the market started tanking covet. JT got out of 26; it went down to 18 got back in at 21. He sold everything again at 26 000, after which it went up to 30 000. Now people say that JT lost a couple of million dollars, but that’s okay because he still made his profit. JT Foxx likes to be involved in things he understands. Yet, what is happening now doesn’t make sense.
JT Foxx believes everything is going to catch up. He thinks part of building wealth is having sustainable wealth and staying on top. We saw a lot of people make a lot of money before real estate lost it in 2008. We saw a lot of people make money in the stock market and losing all. History always repeats itself, and JT Foxx urges people to proceed remembering that.