The Crypto Chill Lounge, with Alex S. Elliot

The Crypto Chill Lounge, with Alex S. Elliot

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Jake Anderson  0:00  
Let me cue this up.

Announcer  0:05  
introspective, inward looking, self examining, characterized by or given to introspection. Welcome to the introspective podcast, your compass for internalizing the path towards optimal lifestyle design, business success and mindful entrepreneurship with your host, Jake Anderson.

Jake Anderson  0:27  
It's Monday, baby. Yeah, we are going to kick off with the financial freedom week. And man, if anybody has seen what is going on in the crypto space, it's just absolutely insane. You know, I have and I'm just going to tell you a quick little story before I start bringing on my guests and just, you know, the crypto space is something that was very foreign to me. And, you know, the only thing I remember thinking about with it was like, I would always get hit up in messenger from these people about crypto. And, and then I saw, you know, my good friend, Alex Elliot, had made a post that she's starting this group, and she's really big into education, no pitching or anything. I was like, you know, what, what the heck, I'm gonna join this group, I'm gonna educate myself. And my whole paradigm completely shifted. Like once I joined this group and started really diving into what Alex was talking about. She made it easy for me for it for me to understand it, I felt more connected to it. And I said, You know, I got to get her on the podcast, because this is something I think people really need to know. And that's what we're gonna do today, we're going to kind of kick off this financial freedom week talking about cryptocurrency, the future of it, what you need to know about it, just all the things that goes in the crypto and Alex is really going to kind of bring that clarity to the situation for you. So let me get into an intro here to Alex and we are going to bring her onto the show. Alex s. Elliot is a lead generation and copywriting expert, and is the co founder of the local digital marketing agency for aces leads. She has been featured on summit's alongside Russell Brunson, john Lee Dumas Mike feel same. Jim Edwards Perry Marshall Elena Cardone Alex scharffen, Catherine Jones and Blake nubar. Since we're talking crypto today, it's important to mention that Alex is also a Bitcoin maximalist having made her first of many Bitcoin purchases in 2013, which is amazing. Think about getting them Bitcoin in 2013, just for a second. And in addition to running her digital marketing agency, Alex helps her friends earn cryptocurrency passively with her free and super informative and supportive Facebook group, the crypto chill lounge. And without further ado, uh, welcome to the show. Alex s. Eliot. Alex, what is happening?

Alex Elliot  2:51  
What's going on? It's so good to be here with you, Jake. We we got back a little bit, right. We have a we have a little we have a little bit of history, which is really awesome. Um, we're like internet friends. And it's so fantastic. It's been amazing to watch you and your podcast grow. It's just been exciting. So I'm really glad to finally be a guest on your podcast.

Jake Anderson  3:11  
Well, I appreciate that. I remember. We had first met actually, like in 3d. At funnel,

Alex Elliot  3:19  
right. We met at funnel hacking live. That is correct. You were the guy that's like a word. Like just a big blur to me.

Jake Anderson  3:26  
Yeah, it was. It was funny, because I remember. I remember I was driving down. I was cuz I drove down. I live in Virginia. So Nashville is like a six hour drive. Yeah. You were having some kind of meet up at the I came up? Yeah, yeah, the meet up. And I'm like, you know, dangerously driving, looking at my phone. But I think I was I was kind of like at a stoplight or something. And you were going live. And I guess you saw me like Jake and I were here and like, so I come down. Yeah. So I came in. You're the first person I met at funnel hacking live very first

Alex Elliot  3:56  
or something. So cool. What a great story. That's awesome. Yeah, that was that was an amazing time. That was life before pandemic, wasn't it? Like we were all able to get together and do things. Yeah. I know. I'm never getting back to it.

Jake Anderson  4:08  
Yeah, same here and you're in Spain now. Right? So you're, you've moved to Europe. And now How is life in Spain? And

Alex Elliot  4:17  
I don't I don't want to say too much. I don't want to make anybody jealous. It's very calm and chill. It's very nice. So it feels a little bit like we exited the rat race, which is very nice. It's we are I have never lived in such a small town in my whole life. We live in a NZ weensy little seaside village, there's 51 inhabitants, or 5100 sorry, 5100 inhabitants feels like 51 sometimes. And it's just it's this small little. There's a medieval monastery that we stare at like out out our window. There's like the Mediterranean outer window. It's beautiful. It's just Yeah, very calm and lovely. And we work from home so it's helpful. The pandemic kind of pushed us to do Like, seize our dreams and go for it live in the moment. And you know. So that's all took that opportunity. Yeah.

Jake Anderson  5:08  
And I've seen photos of your view is really it's very beautiful. You certainly have that that nice serene feel there. So we're going to talk about crypto today. And that's the that's the talk on the straight ran and what is like, first off, this is the thing I want to kick off with, because I remember I guess it was 2000. Was it 2016? When it just really started? It was 26.

Alex Elliot  5:31  
It was 2000? Well, 2016 into 2017. Right? 2017 is where you had that really like just psycho run up. But I think there were probably rumblings in the in the in the wider kind of mainstream starting in 2016. Prior I mean, bitcoins been around since I think 2009 was when it was a first when Satoshi Nakamoto first introduced Bitcoin, I believe was 2009. Someone can correct me. But so it's been around a while. But it was kind of like nerdy internet funny money for a good long time. And nobody really paid it any mind. Right? nobody paid any attention, except for the geeks and the nerds and whatever. Until about 2016 2017 when it really broke through into mainstream consciousness when people started paying attention.

Jake Anderson  6:18  
What I mean, is that what caused it to break because it seemed like in 2016 and 2017, you had that massive uproar, and then it never came back. And then all I remember, like, at least in conversations, people were like, Oh, it's not going to make it. I think it got down to like 6000 a coin or something like that

Alex Elliot  6:33  
down into the 3003. Yeah,

Jake Anderson  6:36  
yeah, so really felt Oh, it's like, didn't didn't crest 60,000 recently 61?

Alex Elliot  6:41  
Yeah, guy, it was 61 and change. So $1,000. And we're, we're definitely not done with this bull run just yet. So, you know, I would definitely not be surprised to see Bitcoin in the six figures before this year is over. I'm in full confidence of that. And so one thing to know about Bitcoin is if it is anything, it is volatile, meaning, you know, you're going to see ups and downs and all around, you know, people are people are always asking me is now a good time to get into bitcoin. And you know that if that answer is, it's always a good time to get into bitcoin, it will always, you know, the its price appreciation, and if you will, is sort of pre programmed in due to its scarcity. And so because of its scarcity, we know from the laws of supply and demand, right, you know, an item, like, for example, gold or something else that is scarce, but desired, right, what is happening is the price goes up. And so you have a lot of those dynamics sort of pre programmed into the code of Bitcoin. And so while it will be volatile in the short term, and there will be lots of spikes and dips and spikes and dips and that sort of thing. And then one day you'll hear about it being 61,000, the next day, it'll be 40,000. Right? So it'll it'll bop around. But while it does that, it actually if you if you pan out, and you look at it, instead of on a linear scale, you look at it on a logarithmic scale, right, you can look at things sort of over time, or kind of quite compressed. And if you look at it on a logarithmic scale, it's almost like a metronome. It's very beautiful. It's up and then slightly down, and then up and then slightly down, and then up and slightly down. But what you always noticed is that the baseline always goes up, the baseline always goes up. And therefore, short term price action is really just noise. It's not signal. It's not, you know, it doesn't really matter what matters is getting it.

Jake Anderson  8:36  
Yeah, and I think that for people who are and I want to bring this to the people here as far as like how to get in into bitcoin, yeah. I had because in your in your Facebook group, and I'm just going to put a quick plug here, like, go join the crypto chill lounge for the listeners, thank you, and go join that Facebook group because it is like Alex has went, I mean, I feel like I should be giving you money right now. For being being in it seriously, like, it's got so much. It's like a it's like a mastermind, like, full blown

Alex Elliot  9:07  
try to make it like, like I hope people come in and I really, it's funny I have people say to me, they're like, this is like the first group I check in the morning and like the last group I checked before I go to bed cuz I don't want to miss anything and you're dropping so much education and all this stuff. I'm really trying to make it so that people can come in a dead noob like a complete noob and not have any idea what the heck is going on. And get really engaged with all the material in in a in a chronological way, you know, in the in the the guide section that we have set up and really emerge from that experience, you know, 3060 days later, feeling really confident like they really understand what's going on and confident enough and convinced stuff really that that this is this is what they'd like to you know, at least have some exposure to some investment in for the future. Right?

Jake Anderson  9:53  
Well, absolutely. And one of the things in in that group and there was a video watch and the reason I want to bring So we're talking about you got you just get started, like, kind of get into it. And yeah, watching this video and I felt like it really eased my mind. And I wanted to bring this to the conversation and just have a quick chat about it because I think probably people listening to that was like, Yeah, but it's so volatile, and I don't really, you know, like, have emotional right now about getting into big waiter, whether it be on the sphere side or the greed side. Sure. And I remember and I'm trying to remember it was the, you helped me out with this term, your average day pricing, I think are called

Alex Elliot  10:31  
dollar dollar cost average, is that, yeah,

Jake Anderson  10:34  
I got like three of the word or two of the words, all right. I understand the concept of it. And I remember you had or maybe you post it in the feed in any post this video, and the guy did a really good job of breaking down our cost averaging. And when I looked at it like that, I was like, okay, thinking about it, like, from this perspective makes it more comfortable for me to like start investing into bitcoin and having the right perception of it. Would you mind kind of sharing like, yeah, I can break that down? Yeah, break that for everybody.

Alex Elliot  11:06  
So I'll give you a really personal example, if you if you don't mind. So right now, I have got $1 cost averaging plan set up for myself. And so just real quick what that is, when you dollar cost average into something, what that means is, you are constantly exposing yourself to the price action of the asset, right? So what I'm doing is I have an automated system setup is very simple, took like 10 minutes to set up an automated buy system where literally every single day, no matter the price, I don't care if it's in at the moon or down in the toilet, or somewhere in between every single day, I buy a little bit of Bitcoin. Now, what does that do for my cost over time? it normalizes it, it brings it down. Because I'm catching it everywhere, I'm catching it up, I'm catching it down, I'm catching it medium, you know, Goldilocks, like a whole thing. I'm catching it everywhere. So what it means is, I'm just sort of tracking and I'm not really, I'm not affected by the price, I'm just getting exposure to the asset. And when we know that on the logarithmic scale, all it's doing is very, very, almost like a metronome, just going up, up, up, up up. It just means that as I'm able over time, I'm just getting more and more exposure to this asset that is constantly over time appreciating, right? There may be like short term price action, totally unaffected. Totally doesn't matter like that. That's not important, because I don't plan on selling right, like big, you know, people. quick aside, people always ask, like, what's your exit strategy? Like Bitcoin is the exit strategy? I'm not I'm not looking to re enter Fiat. Right. Fiat is, is actually, I was listening to billionaire Michael Saylor. Speak the other day. And he said that, you know, cash due to the fact that, you know, inflation and different pressures. And we've seen, you know, just massive amounts of money printed in the last 12 months due to the pandemic. Because of those inflationary pressures and massive money printing, the value of the US dollar is losing about 15% a year. Let me let me just like stop 15% a year. So what that means is to just break even, you need to have an asset that is producing 15% return every year to just just to tread water just to stay where you are, right. So that being the case, I don't know, a single bank account that's giving 15% yield. I don't know a job that's giving you a 15% raise every year. I don't know that. So. So just to stay alive and keep where you are, you're needing to beat inflation because of the excessive money printing. I mean, we've had in the last 12 months 22% of the entire money supply of the USD has been printed, right, we have a serious money printing problem going on right now. So because of that, your your dollars are actually worth less, you've probably noticed things are starting to get more expensive at the grocery store, they're starting to get more expensive at the hardware store. There's, that's inflation, right? So what what happens is you need an asset that's going to beat that right like, like you need to make sure you have a savings asset that's going to be that and the compound annual growth rate frequently known as the cage or the 10. Year cage, or compound annual growth rate for big coin is 200 plus percent over the last 10 years, it has yielded 200 plus percent over the last 10 years consistently. There's not a single asset on earth that's performed that well over the last 10 year period. And so what like when I say like a metronome, it just goes up. That's what I mean. It's reflected in that case. So, you know, I like taking my chances at 200% a year to beat inflation of 15%. I don't like my dollar, you know, because because what's happening is at the same time bitcoins doing 200% a year my dollars are losing 15% a year so you understand that i like to take as many of my dollars as humanly possible and put them in this asset no matter how volatile it is in the short term that's going to appreciate right so that's where that's where i'm at

Jake Anderson  15:18  
now because it makes total sense and the gap is increasing over time with 2018 so one of the things i want want to ask about with in conjunction to this right because we think about bitcoin as i guess there's two ways of looking at bitcoin right it's a currency you can use it to buy things with you but it's also an investment right it's an

Alex Elliot  15:42  
order value yeah it's called store value yep

Jake Anderson  15:44  
yep the word value right so do you see like let's just kind of like take a looking glass into the future for a second as i think this is really interesting that yeah we have such devaluation of the dollar and at the same time you see such aggressive appreciation of bitcoin in a gap is getting wider is does there come a point where the gap gets so wide that i mean i'm wonder like i wonder and you're right about just the printing of the money of the us dollar has been out of freaking control yeah

Alex Elliot  16:18  
and what it does is it punishes savers it punishes savers because what ends up happening is all your savings are devaluing rapidly rapidly and it increases consumerism because your dollars are going to be worth less tomorrow so you might as well like spend them and get what you can for him now right which is stimulate the economy but it punishes savers

Jake Anderson  16:37  
yeah which is really sad i mean very very nice and that's why we're having that's why we're

Alex Elliot  16:42  
having this conversation absolutely bitcoin is deflationary well very slightly inflationary in that it's going to inflate until it reaches max supply but it is a fixed supply asset and therefore there will never be more than 21 million bitcoin it's pre programmed in the code and that's what makes it such an incredible store of value because the government can't print more of it right they can't devalue your bitcoin and so all the capital markets are freaking out about the excessive printing of money the excessive inflationary pressures and they're they're fleeing into bitcoin for safety similar to how people in the past have fled into gold for safety right at times of high inflationary pressure on their local currency the weimar republic the german denmark or the deutsche mark you know times in our own us history that's that's happened so we've seen this before

Jake Anderson  17:32  
so fastball let's just fast forward o'clock 20

Alex Elliot  17:35  
yeah you're talking about the future exactly yeah that's an interesting conversation

Jake Anderson  17:38  
fast forward let's just say it's 20 years from now maybe 30 let's just say there's it's down the road right where things really change what does the world look like to you like how does this

Alex Elliot  17:51  
interesting question oh so the world here's what i know a lot of things i don't know and i think it's really important to admit there's so much we don't know but what i do know is this i know that governments are already investigating how to how to hold bitcoin central central banks are already discussing how to hold bitcoin they see their writing on the wall they want bitcoin in their reserves similar to how gold has been held in reserves silver has been held in reserves they too want bitcoin in their reserves right because they get it they see it you know you have morgan stanley that's just announced a bitcoin fund you have goldman sachs duality this morning announced a bitcoin fund they're all new york mellon bank the oldest bank of the us just announced a bitcoin fund so massive institutions sovereign wealth funds governments pension funds endowments family offices you name it are rushing to get exposure to bitcoin so what i know is there is massive demand both on the retail and corporate and institutional side government side and there is fixed supply so what i know about the laws of economics are that when there's fixed supply and increasing demand you will see a tremendous upwards price pressure right you will see a tremendous escalation or appreciation of the asset price so you know it's funny we we we just printed $1.9 trillion in money and gave it out to the american public i believe now there are discussions for another 3 trillion in spending you know to stimulate the economy the bitcoin the bitcoin market cap is only $1 trillion it's a tiny fraction of that you know 5 trillion that i just mentioned 3 trillion plus 1.9 right we are almost at 5 trillion here but coin market cap is only 1 trillion but we're so early or so we're so early there's so much capital that is going to flee into bitcoin so we're looking at unbelievable price appreciation ahead of us i have a feeling that a year from now we're going to revisit this conversation and crack up that we were able to get bitcoin for you know $50,000 around this time for whatever 50 6070 $80,000 it's really not gonna matter where we're headed so we're headed somewhere really fantastic with bitcoin and part of the reason i am such a massive sort of you know i'll grab anybody who walks by to talk to them about bitcoin right like i want everybody to know part of the reason i'm so emphatic and and excited about it is i don't want anybody left behind a guy want i want bitcoin to be able to change people's lives because it will it will change your life so so that's one thing i know you asked me you know what's the future look like number two what i also know is that central banks and governments who currently have the reins of control on money printing and money supply and sort of fund their wars with money and do what they want to do they're not going to go gently into that good night they are going to put up a fight and so i think you're going to see some regulatory challenges i think that there's going to be you know some some some they're going to cloak it under the anti money laundering laws and different things like that but but they're losing control of the capital markets and they're losing they're losing they're losing the the currency wars and so i think you're gonna see a lot of central bank digital currencies that try to compete the problem with that is you know same fiat policies same fiat masters with the same bad habits of printing money so you're not going to have any of the benefits of actual scarcity or store value kind of thing can they coexist maybe probably we'll figure out a way right but they're not going to capture store of the store of value narrative bitcoin has the store of value narrative central bank currencies will not capture that narrative everybody's done they're done with central banks they're done with inflationary currencies that that that cats out of the bag

Jake Anderson  22:15  
well and i think like the game looking into 20 years from now you know i imagine that it will be and i want to get to this part as far as like it being used as a form of exchange like a normal last form of exchange if i go to

Alex Elliot  22:29  

Jake Anderson  22:30  
right if i go to kroger like i'm not i'm not paying with my usds i'm paying with my btcs right like

Alex Elliot  22:38  
yeah i hear what you're saying so here's here's what i think i think that you will probably never catch me paying for anything with bitcoin never you know i actually posted something in my group today where i said you know i was remarking about ilan musk made an announcement that you can now buy tesla with bitcoin right and i and i posted i said broke and it broke is buying a depreciable x asset with bitcoin woke is creating a product that people will give you bitcoin for right so so you know the product creators out there ilan is signaling to them hey i'm gonna be taking bitcoin and that wasn't even the big story the big story was what he said after he said and i will not be exchanging it for fear so that was his signal that i value this more than fiat that's dead and bitcoin is the future right if anybody looks to ilan for anything in the future he's such a visionary he sees the future right he sees the future this guy's giving us the mars you know so um you know he's signaling to the world that bitcoin is the future now he he's signaling it in terms of like he wants it as a form of payment at some point we may reach a singularity we may reach a point where it becomes more stable less volatile the only reason it's volatile is because there's just not enough volume right it's still a young asset as more capital flows in more volume volatility will will shrink things will normalize and it very well may become a unit of exchange right a monetary unit of exchange it also may not similarly like it's not like i pay you in gold coins or gold bars right we store gold in a vault because it store value we understand that so bitcoin may just simply capture the store value narrative it may never become unit of exchange narrative that's okay we have like 9000 other cryptocurrency coins that can capture that narrative and they're all fighting for it right so one of those other tokens may capture that narrative for the digital central bank currencies the central bank digital currencies maybe we have like $1 coin or a fed coin or something like that that like becomes the unit of exchange again subject to fiat policies subject to inflation subject you know it's really just like hey turn your dollars into a coin cool like it really doesn't solve anything but okay here we are so We may see Bitcoin capture the unit exchange narrative. We may not for me, I'm not ever selling my Bitcoin, you know, there are there are mechanisms out there, I tend to one way on ramp, my USD into bitcoin I'm not off ramping, and what ends up happening is there are platforms out there where I can use my, my Bitcoin as collateral and get a USDA loan, no credit checks, no nothing. Do you have Bitcoin? Yeah. Cool. We'll lend you USD. So you know, I can, yeah, it's easy. It's easy, I literally so I can put up one bitcoin as collateral. And let's pretend that one bitcoin is worth $50,000, it's a two to one loan is a 50%. LTV. So they'll give me $25,000 on that $50,000 USD value, right. So I can instantly access 25k in cash for whatever I need, super low percentage, low interest rate loan, I can pay it back with no prepayment problems, and I don't trigger a taxable event, so I don't have to pay taxes on on that. And it's, if I if I use my, if I use that money for my business, it's it's tax deductible. So it's completely tax deductible, accessing of the cash value, or half the cash value of my Bitcoin and I don't sugar tax a little bit. I don't, I don't sell it ever. I maintain. It's easy. And I pay back in the future with dollars that have depreciated, but the amount is locked in. So it's a beautiful thing. Like, if you know how to play this game, it becomes very easy, and you can build wealth very, very fast.

Jake Anderson  26:32  
I was gonna say that there's a brilliant tax avoidance strategy that you just kind of said there that I'm like, yeah, go back for that for that and like, wait a second here. I can

Alex Elliot  26:44  
Yeah, I'm actually gonna be teaching a master class on this. So tune in soon. Yeah. I'm going to be teaching a masterclass on different strategies to avoid taxes with crypto. You know, there's there's self directed Bitcoin IRA that you can trade inside of tax free. Like there's all kinds of things you can do

Jake Anderson  27:01  
is I always say if you know, either either you play the tax game or the tax game will play. Make that a priority. Absolutely. Later this week, I have Carlotta Thompson. She's my she's going to be talking about taxes. And I love it. That's kind of her whole thing. And so definitely taxes is something I remember reading Rich Dad, Poor Dad. And it was it was like the thing that Robert, so one

Alex Elliot  27:25  
of the pillars of wealth is understanding the game and mitigating as much as possible. Yeah.

Jake Anderson  27:32  
Yeah, absolutely. Sure. So let's talk about safety for a minute. Yeah, I know. Safety is is certainly, you know, something that people are certainly concerned about, right? Like it. And again, it's the whole we said this before we hit record, it's like the um, education of it creates the fear. So let's get people educated. And I know like, when I joined your group, and I was going through units, I definitely started feeling at ease, because I felt like I understood how to how to control this asset, how

Alex Elliot  28:02  
to stay safe. Yeah,

Jake Anderson  28:04  
say, let's let's talk about safety. What are some things that he's thinking about when it comes to getting involved in cryptocurrency safely in doing?

Alex Elliot  28:15  
So what conceptually what I want people to understand is, you know, when you let's let's talk about this, so crypto is decentralized, right? That's one of the central tenets of crypto currencies or crypto assets is that they are decentralized and centralized, right? Right. Now we have a centralized currency system, where your money sits in a bank, right? You don't have all your money under your mattress at home, right? You have 1000s of dollars sitting in your mattress, no, you have 1000s of dollars in either your personal bank account, your business bank account, stripe, wherever you've got it, it's it's sitting somewhere else, not with you. So you've got centralized companies, or banks or whatever, that require you to trust them to hold your money. And in fact, what you know, it's not like, you know, your local bank has like a big vault and all your money sitting in there. No, what's actually happening is that those numbers you see on your screen, when you look at your when you look at your bank balance, that's actually just an IOU. They owe you that money. It's not actually sitting with them right in fractional reserve banking kind of kind of broke the idea that all that money's actually sitting in the bank, it's not, in fact, they are allowed to lend out your $1.10 times, right. So that's what fractional reserve banking is. For every $1 you give them they've got the ability to lend it out 10 times and what they're doing is they're betting on the fact that not all 10 people are gonna come want that dollar back or at once or whatever. So in essence, we're trusting that they're holding our funds safe, we're trusting that that all that that money is there, as it were, with decentralized cryptocurrency, decentralized finance, you end up becoming your own bank. Right, we talked about that concept was becoming your own bank. And so when you deal with cryptocurrency, no one else is gonna safeguard it for you, you can't send it to your local bank or whatever there are, there are custody companies, they're quite expensive and usually high net worth individuals use them. But for the most part, the rest of us plebes, we just store our store our crypto on what's known as a cold storage, we call it cold because it's not connected to the internet, right? A hot wallet is a software wallet online or on your computer, a cold wallet or a cold storage wallet is one that is kept offline. And I don't have mine in front of me but it's basically like a little small, almost like a thumb drive. If you can imagine a thumb drive it looks similar, small little wallet and that can plug into a USB or, or you know, you plug it in with like a little a little cord and you can interact with it on your computer, but it is stored off your computer. So that is one of the safer or safest ways to to store your crypto. And if you're going to be a long term holder of crypto, then you want to make sure to invest it you know, $50 $70 however it is in a cold storage wallet, because that is the safest right. And then you want to make sure you're keeping that wallet somewhere safe where you remember where it is right the dog can't fight it or break it, you know that or go bury the yard, or your kids can play with it or wherever it is I keep finding a safe a fireproof, waterproof safe. You also want to there's something known as your seed phrases or your private keys, you want to make sure to guard those with your life because those are literally I mean, those are the keys, right? They're not physical keys, but they that passphrase or that passcode is the way you access those funds. And so you never want to share that with anybody I you know, and frequently what ends up happening is, you know, people will be this is a new paradigm and they don't know how to deal with stuff, then they're like, Oh, I need help I'm and so they go online and ask for help. And they don't know any better. And so the person on the other end that they don't know who they've naively trusted says, Okay, we're gonna go ahead and get into your wallet, just go ahead and give me those keys and we'll access and they end up giving their keys to someone else who ends up robbing them blind, right. And so we've heard these, these these awful stories of people being taken advantage of when they were just looking for some help. And that's, that's another reason I created this group, because that's highly disturbing to me. Very, very sad. And, you know, I don't want to see people get taken advantage of so you have to be extremely careful, you have to be really skeptical. You have to, you know, really know the person you're trusting or you know, have them come with high references or something like that. But really, I think that self custody requires some willingness to learn, you have to learn you have to master this on your own no one can master this for you. Right? Until we have maybe better user experience and better solutions for security and things like that. Self custody requires some some some learning it's a learning curve.

Jake Anderson  33:06  
So I would I would say that this is just like hearing what you're saying as far as the security of it and having that cool storage. I would say if you're going out if you don't have a say get you a say like I mean cuz you never know like your house catch on fire, like a nice fireproof safe.

Alex Elliot  33:22  
Nobody can break in I have a fireproof waterproof safe probably cost me 100 bucks or something smaller thing, and I just shoved my little wallets in there. Lock it.

Jake Anderson  33:31  
Yeah, so I think it's I think it's, you know, my opinion, that should almost be a requirement like get that with if you don't have I agree, get the get the cold store.

Alex Elliot  33:40  
I agree. I agree. And don't store your coins on an exchange exchanges get hacked all the time, right. There's just there's certain things that you just want to it's just sort of etiquette and protocol to keep yourself safe. We have a saying in crypto, you know, not your keys, not your coins, meaning if you don't have possession of the actual, the actual crypto in a wallet that you control. Meaning if you if you've just left it on an exchange? Well, it was the exchange for no, right? I mean, you can access it. But if they get hacked, and their wallets are drained, well guess who else gets screwed? You do? Right? So you want to make sure to keep control of your of your crypto as much as possible if you're not actively trading at the time.

Jake Anderson  34:21  
So going into on the same topic of safety, I think there's also this thing to speak to in terms of, let's call it acquisition philosophy, right? Like how you acquire this asset class. Yeah, you know, and I think that there's, there's certainly and I think I'm one of them. I've done this before. I see some really cheap coin. I didn't do any research. And I'm like, you know what, I'm seeing some volatility here. And I'm gonna pump some money into this and then you do like a

Alex Elliot  34:52  
casino baby.

Jake Anderson  34:55  
Read in the wheel, right.

Alex Elliot  34:59  
Spin that wheel. yeah that's a really good that's a really good point to bring up so i mean here's the deal the current situation that we were talking about before with all the money printing and the governments of this that the other i mean at this point the banks are gonna make you pay them you know they're they're not offering any yield on anything right if you looked at your savings account rate it's like 0.02% or something it doesn't change it doesn't know it's ridiculous i actually had somebody posted another group of mine where he was like oh my gosh i've had $400 in this account for 30 days and this is a high yield savings account i literally earned two cents i was cracking up i was like oh this is hysterical he's like this is my high yield savings account so that's the state of things right so to keep up with inflation but that we talked about you know which is just raging out of control right now to keep up with this it has it has forced us to get more and more loose with our likely our risk tolerance has had to we're looking for riskier and riskier bets why cuz we have to we've been forced into this so it's why everybody's yoloing on the stock market it's why everybody's yoloing in crypto because there's there's nothing else out there that that's like accessible as an asset class to the common person to actually like get exposure to strong yields so that's number one so what ends up happening is people come in with this like risk appetite and they see all these shiny tokens and they're so cheap and it's so exciting and it's like a big arcade right and the problem is that there's a lot of us who've been in this world for a long time and we're a lot smarter than you are meaning we know how to take advantage of you and there are a lot of whales out there we call them whales whales are people with a lot of crypto they have a lot of money and what ends up happening is they know how to manipulate markets and crypto particularly altcoin markets are very easy to manipulate why because there's not a lot of volume so you come in as well you may own 40% of that entire token volume right right you've been you've been accumulating and you can come in there bam smash prices drop them as low as humanly possible everybody freaks out and sells you what more cheap tokens and now you control more of the supply and then what do you do you start you can you can literally start you can almost start like a buying front run and start the token spiking you and your friends you can get that token spiking everybody's like oh my god it's going up it's going to the moon is amazing so what happens all the noobs can run it in like you oh look shiny green candles candles and they start throwing money and then what do they do like they they run it up run it up run it up print it up again boom once again that will comes in drops the price you freak out and you sell all your tokens to hope him right these guys have been playing this game a long time they've been robbing noobs for the last 10 years in this game or not 10 but so all coins really only been around 2016 2017 with the theory of so but but long enough for them to learn how to play this game and rob you blind so playing with all coins is a losing game if you don't know what you're doing right i've literally just launched a paid group so i have this amazing free group over here but i've literally just launched a paid group it starts monday and we haven't even close the cart but it starts monday the sole purpose is to keep people safe because you know as much as i tell people look just by bitcoin you're going to get over 200% a year like don't be greedy there'll be no but of course people don't hear that they want to be greedy they want to play in the arcade it's like okay fine you know what we're gonna launch this paid group and i'm going to teach you step by step by step how to freaking be safe in this market and how to actually invest in tokens that aren't scams in tokens that aren't you know just outright ridiculous and pump and dump schemes that kind of stuff so really trying to just help people stay safe in this in this market and it's rather complex and you got to learn how to play the game

Jake Anderson  39:20  
and this isn't bitcoin related but it makes me think of the the gamestop situation yeah yeah the reddit the people on reddit were like oh okay well so y'all keep on doing what you're doing

Alex Elliot  39:32  

it was amazing it was amazing listen i was cheering wallstreet butts on from the sidelines like crazy


so yeah i was gonna get together and fight the whales

Jake Anderson  39:46  
i know i know now and it's but it's good to know that i think like you sharing that i think a lot of people probably didn't realize that that's something that can go on and not just bitcoin but a lot of us

Alex Elliot  39:56  
know a lot of the markets are in fact in fact i would go so far as to say, Oh, the markets are manipulated at some level, you should know that as you play, it's just more it's just easier to spot and more pronounced due to the lack of volume and smaller markets. You can see it you know, when you see these massive, I mean just dead coins just did there's just there's just nothing going out is going for two years and then all of a sudden it goes and then drops. That's a classic pump and dump. It was a coordinated move by a couple of whales who own a lot of coins. And everybody got excited when chase that green candle because they thought moon Lambo here we come. And then they got wrecked, right when the price dropped.

Jake Anderson  40:36  
Yeah, it's it's the it's the whole like acting on fear, greed. You know, when

Alex Elliot  40:42  
it's all just fear and greed,

Jake Anderson  40:43  
and greed and you see things and you react and the way that you really teach in a way that you help people is to be more educated, objective, and stable and those decisions and if you can do that and be smart about it and not. Right, exactly.

Alex Elliot  41:01  
We're not playing we're not playing casino games. No, yeah, we're investing for long term. Absolutely.

Jake Anderson  41:05  
It's kind of like, who was somebody sometimes I remembered speaking a friend of mine, he was like, you know, if you're because we're talking about trading stocks, he's like, just go to Vegas, if you're going back for fun out there.

Alex Elliot  41:18  
It's true. It's, you know, it's literally like, you know, the drinks are probably stronger, the girls are prettier. You know? Like, go to Vegas,

Jake Anderson  41:27  
Vegas. Like may as well just go to Vegas and have fun.

Alex Elliot  41:31  
The house always wins anyway, either way.

Jake Anderson  41:34  
I know you're not with the Rain Man and know how to count cards, and then they come and get you.

Alex Elliot  41:40  
Exactly, exactly. And I would say that that's a great comparison to most altcoins I mean, my my thing is, you know, 90% of all coins are really just trash 10% will take you to the moon, the the alpha lies in knowing how to differentiate and most people don't know how to differentiate and that's how they get rekt so that's

Jake Anderson  42:02  
Yes, in real quick just just so people understand what is an all coin?

Alex Elliot  42:07  
an alt coin is an alternative coin is anything that is not Bitcoin, anything but anything that is not anything that is not Bitcoin is an alt coin by definition. And, and you know that that includes, you know, some of the larger ones, right, Ethereum being being sort of the second kind of most known coin that is an old coin. But any any coin that is not Bitcoin is technically an old coin. They're also called, they are also called tokens, or crypto currencies or crypto assets. There's, you know, different different nomenclature for them.

Jake Anderson  42:39  
Gotcha. Perfect. Well, Alex, this has been amazing. I just really appreciate the conversation. And so fun, so fun chatting with you, I'm glad we were able to make these arrangements get you on the podcast. And for anybody listening right now, you know, definitely encourage you to to go and join Alex's Facebook group. I'm in there. It's a crypto chill lounge. I'm telling you to like, by the way, a little side note here on the Facebook group. It's, it's so active that like when I log into Facebook, I see your chill lounge come up more than any other post. And it's just like, it was just like, seriously. It's like,

Alex Elliot  43:17  
it is a pretty wild group. Like, there's so much participation in there. Like people are always just posting and excited. And if I drop something people are why it's just there's a lot of excitement in the market right now. And I think part of it. It's just it's a topic that's really captured people's imagination. But yeah, it's it's a very active group. I love that about it. I have so much fun in there. And I just love seeing people take action and get wins and then you know, grow really just personally grow. That's cool.

Jake Anderson  43:45  
Well, and I and I love it. It's It's great. And for anybody unless you have like a vanity URL, I guess just go to Facebook and typing crypto chill lounge.

Alex Elliot  43:52  
You know what it's actually forward slash groups forward slash crypto chill lounge. But yeah, you can you can literally just type in crypto chill lounge, I'll come right up.

Jake Anderson  44:04  
Perfect. And also too, because I have you know, a blog post. I'll have everything with this interview there and I will happen directly to that tweet in the blog post. If you just go to introspective podcast comm backslash Alex Elliot, that's al e x e l l i. t that will take you straight to that page, and you'll get the direct link there. Well, so you got plenty of roads to get to the

Alex Elliot  44:29  
number one

Jake Anderson  44:31  
thing, so And is there any Oh, and one last thing just just because I want to touch on this just for a minute. Tell me about this PE group because I think it's Yeah. How else to support?

Alex Elliot  44:43  
Sure. Sure. Sure. So basically, you know, the the concept of the free group was I really just wanted to give complete dead noobs like this onramp right. I wanted to give them this opportunity to come in a safe place to learn to ask questions. No question is stupid. Like a really Just get the support that they need and safe environment because we all know like crypto can be creepy out there right? We did this I joke that this is like the most non creepy crypto group on Facebook right or anywhere. So you come in, you can learn you can ask questions you can buy your first Bitcoin, you know, all that stuff, you can set up $1 cost averaging strategy, we help you with that, you know, I had somebody, they asked for help setting up a Bitcoin IRA, you know, help them set up a Bitcoin IRA. So, like, we're really helping people kind of take their first steps into this space and get comfortable. But like I said, everybody, you know, it's just the natural progression of things. Everybody gets into bitcoin. They're like, okay, what's next? What's right? And so I saw that I thought, Okay, I need to help people do this safely. Right. So if that's you, I'm just gonna speak right to your to your audience right now. If that's you, if you're like, Okay, yeah, I'm already into bitcoin, like, I got that. I'm cool. I've actually already purchased a couple of vaults, but maybe I got wrecked on some of them, or, yeah, I got my I got my lunch handed to me. And I wish I knew how to do this safely. Like, I just don't even know how to evaluate coins, right? Like, what's a crap token? What's a good project? Like? I don't know. So. And a lot of people find themselves in that in that space, because it takes a long time to do your due diligence, it's really hard. And researching is a skill, and there's a lot of criteria. So basically, I'm gonna be walking through walking people through my personal investment criteria, you know, I have a couple of frameworks I'm going to give them for how to evaluate tokens. And what we're going to do is, every single week, we are going to drop a just a gorgeous, hidden gem that we have discovered, that has, you know, really, I was talking to my co founder of this project, and we're looking at at tokens that have got anywhere from a 3x to 100x potential, right, that's really our sweet spot. So there's, there's more of them out there than you know. So one per week, we're going to do a very heavy deep dive, we're going to present you all the research all the all the investment criteria, and then it's up to you the you know, the participant to go, Okay, cool. That's something I can get down with, you know, maybe it's in a space like gaming, and you're like a big gamer. And you're like, yeah, yeah, I could totally see the application, that token I'm all in, right. And like, that'll be something you want. You want to invest in, where or the following week, it might be in, you know, NF T's right? The NFT space, which is really hot right now the non fungible token space, and you're like, Oh, yeah, I'm an artist, I totally get NF T's like I'm down with that, right. And that'll be something that somebody else invests in. So we're going to be looking at just really undervalued projects that are solid that are not rug polls, as we call them are like scam coins. And just presenting our research. And in doing so presenting also our criteria. So we as we set out, as we were like, you know, we're not looking to make people dependent on us, we're looking to foster independence. So we want to teach people to fish, not just give them fish. So our hope is that within 90 days, you're as good or better than us at this, right? You're you you could go out there and you can evaluate your own tokens. You don't need us anymore, right? You have been free to hang around, like we'd love to have you but you don't need to hang around after after 90 days, we really want to empower people, you know, to become educated crypto investors, and earn the kind of life changing money that my co founder and I have learned and really just set themselves free because the opportunity is right there. You just got to know how to do it. Right. So that's, that's what we're as we're doing. And if anybody's interested, it's a the offer is not even up yet. Like we don't even have a website. Like we literally just made the offer inside of the

shame on us.

We just launched it perfectly. Oh my gosh, yeah. No, we just decided to take massive imperfect action, we just were like, no, that's great. Let's just launch just just let's do it. So we launched with a Facebook post and a Bitcoin address. And here we are. And so it's in a private Facebook group. And we have a private telegram channel. And we're going to be delivering everything through there. And the offer right now is actually inside the announcements tab of my current Facebook group, the free Facebook group. So if anybody's interested in joining Facebook group, check out the announcements tab, you can join anytime, we would be thrilled to have you thrilled to have you and support you really in your in your growth as a crypto investor.

Jake Anderson  49:03  
And you know, I think, if I remember correctly with Facebook groups, you can actually link directly to an announcement, right? Yes,

Alex Elliot  49:11  
I can give you that link, if you'd like. Yeah,

Jake Anderson  49:13  
sure. That link is what we do is is on your blog page, I can actually put a direct link there as well. So

Alex Elliot  49:18  
it's very kind. Thank you. Yeah,

Jake Anderson  49:20  
that's awesome. Until you can website till

Alex Elliot  49:23  
we get our funnel set up. We're working on it. We're working on it. Yeah, we're, we just launched him perfectly. We're like, you know what, we had too many people asking about it. And I was like, Alright, just forget formalities. Let's just do this thing.

Jake Anderson  49:36  
Well, we'll end on that because in and I'll say just on this lesson here, like, like, that's, that's how you do it. Right? Like people get too caught up in perfection. You know, and I'm joking around here, but it's it is true. People get caught up in perfection. You got to just just take the action, get it out there and let it let it evolve as it should. And that's the way to do it. So thank you. Thank you. Thank you so much for that.

Alex Elliot  49:59  
Thank you What a fun conversation. Oh, glad we got to talk.

Jake Anderson  50:01  
Yeah, it was it was a lot of fun and I appreciate appreciate everything you're doing and your hearts and really creating a safe space for people that they feel that it's approachable and that's certainly I think what really especially myself but what really gravitated me towards your community and everything you're doing is like I felt like I wasn't being manipulated or twisted around like I felt like no like this is actually a place where there is a there is a heart here there's air here and and that makes me feel like I'm in the right space for learning about cryptocurrency you know something that's important to me and anybody else that's listening right now. Definitely go check that out. So thank you for bringing this to the world man. Yeah, absolutely.

Alex Elliot  50:41  
Absolutely. It's

a it's a passion project of mine and I'm just thrilled I just every every person that I can kind of introduce it as is one more. One more convert and it's a beautiful thing.

I love it. Well, everybody

Jake Anderson  50:53  
listening Thank you where you're kicking off this Monday with financial freedom week we just had an amazing conversation with Alex about cryptocurrency and definitely let me know you know what your what your takeaways were. Let's stay connected. And let's continue on this journey for financial freedom week. And I will see you on the next episode. All right.

Alex Elliot  51:16  
That was

Transcribed by

Another new week for all of us as we celebrate Financial Freedom Week here on the Introspective. To formally kick-off this week-long celebration, joining us from Spain is Alex Elliot, who is a Lead Generation & Copywriting Expert and is the co-founder of the Local Digital Marketing Agency, Four Aces Leads. In addition to that, she had joined the ranks of Russell Bronson, John Lee Dumas, Mike Filsaime, Jim Edwards, Perry Marshall, Elena Cardone, Alex Charfen, Kathryn Jones, and Blake Nubar, all who have been featured on Summits.

Cryptocurrency is currently on the rise today. If you have seen the crypto space currently, there are just a lot of opportunities waiting for anyone who would invest in a previously foreign and unknown entity. In order for us to properly get acquainted with the industry, Alex makes it more clear to all of us - everything that we need to know about cryptocurrency - in this episode. It is important also to mention that Alex is a Bitcoin Maximalist, having made her first of many Bitcoin (BTC) purchases in 2013. Make sure to listen to this episode as Alex shares her knowledge and expertise about this topic, just like the way she’s helping her friends earn cryptocurrency passively with her free, super informative, and supportive FB Group, the Crypto Chill Lounge.

What You'll Learn

  • All about dollar cost averaging in the realm of cryptocurrency
  • Building wealth really fast with cryptocurrency (plus other perks and benefits)
  • How to safely get involved with cryptocurrency

“Bitcoin IS the exit strategy.”

-Alex S. Elliot

Learn about the safest way to store your cryptocurrency.

Connect with Alex S. Elliot

Resources mentioned on this episode

Crypto Chill Lounge - Learn & Earn Passively:

Get $10 in BTC from Alex when you purchase $100 in BTC via this link: 

Follow this Podcast

Thank you for taking a deep dive on today’s episode of the Introspective Podcast.  If you found this episode to be interesting, valuable, and provided some fresh perspective for your entrepreneur journey - then head on over to Itunes to subscribe and leave a review with your feedback.  If you’re not an Apple user, then feel free to leave a comment below with your thoughts.  Your feedback is paramount to the success of this show, and provides direction for how I can best serve you.

-Your friendly Podcast Host, Jake Anderson 

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