Saving for a Longer Life in Bitcoin: Stuart Lackey of SOUND HSA

Could you go over low time preference?

If you're low time preference, it is the same as delaying gratification, right? You're thinking more long term.

You see beyond today.

Um, and that is realized in things like finances, right? The decisions we make today will compound in one way or another, not to think so is naive, um, down the road, and that happens in fitness and in health.

Everything in life, what you do now does impact the future outcome.

And so low time preference, meaning you're giving a lower preference to the immediacy of time and, and realizing whatever it is you're chasing, right? That gratification you're pushing out at some point into the future.

And so in the Bitcoin space, when we talk about sound money and thinking about the growth of the value of Bitcoin in US dollar terms, um, we know that Bitcoin over its, its 17-year period has the highest compound annual growth rate.

But if you came into Bitcoin in 2009 or early and you sold because you still thought in terms of like, well, I- I need to sell this because what if it goes down, you know, below the price I paid, you would have maybe a higher time preference and really probably didn't know what you owned at that point.

So pushing off gratification, lowering your time preference, um, is a key kind of attribute or characteristic of, of holding Bitcoin, among other things in life.

Well, I think, I think most, uh, Bitcoiners who've, who've been in this a while, I think you'll agree with this, they're not in a hurry at all to sell their Bitcoin, and they are educated enough in the subject that they know where it's going.

Just, um, and, and also for everybody watching out there, the goal of this show is not to sell you Bitcoin.

I mean, I, I don't have any Bitcoin I wanna sell you, and I'm sure Stu doesn't wanna sell any of his.

Uh, but we're, we're, that's a subject that's close to both of us.

I've noticed a lot of the people, a lot of Bitcoiners, let me phrase it as, are into life longevity.

I didn't know that when I got into it a year ago.

I got into life longevity as a whole separate stream.

Uh, and I was, I'm amazed as how many people, how many Bitcoiners are into life longevity, and they're young.

They're not like old farts like I am.

It's a great, it's a great point you bring up 'cause I think about hope, right? You've heard Bitcoin is hope.

There's been books and, and papers written with that title or something similar, and it is.

It's like the, the longer you're in the space, you think differently because you become educated on how money, uh, money supply works.

Uh, you become educated on monetary, uh, fiscal, um, uh, policy.

Um, and you have hope that, you know what, if I can live long enough, I wanna enjoy this with my family or my circle or my people or whoever, and that opportunity exists.

And I tell people all the time, um, if you're not gonna...

If you're gonna buy Bitcoin, don't buy it unless you're gonna hold it for four years or longer.