Putting My Money Where My Mouth Is
I bought 1 049 more ICP today on Coinbase, Internet Computer Protocol, and you will love seeing why and hearing the story of how surprisingly difficult it was, even though I make ICP videos and have covered it, to actually buy more when I already have over 5 000 ICP in the ecosystem. You'll like, too, I put the price in for my order at $2 22 and it filled at 2 21 UTC, and I figured the main reason I bought more at this point, I have $20 000 in the bank, over 20 000, and I'm like, why am I just letting it sit there when ICP is at all time lows?
And therefore, I'm like, I need to take at least 10 and put in even more ICP because my ICP can go up. Now, let's look at some of the, I'll go through, I made a little outline here. So this was not just another random purchase. I actually haven't bought any ICP in around nine months. I sold thousands of ICP back when the price was up at $5 or $6, which at the time felt like it was down a lot, but I figured if we go higher from there, I'll have plenty, and if we go lower, I can rebuy. So this is now my opportunity to rebuy when the price is at what has been a rock bottom.
So I sold thousands of ICP before, and now I'm accumulating again. This was a conviction buy, and where I am doing these videos every day, and it's like, all right, it's time for you to stop talking about ICP and put your money where your mouth is. So what? You've already got 5 000. And where I see from here is if I buy ICP, then there's the potential that in a few months, it could be worth a lot more, whereas I have enough cash in a bank where if it goes to zero, I'm fine.
I make the full case for the Internet Computer in my ICP Crypto playlist.
The Psychological Battle to Buy
Now, what made this psychologically difficult, like this is crazy. Like I had a hard time. I've been thinking about buying more ICP for weeks, even before I started up. On YouTube again, I'm like, the price is just so low, I've got to buy more. But I've already lost so much money buying ICP compared to if I had just kept all my money in Bitcoin and kept putting more into Bitcoin, the price of ICP has went from 10 000 ICP to a Bitcoin to 30 000. And that was punishing. After making thousands of videos about ICP to once again be in a position where it's like I could have just stuck with Bitcoin, which I don't believe in at all, all for the long term, but I would have made more money.
And yes, the fear of the price dropping right after buying, I keep thinking, man, I could get ICP lower. What if it goes down to two? What if it goes down to 150 or something? Like I could have got that cheaper. I just wasted money. But I remember buying Bitcoin at 170 and having this conviction like that the price is so low that it's got to go up from here. And it did exactly that, but I was impatient because I didn't have real conviction. I had a little bit, but I hadn't done much research about Bitcoin. I just thought I'll make some easy money. ICP is different.
I compare those early Bitcoin days to today's ICP setup in 21 Bitcoin in 2014 Is 550 ICP Today.
And yes, I have a fear of looking foolish publicly, thinking that I put up another video, I bought more ICP, and God forbid other people actually buy ICP too. And then all of us end up losing more money on it like we have so far. Then it's tiring watching the price continue to go down while the fundamentals improve. And the, I'm right here with you with the frustration, with the exchanges, the narratives, the market ignorance. Sometimes I question everything I'm saying myself. I'm like, all right, is this a real thing? Or is, are you just delusional? As some people have said in the comments and now their comments are hidden, so I won't see them anymore.
I worked through all this, just like many of you may have. And I went through the internal conflict for weeks. And after doing seven videos about ICP, I'm like, I can't sit here on, with the ICP I already had. I need to continue to put more in at this point, especially to rebuy what I had before. And to get through that, like I have conviction in this, but the pain of continuing to lose more money and thinking, I don't know if I can stand to lose more money on ICP at this point. If you are sitting in that same internal conflict over a position right now, this is exactly the kind of thing we can work through together when you join Jerry Banfield Family, where we sort out your own conviction and where you really stand.
Asking the Universe for a Sign
Here's the why now instead of later. Like I asked for a sign from the universe that if now's the time to buy ICP, I want to see it at $2 00. $2 22. And I logged into Coinbase one day, I just checked on my phone. I wasn't checking the price that much. And the price was exactly 2 22, 200. So it was four digits, all twos. I'm like, okay, I've asked him for a sign and I've got it. Cause I like signs help me work through. Signs are kind of irrational. Like I get it. Signs make me sound woo and crazy and silly. I get that.
But a lot of our fears and stuff, the things that stop us from taking action are also ridiculous. Like, well, so what? I've lost so much money on ICP. My friend, I saw him today. He said, you're still in ICP. You bought more. And I'm like, yeah, either at this point I'm right. And I'm going to really be right. Or I'm going to throw good money after bad. Because if I'm not right about ICP, then I shouldn't bother making ICP videos because it's a lost cause. But I have faith and everything I see, I'm not having blind faith. I have faith based on all the stuff I talk about in these videos.
So why today? Because I'm tired of having this decision sit there in my mind. I buy, I wanted to buy at least a thousand more. I thought it'd be fun to buy $2 345 76 worth. And I thought it'd be fun to buy it at $2 22, which is where I put my buy order in. So it's all this symbolic stuff. And it's like, today's the day to do it. Stop screwing around because now that I put this in, that's enough. Like I just scooped up another thousand ICP. I'm satisfied. Although I'm not satisfied. Although I think of that phrase, you can't get more, you can't get enough of what you don't need.
Like, well, if you don't need ICP, yes, I won't be able to get enough of it. But I also love the idea that with all this stuff happening with ICP, I think the price could easily surge up to like five, $6 at some point. And then this ICP, I could sell it there if I wanted to and pay the rent for a couple of months. So to me, the signal's kind of irrational, but all the things we're seeing go on with ICP are very logical and very rational. And the fears are just irrational. It's like, so what you, what are you gonna look more stupid at this point if it goes to zero?
Which I just don't see it going to zero. Even if things don't work out with DFINITY for some reason, the tech is so good that somebody else would buy out all of it and start running it themselves.
What the Market Keeps Missing
I believe the market is missing that ICP brings and price like another crypto token instead of a full stack blockchain compute platform is a massive opportunity. Like I want this video to age well for somebody to look back a year or two from now and be like, man, look at him buying 1 049 ICP right at the bottom. Like that's incredible. It's crazy the cryptos that are above ICP and market cap, that is completely irrational and insane. It makes logical sense if it's just all about marketing and hype, but in the long term, that doesn't make any sense. Most people do not understand what can be built on chain with ICP and the market so far has rewarded narratives first and fundamentals later, but there's a real demand for ICP to pay for the computing costs, the staking, like it's just set up so perfectly.
Like every, now obviously I'm very aware of the flaws. I'm in this ecosystem. I see the NNS posts, the SNS projects that have just scraped everybody, but the actual protocol itself, it's just incredible. Like the way you can launch and use the network nervous system and sign on. Yes, I tried to use this new computer I bought to sign on and I couldn't use my security key and I couldn't, the iPhone didn't work. All right, so yes, there are areas of improvement, but I first saw passkey technology on ICP three years ago. And that was a signal to me, now everybody's using passkeys. DFINITY was on passkeys three years ago before I'd ever seen one before.
And that was a signal to me, now everybody's using passkeys. Now everybody's got them.
How DFINITY Stays Years Ahead
What else is DFINITY on years in advance? Sovereign cloud, AI on chain and having a layer two, being able to build like every layer two, all on ICP. DFINITY and ICP are all over the future right now. And yes, there's a lot to lose from exchanges and other crypto incumbents, as I've talked about to not spotlight ICP. But if I don't buy ICP myself and hang on to it, then I'm just, I'm just not genuine. So I'm like, I gotta put more in. And the problem when I want to buy some more is then I keep checking the price too. So I buy some more ICP and then it doesn't matter what the price is for the foreseeable future, because it's not likely to go anywhere very interesting in the next week or two.
If it gets to a dollar or to $10, it's probably not gonna do that in a single day. It's gonna take time. So I want more of this token right now.
Seeing Value Before Everyone Else
I love in life being in a position where I find something that's insanely valuable while everybody else doesn't see the value in it. And there's been so many opportunities like that historically and with all these videos, I've hyped myself up. I believe my own videos. The low prices is to me is a fantastic opportunity. Just like Bitcoin 12 years ago at $170 is a fantastic opportunity. The low price is the opportunity. If all of us are going around thinking, oh, this is good. I'm thinking, man, I wish I had this opportunity. The price now can make up for all the losses so far. Like I bought a thousand more ICP today, 1049.
And if the price that goes up to $10 at some point and I sell it then I'm gonna be able to sell that for 10 000. And that 8 000 I made will make up for some of the ICP, the dollars I lost. Good money after bad if it doesn't work out, which is fine. And yes, I accept the feeling of that, being early feels lonely. It's often lonely. Like it was like, nobody was on Facebook when I first got on it. I was teaching Facebook marketing. Nobody was doing that. When I was making courses on Udemy, there were hardly any others and everybody was brand new to it.
I often am early to things, but it often feels lonely because you're trying to tell everybody else like, hey, there's this awesome thing. And for some reason, I'm the only one that knows about it. And yet that's where the opportunities are. And so these are not predictions. These are just predictions. I'm not a financial advisor, of course. And the price could still be ugly. Like things could go, I could lose all my money and I'm already down tens of thousands of dollars on the ICP I held for my DFINITY community grants, which sure, do I wish when DFINITY pay me $25 000 and the price was like $12, do I wish I had just sold all that and put it in the bank immediately?
Absolutely. Because that was business revenue. And at the same time though, if this ICP recovers from here, this will cover some of the difference. And at the same time though, ICP could go down to $1 50. I think we're getting towards a floor for ICP itself because it's so small, the market cap is so low. The lower we go, it gets a bit harder to go down further because anyone that wants to buy is going to be able to buy so much more for such a lower price. I, and yes, the adoption understanding can take longer than hoped. This is a point I'm making sure to reiterate over and over across my videos.
I have before got a bit impatient with saying, ICP by the end of the year, by the end of next year, in two months, I don't know how long this is going to take. Some technological transformations have taken a long time. And this already has taken five years from launch to get where we're at now. It may take another five or 10 years to really go where we think it's going to go. But there are going to be weeks, months where things shoot up all of a sudden and we may never go back there as perhaps governments decide, to load ICP, corporations or entrepreneurs, individual self made millionaires, as people, it's only going to take a relatively small amount of people or entities with some serious capital, because ICP is so small.
It'll only take a relatively small amount of people doing real research in crypto to locate ICP and to make some significant progress in the price. And when that happens, if you, I just couldn't stand to miss buying at least a thousand ICP, close to $2 with all the videos I do. And I bought in a lot of my initial ICP at $3. I just couldn't stand to miss the $2. And then long term if ICP succeeds, technically, this, this could look back like I did buying Bitcoin at 170, be like, man, that's awesome. So this, this for now is a one time buy. I like to kind of do single buys, fewer transactions for my taxes.
I, if I can continue to afford it, I would love to continue accumulating more ICP, while it's this low, because there's just nothing else I want to invest in.
I lay out exactly how I add to my position over time in My Ideal ICP Accumulation Strategy.
My Highest Conviction Position
This is my absolute highest conviction crypto position. I don't want to invest any more in these other coins on ICP. I just want ICP because the other coins are, are high risk and not necessarily high reward. ICP to me is lower risk and high reward. And that's ideal. It's an asymmetric opportunity. It's an outlier. So I'm, I'm being, buying based on price weakness, like, this is insanely underpriced for what the tech can do. A billion dollar market cap for this kind of tech is insane. It took a $500 million to get this built and where it's at today. Like that's only double. Meanwhile, some of these AI companies are shooting up out of nowhere with a few people.
So the fundamentals to me are stronger than ever. And the price weakness is at maximum. What would make me buy more is if I continue, if I make some income from YouTube and I continue to have cash on hand, that's just, sitting in the bank, I'd rather keep putting more into ICP. Would I buy more if it went down to $1 50 or so? I very well might buy another thousand ICP there. If it went up, goes up to three or $4 from here, I don't want to buy more right now at three or $4 when it's $2 today. So I, I'd love to have 10 000 ICP one day. If you are trying to think through your own buy-now-or-wait decision like this one, you can join Jerry Banfield Family and we will talk through your ICP narrative and where your real conviction actually is, so you leave with clarity on your own next move instead of me telling you what to buy.
I've got like 6 000, this'll give me like 6 000, 6 500. And I realize, some of you think this is stupid that I'm throwing good money after bad. And I I've certainly had these thoughts myself, but at the same time, I, I'm proud that I put my money where my mouth is. I just couldn't stand to continue doing more ICP videos without buying at least a thousand more myself to say, look, I'm here because I looked at, I saw James Allen's in the Casper now. And I'm like, that's so crazy. And yet it's like, well, I still have my ICP. How long am I going to ride on the ICP I already have?
Like if I'm continuing to just ride on the ICP, I already have. And it just, it looks like I'm just shilling my bags to others so that, I can get the price to go up. But at the same time, if, if I buy more, it's like, okay, I really believe what I'm saying. Like, this is a crazy accumulation opportunity and I'd hate to wake up one day and the price is six or $7 and not have scooped up another thousand right now or the price, go up over the next few months, like 10 or $12. All of a sudden, and then to be like, man, I could have bought more too.
And if it goes down more, I may scoop up some more then, because if, if it goes down more, it'll be an even better time to accumulate unless something changes with the fundamentals.
What This Buy Means Going Forward
So this is what I did today. And it gives me, in my opinion, a much stronger platform to continue doing ICP videos on like, Hey, I'm really excited about this. I'm accumulating more and it, the price is an opportunity at every point when it's down, that's the buying opportunity when it's mid level, that's kind of boring. When it's high, that's the selling the profit opportunity today. We're in the down. We've been in the down for a while and it just seems crazy not to buy when it's in the down. And it also seems greedy to just sit there and look at the price at all time lows and to think, well, I'll just wait for it to go lower and lower.
Remember all the people who didn't buy Bitcoin at 16 000 because they said, Oh, it's going to go to us. Three is going to go to two. It didn't, I was buying at 16 000 before I found ICP. I was buying Bitcoin at 16 000 because I'm like, this is so low. I'm going to scoop some up. And if I just kept that strategy up, I'd have more money in the short term, but it's not all about short term in life. What I've learned on YouTube with 15 channels that are all deleted. And now five more, lots of times the stuff I did in the short term to build my YouTube, to build my crypto portfolio that worked really well, but in the long term, it didn't work.
So well, ICP to me is a long term play and it's going to be a long term video if I don't wrap up now.