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Bitcoin.com’s Ver Says Weekend’s Plunge Not Surprising

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And in fact, the aftermath actually saw prices fall. Explain to us the significance of this event and whether this sort of price action you saw on the market reacted in the way that you would have anticipated. Yeah, I think what they always say is true, you buy on the rumour and sell on the news. Well, today the news is that the happening happened and now we see people selling. But this shouldn’t have been a surprise to anybody that’s been involved in Bitcoin. This is actually my third having them through. And there’ll be another one in four years from now as well. So that won’t be a surprise to anybody other than people that are new to Bitcoin. So basically what happened is, like you said, the miners get half the amount of money that they got before having. And so, therefore, they’re shuffling their cash rate around to whatever coins are the most popular or profitable for them to mine. And we’ll see that continue to happen about every four years. We’ve seen this dislocation, if you will, between what economists are saying about economic prospects and the prospects for a global recovery. And what we’re seeing in more conventional risk assets and equity markets. Right. How has these concerns about the pandemic and what the world looks like post coronavirus impacted the Bitcoin story if you will? I think it impacts everything, and I’m very, very bullish on the world economy here. So many people are not allowed to go to their jobs. We see Elon Musk, you know, saying arrest me for getting back to work and, you know, more power to him for taking a stand like that. But if printing money could make everybody, you know, wealthy, why would anybody ever have to work? Ever you just print money and send everybody a check and that would be the end of it. But it doesn’t work. People have to go to the factories. People have to go to the farms. You have to produce the things that people need. And the people aren’t allowed to go to work and produce the things that people need. There’s not going to be enough things to go around. And so printing money doesn’t solve the world’s problems. It actually causes more. And the same is true within cryptocurrency as well. And that’s what attracts so many people to cryptocurrencies because there are these hard limits to them where you can’t have some central bank or some central monetary authority just create more out of thin air. But that’s why it’s so important to make cryptocurrency usable as currencies that people have the ability to opt-out of other systems and start using cryptocurrencies to pay their employees or to receive their paycheck or to go shopping on Amazon or to do all the things in their daily life. And then suddenly people have an option if they don’t want to be, you know, beholden to the U.S. dollar or the euro or the yen. There’s another option now, and these cryptocurrencies are providing that option. Well, Roger, you said that this is it was pretty much expected, but is it a bit problematic that even with tighter supply, you’re not seeing a boost in prices, or is it just because it’s already been priced in? I think it’s already been priced in. But remember, the tighter supply or the lower issuances, all have been going on for a couple of hours now. So if you do expect to see anything happen, because it would take, you know, weeks or months for that to be the case. But everybody has known that this is going to be the case for years and years and years. And so I think that it’s already been priced in the market for a long, long time. With the post-pandemic world, people are just cooped up in their homes. We are seeing more and more people just getting on the Internet. Will this help the expansion of cryptocurrency? And one example of that is that there’s a poker Web site where people can play poker using cryptocurrency. And when the lockdown started, you did not have that volume and traffic and people playing it, blocking that poker just exploded. And that was you know, I guess that was definitely good for cryptocurrency. But that’s a sign that it’s bad for the economy because if everybody is just sitting at home playing poker all day, every day, that means the cars and the food and the things that people actually need aren’t busy getting produced. But the amount of traffic going to be quite common. These other Web sites have definitely been up substantially since the lockdown began. Roger, I’m keen to get your thoughts on stable Quins. Is there a role for them going forward to sort of, I guess, bridge the gap that you have between cryptocurrency and more conventional investment assets? I there’s clearly a role for the stable coins and the fact that tether is one of the top cryptocurrencies in the world period is a clear indication of that. But it’s important for people to remember good stable coins aren’t actually stable. You’re still at the mercy of whoever the issue of that stable coin is to make sure that their assets are are back in the coin that the issue. But it’s a really convenient tool. If she’s ever had to do a wire transfer and then try sending a stable coin to stable coin wins hands down in terms of speed and convenience and just about everything. So I think we’ll see a lot more people around the world using stable coins in addition to actual cryptocurrencies. So your views as to whether the global economy, whether the U.S. economy should be reopening is sort of on par with, I guess, more of a libertarian view on the economy as well. Have you seen throughout this whole sort of lockdown and Coronavirus, Cauvin 19, and induce change to society, a shift in the types of people that are investing in Bitcoin and crypto? Yeah, I think the type of people that are investing in crypto traditionally have been kind of the contrarian libertarian types and all of those people have already been involved in crypto for years and years and years. But I think now maybe the people that aren’t necessarily of that mindset, they’re at home all day. Nothing to do. They’re surfing the Internet. They still look into this cryptocurrency thing and maybe they didn’t have time to look into it over the last five years. But now is the time. And we’re seeing so many people, you know, you can buy ten thousand dollars a cryptocurrency a day inside the Bitcoin. OK, how about we try to our highest volumes ever in the last couple of weeks here? What people are doing that? So it’s nice to see apparently people do have some money when it comes to wanting to buy crypto, which is a pleasant surprise.

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