Should you invest in Bitcoin？
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Summary
In this episode of the Bitcoin and Cryptoconomy podcast, we discuss Bitcoin's role as a global reserve currency, its role in the global financial system, and the role it plays in the current political climate. We also discuss Bitcoin s role as an alternative currency to the traditional US dollar, and whether or not Bitcoin should be considered a reserve currency.
Transcript
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For people who aren't really familiar with these terms, don't really know what we're
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talking about, if you could help us understand what is blockchain, what is decentralized
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Yeah, I mean, I think without getting into the technical weeds, because you'll read
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a lot of stuff online that gets into language that most people will just glaze over at because
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it's a very technically heavy or a lot of technical jargon in this industry.
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I'd say broadly, the idea that sort of underpins Bitcoin and a lot of the experiments happening
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in the cryptocurrency space is sort of a concept of building a currency system that is detached
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from any central authority or detached from the central government that acts as sort of
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the issuing body of a currency or the layer of trust underpinning a currency.
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There's a technology that underpins a lot of these currencies that sort of broadly become
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It is important to understand that this is sort of like it's not all of these currencies
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There are there are some currencies that have been around and proven the resilience for
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There are some that are a lot more experimental.
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You'll hear lots of negative sort of skeptics in the in the media that talk that will point
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to the examples of some of the more, you know, some of the more the big news items of frauds
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and scams and Ponzi schemes and others to try to distract people from sort of like what
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is the underlying technology and what's its what's its potential?
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I think broadly, I like to think about this as like as people lose confidence in their
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governments, not necessarily, you know, their government's ability to to to maintain sovereignty
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over their countries, but just their government's ability to make good decisions, good decisions
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So we're now being given a choice as to are there other assets that we can flee into?
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And I'd say particularly Bitcoin has proven itself quite resilient and almost it's almost
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on a level playing field of a lot of national currencies.
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If you if you were a resident of Venezuela, you know, Bitcoin would be a very attractive
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There's lots of debate around whether that translates to Canadians or whether that translates to
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But I think there is something to be paying attention to.
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And I think the risk that the Conservatives, you know, last week really started to show
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is you you want to be careful to not position yourself as sort of the party of the neophytes
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like that anything that you don't understand and anything that is new, you automatically
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And I think Pierre is definitely standing out as somebody who at least, you know, not only
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has an open mind, I think he actually very fundamentally understands what's going on in this space.
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But that'd be my word of caution is like if you don't understand something, it's better to
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not have an opinion than a strong opinion against it.