Juno News - May 18, 2022


Should you invest in Bitcoin？


Episode Stats

Length

2 minutes

Words per Minute

222.51868

Word Count

556

Sentence Count

17


Summary


Transcript

00:00:00.000 For people who aren't really familiar with these terms, don't really know what we're
00:00:03.220 talking about, if you could help us understand what is blockchain, what is decentralized
00:00:08.280 currency, what is crypto, and what is Bitcoin?
00:00:10.820 Just give us a little overview, please.
00:00:12.500 Yeah, I mean, I think without getting into the technical weeds, because you'll read
00:00:16.680 a lot of stuff online that gets into language that most people will just glaze over at because
00:00:21.560 it's a very technically heavy or a lot of technical jargon in this industry.
00:00:26.180 I'd say broadly, the idea that sort of underpins Bitcoin and a lot of the experiments happening
00:00:30.680 in the cryptocurrency space is sort of a concept of building a currency system that is detached
00:00:36.240 from any central authority or detached from the central government that acts as sort of
00:00:39.420 the issuing body of a currency or the layer of trust underpinning a currency.
00:00:45.260 There's a technology that underpins a lot of these currencies that sort of broadly become
00:00:48.580 known as blockchain technology.
00:00:50.880 It is important to understand that this is sort of like it's not all of these currencies
00:00:54.840 are not equal.
00:00:56.060 There are there are some currencies that have been around and proven the resilience for
00:00:59.100 a lot longer.
00:01:00.100 There are some that are a lot more experimental.
00:01:02.040 You'll hear lots of negative sort of skeptics in the in the media that talk that will point
00:01:06.720 to the examples of some of the more, you know, some of the more the big news items of frauds
00:01:12.380 and scams and Ponzi schemes and others to try to distract people from sort of like what
00:01:16.560 is the underlying technology and what's its what's its potential?
00:01:20.060 I think broadly, I like to think about this as like as people lose confidence in their
00:01:24.600 governments, not necessarily, you know, their government's ability to to to maintain sovereignty
00:01:30.240 over their countries, but just their government's ability to make good decisions, good decisions
00:01:33.420 as it relates to monetary policy.
00:01:35.100 So we're now being given a choice as to are there other assets that we can flee into?
00:01:41.140 And I'd say particularly Bitcoin has proven itself quite resilient and almost it's almost
00:01:45.320 on a level playing field of a lot of national currencies.
00:01:47.360 If you if you were a resident of Venezuela, you know, Bitcoin would be a very attractive
00:01:51.140 currency for you.
00:01:52.140 There's lots of debate around whether that translates to Canadians or whether that translates to
00:01:55.620 Americans and other Western countries.
00:01:57.140 But I think there is something to be paying attention to.
00:02:00.020 And I think the risk that the Conservatives, you know, last week really started to show
00:02:03.840 is you you want to be careful to not position yourself as sort of the party of the neophytes
00:02:07.960 like that anything that you don't understand and anything that is new, you automatically
00:02:12.140 take a negative tone towards it.
00:02:14.040 And I think Pierre is definitely standing out as somebody who at least, you know, not only
00:02:17.260 has an open mind, I think he actually very fundamentally understands what's going on in this space.
00:02:21.020 But anyways, we can get into it in more depth.
00:02:23.520 But that'd be my word of caution is like if you don't understand something, it's better to
00:02:26.460 not have an opinion than a strong opinion against it.
00:02:28.920 So, yeah.