Episode: Recently I was a guest on the Wicked Pissah Podcast, where I talked to hosts Chris Boyd, CFP® and Jeff Tomaneng, CFP® about how my lifelong interest in finance and tech led me to investigate Bitcoin’s potential as digital money and a store of value. Today’s episode is a rebroadcast of that show.
Insight: I believe that our global financial systems are at an inflection point. You don’t have to agree with me about the role that Bitcoin might play in this transition. But you do need to have an informed opinion so that you can answer your clients’ questions and help them make the best decisions for their future.
3 Quotes from my appearance on the Wicked Pissah Podcast:
To me, something is unsustainable here. The economic system is rolling over. We’ve got massive wealth inequality, not only in the United States, but in different places around the world. And I’m just thinking something’s going to break here. And I feel like what’s happening with digital currencies and what’s happened with technology, that’s going to be part of a solution in some way. How it’s going to be the solution, I don’t exactly know. And so I wanted to start this podcast so that I could reach out to people from a variety of different backgrounds, with a variety of different perspectives, and talk to them and together we can figure this thing out. We can try and connect the dots and see what is going on
Bitcoin is on a disinflationary track. Every year, fewer and fewer bitcoin are released until we get to the point where there’s 21 million bitcoin in existence and that’s all there’s ever going to be. And so when people say it’s a store of value, that’s what they’re looking at. They’re saying, there’s only going to be 21 million of them, and we have a computer-coded, predictable disinflationary rate, and we know how many bitcoin are going to be made available every day, every month, every year between now and 2140. So it’s super predictable, unlike the fiat system where the government says, we’re gonna create $1.9 trillion of new money for COVID and then we’re going to print a trillion for infrastructure. There are people who say, that’s a problem, that’s going to end up in a big mess. And so they say, bitcoin is predictable. It’s like digital gold. It’s better than gold. They would argue that whatever the good properties of gold are, bitcoin is a better version of that because of its digital properties.
Get yourself educated about what’s happening in this space, put it on your radar because the more you know about it, the more comfortable you’re going to be with it. And I’m not saying that everybody needs to own bitcoin. That’s not my role. My role is just to bring these ideas to the community and say, this is something, based on my experience, that I think you need to be paying attention to because you’ve got clients, you’ve got prospects, and your clients’ kids that are into this stuff and you’re going to get asked a lot of questions about it and you need to be knowledgeable about it. And even if you decide this isn’t for my client base, that’s totally fine. But at least you need to have done the research and you need to have a reasonable response to why you take the position that you take.
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