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Monday, 5 October 2020
I'm looking for fantastic facts about Bitcoin
I'm going on a financial podcast for Boomers and they are looking for me to make the case that Boomers should allocate at least some funds to Bitcoin.
Safety is a primary concern, so I'm thinking social proof is the way to go. I'm looking for examples of how big Bitcoin is (it's the X largest currency in the world) and how liquid it is (transacts X per day). Perhaps examples of large investors that have invested in Bitcoin (Paul Tudor Jones, Bill Miller, University endowments?) Companies that are in on BTC (Overstock, MicroStrategy) Countries that have adopted Bitcoin, (you can pay your taxes in Switzerland), etc.
If there's a way to explain the massive computing power behind Bitcoin that makes sense to a Boomer, that would be good too...
Just looking for memorable facts that Boomers could take away without getting too much in the weeds. (e.g. they may not understand hashpower, etc.)
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Frances Coppola: "A decade from now crypto will be a normal part of the investment and payments landscape, but replacing the US dollar and the banks that depend on it? That will still be a pipe dream."
https://www.pairagraph.com/dialogue/e3b365e55a9d4208873f7e92aa481ba8
Frances Coppola: A large part of the reason why cryptocurrencies are now popular with the mainstream is that the cryptocurrency ecosystem has firmly Tethered itself to the legacy system. Cryptocurrency investors mostly measure their wealth in US dollars, not in Bitcoin. Getting rich in US dollars is what they want to do. Replacing the US dollar with cryptocurrency would seriously damage their wealth. It is not what they want to do.
The original vision of the early Bitcoin adopters was that cryptocurrency would replace the legacy financial system. But instead, the cryptocurrency ecosystem is being absorbed into it. A decade from now, cryptocurrencies will be a normal part of the investment landscape. And when central banks start issuing cryptocurrencies, they'll become a normal part of the payments infrastructure too.
But replacing the US dollar, and the banks & central banks that depend on it? No, that will still be a pipe dream.
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Cash app
I hold all my BTC via cashapp. Is there a better recommended way of holding my bitcoin? Has anyone ever had any problems with cashapp? Any advice/suggestions are welcome as for i am very new to BTC and do not know very much!
Thanks for any advice you can give me.
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