Bitcoin Conviction with Eric Weiss - WBD527
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 15 July 2022
⏱️ 62 minutes
🧾️ Download transcript
Summary
Eric Weiss is CEO of the Blockchain Investment Group, and the man who orange-pilled Michael Saylor. In this interview, we discuss the current malaise in the Bitcoin price, why regulation will change this and be good for Bitcoin, and why Bitcoin provides value to all Americans.
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As Bitcoin continues to track sideways, with a current sentiment of extreme fear and continued reports of its demise, it's easy to lose the bigger picture. In 13 years Bitcoin has come from zero to an asset comparable to state-sized currencies, which is being discussed at the highest levels of government around the world.
Whilst the wider industry suffers from its own 2007-style financial crisis, where leverage, deception and greed risk an investor bloodbath, Bitcoins ethos remains morally and ethically sound. Bitcoiners' advice to avoid wider altcoin and Web3 proposals has arguably been vindicated. The maxim to hodl is being tested, but long term investors are holding the line.
Why is this? As Eric Weiss states, Bitcoin has grown to become a global phenomenon without a marketing budget. Let that sink in. The growth of Bitcoin has been viral. Individuals have become orange-pilled, and in various forms brought others into the fold. There is no one reason for this, and that is Bitcoin's strength. It has utility for everyone.
High worth individuals, the middle class and low income groups are all affected by inflation. Yes, in the current environment, the impacts are more immediate for those with less assets. And, Bitcoin's volatility isn't a theoretical risk at this time. But even in periods of moderate inflation, compound effects mean that the dollar is losing value year on year.
Bitcoin advocates are confident in the medium term it is going to beat the dollar. Even Charlie Munger thinks the dollar is going to zero over the long term. What amount of Bitcoin constitutes a sensible scale of investment in open to debate, but, as one commentator opined in Bitcoin Magazine on Jul 13th "there is one clearly unwise allocation size when it comes to Bitcoin: zero."
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Transcript
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| 0:00.0 | I think when that changes you're going to see a lot more capital come in. Is it going to be, you know, |
| 0:07.0 | I don't be all dramatic and be like, it's going to be a tidal wave of money coming in. |
| 0:11.0 | They're all just waiting for this, but I think we'll see it. I think |
| 0:15.0 | it'll make a material difference. And as you know, when any money comes into our space, |
| 0:19.9 | there's such a limited supply that it doesn't take much. |
| 0:24.0 | Hello there, how are you all? |
| 0:26.0 | Welcome to the What Bitcoin did podcast, |
| 0:28.0 | which is brought to you by Gemini, the only place I'm using for buying Bitcoin. |
| 0:31.0 | I'm your host Peter McCormack, and before we get into today's interview I do have a message from my show sponsors |
| 0:37.6 | This show is brought to you by Compass Mining and they are not just a sponsor. I am a customer of theirs too and I am mining |
| 0:43.9 | Bitcoin with compass. I've been mining for 10 months and have already mined over |
| 0:47.9 | 0.7 Bitcoin which has more than paid off two of my S-19s. Anyone can start |
| 0:52.4 | mining with compass mining and to help you |
| 0:54.2 | Compass has launched the Compass Score to help you make informed decisions about |
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| 1:02.1 | on a number of factors such as price, minor age, |
| 1:05.0 | difficulty, hash in power and the current Bitcoin price. |
| 1:08.2 | Compass makes mining accessible to everyone and as a Bitcoiner I am happy to be supporting the decentralized growth of the hash rate. |
| 1:15.0 | If you are interested in mining and you want to find out more please head over to compass mining. |
| 1:18.8 | I.o which is co-m-p-a-s-s-m-I-G dot I-O. |
| 1:25.6 | Next up, it's Gemini, who I am using exclusively |
| 1:28.7 | for buying and selling Bitcoin, but I'm still only buying. |
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