Bitcoin Finance in a Black Swan Event with Zac Prince & Flori Marquez - WBD214
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 17 April 2020
⏱️ 66 minutes
🧾️ Download transcript
Summary
Location: Zoom Date: Wednesday, 8th April Project: BlockFi Role: Co-Founders
On March 12th Bitcoin fell by over 50% from ~$8,000 to ~$3,800. One day earlier, the World Health Organisation had escalated the evolving COVID-19 situation to pandemic status, and Bitcoin wasn't alone in this, markets around the world crashed.
The Coronavirus black swan event caused huge volatility which has been a critical concern held by many Bitcoiners about Bitcoin financial service companies. Critiques of these services have questioned what the impact would be of such an event on crypto-backed loans and whether they would lead to high default rates from borrowers. Would the risk management strategies put in place by companies such as BlockFi be robust enough?
Coronavirus would trigger the market collapse that would test the doubter's theories.
In this interview, I talk to Zac Prince and Flori Marquez, the co-founders of BlockFi, a bitcoin financial services business. We discuss how they manage high volatility, operating as a custodian and the state of the Bitcoin market.
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Transcript
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| 0:00.0 | There couldn't be a better time for Bitcoin right now and I feel a little bit like |
| 0:06.4 | we're in position it's ours to lose this should go well the price should be higher |
| 0:12.1 | and I just want to do everything, you know, in our power to help support that happening. |
| 0:17.0 | Hello there from Bedford, how are you all? How are you all coping with this lockdown? |
| 0:23.0 | Now I'm conscious that some of you may be facing some difficulty with work |
| 0:27.0 | or just with the challenges of being stuck at home. |
| 0:30.0 | So I've received quite a few emails over this last couple of weeks, which is great. |
| 0:34.4 | I love receiving emails whether it's good feedback, bad feedback, or even just discussing show ideas. |
| 0:39.6 | I really do appreciate all of it. |
| 0:41.4 | So if you are a little bored, if you do want to reach out to me, feel free to do it. I do reply to everyone. |
| 0:47.0 | Anyway, welcome to the What Bitcoin did podcast, which is brought to you by Krakhan, the best place to buy, sell and trade |
| 0:53.6 | Bitcoin. I'm your host Peter McCormack and today I've got an interview with my |
| 0:57.7 | sponsors BlockFi I've got Zach Prince and Froy Marquez the co-foundfounder on the show to talk about how they handled the recent market volatility. |
| 1:06.5 | But before that I do have a message from all my other show sponsors. |
| 1:10.5 | So first up we're going to talk today about Coin Tracker now. They've been sponsoring |
| 1:15.2 | the show for a couple of months. It ends at the end of this month so I do want to give them a |
| 1:19.0 | final boost. So listen if you are thinking about how to calculate your tax and you want to use a service that takes away all the complexity and does all the work for you, then I couldn't recommend more highly coin tracker. |
| 1:31.6 | Now during this sponsorship, I've talked about the |
| 1:34.5 | feedback I've talked about people saying listen why are you someone a tax |
| 1:38.4 | company this is not Bitcoin but listen I know there are some tough decisions here and if you don't want to pay your tax that is totally cool. I do pay my tax. I don't fucking want to but I pay it because I don't want to go to jail. And I use coin tracker and |
| 1:54.1 | it look it was so easy. All you do is add in your wallets and your |
| 1:57.4 | exchanges and they calculate it within a couple of minutes. Filing's work for the |
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