Earning 9% on Cash, Investing in Crypto and Trading Options with Zac Prince, BlockFi CEO

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 23 June 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

#8: Crypto expert Zac Prince, joins Chris to talk about how to earn 9% interest on cash through crypto stablecoins. They also discuss Zac’s favorite investing hacks, his crypto portfolio advice, Bitcoin, Ethereum and other different crypto tokens Zac invests in. Zac Prince (@blockfizac) is the CEO of BlockFi, a crypto-first banking platform that lets you earn interest, borrow cash, and trade crypto. BlockFi is one of the fastest growing fintech companies ever and currently lets you earn up to 9% on your cash using crypto. [Note: Since this episode aired, BlockFi has halted withdrawals and I can no longer recommend using them, but I've decided to keep the episode up] Full show notes available at: https://www.allthehacks.com/blockfi-zac-prince Partner Deals Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth Selected Links From The Episode Connect with Zac : Twitter | LinkedIn Get your bills negotiated: BillShark | Trim Grow your wealth: $5,000 Managed Free at Wealthfront Options Income Strategies: Article from SeekingAlpha Full Show Notes How Zac ended up running BlockFi (01:42) How is BlockFi able to pay high interest rates on cash? (03:35) What are the risks of putting money in a BlockFi account? (06:50) For every 100 dollars that comes into BlockFI, they lend out about $70-80. Here is why. (08:09) How BlockFi automation reduces risk if bitcoin falls at 3 am. (09:31) Why BlockFi is different from other platforms that pay you interest on crypto. (11:08) DeFi platforms vs. BlockFi - which pays you more? (13:09) How big is BlockFi (staff and funding): the fastest fintech company to get to $3B valuation. (14:30) Should crypto be part of your investment portfolio? (15:27) When will cryptocurrency be mainstream? (18:45) Why are traditional banks not embracing crypto? (21:42) What are stock options and how you can use them to grow your wealth. (23:06) How a great credit score saves you a ton of money (27:21) How you can get someone to negotiate your bills for you and get them lowered. (28:17) What is the world’s first Bitcoin rewards credit card? (an unintimidating way to make bitcoin) (29:32) There are so many cryptocurrencies, how do you pick? (three categories of crypto) (34:14) Two interesting things you can do with stablecoin. (35:46) BlockFi CEO’s, Zac Prince, personal cryptocurrency portfolio. (36:19) Is buying Ethereum the same as betting on the future of blockchain? (37:04) Connect with All the Hacks All the Hacks: Newsletter | Website | Facebook | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn

Transcript

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0:00.0	Hey everyone, since recording this episode a lot has happened with crypto and specifically
0:05.6	BlockFi.
0:06.6	I'm recording this on the morning of November 15th, 2022, and after the downfall of the
0:11.4	crypto exchange FTX, BlockFi put a hold on all customer withdrawals, leaving many people
0:17.4	myself included with a lot of crypto on the platform.
0:20.9	I am angry about the way this was all handled and communicated, and certainly not happy about
0:26.6	the financial situation they've put me and many others in.
0:30.1	I truly hope that they're able to find a way through all of this, that results in everyone
0:34.4	getting back their money, so obviously any recommendation you might hear for BlockFi in
0:39.1	this episode should be ignored and considered outdated.
0:42.3	A quick word from our sponsor today.
0:45.6	I want to talk about an amazing way to level up your finances with some practical knowledge
0:49.8	on money.
0:50.8	I'm talking about Nerdwallets Smart Money Podcast, where every week, Nerdwallets in-house
0:55.5	experts answer your real-world money questions and break down the latest personal finance
1:00.3	news.
1:01.3	They've already helped me get smarter on AI travel planning, saving money on groceries
1:05.1	and my next trip to Disney, which I know is coming soon with two young girls.
1:10.1	They also break down the latest financial headlines, so you can make smart financial decisions
1:14.4	in a world that's constantly changing.
1:17.0	Weekly financial check-ins with smart money can help you spend more time doing what matters
1:21.0	and less time worrying about what doesn't.
	...

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