Bitcoin Conviction with Eric Weiss - WBD527

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.”