Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Financial analyst Robert Kiyosaki makes it clear that cryptocurrencies aren’t the only thing that’s going down. He acknowledges the difficulties of crypto for someone “who doesn’t even know how to use a phone”.
Robert Kiyosaki, author del bestseller personal finance Rich Dad, Poor Dad, Since the pandemic, he has been one of the main promoters of using Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. (along with gold and silver) as a backing currency. . In fact, more recently, added to your portfolio a collection of cryptocurrencies or crypto assets held by an investment company, hedge fund, financial institution or individual. and suggestions Ethereum a decentralized open-source blockchain with smart contracts functionality. y Solana.
Now, on your Youtube (who has more than 2.4 million followers) discussed cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. investing and other related topics with Jeff Wang, a contributor to the crypto newsletter Rich Dad.
In the conversation he specifically focused on the downside of the crypto market right now and whether it is truly a market to trust. He also emphasized how cryptocurrencies can be adopted by people who are less tech-savvy.
Kiyosaki began by acknowledging himself as a person unfamiliar with the technology behind cryptocurrencies,“aunque tengo mucho dinero en ellas”,he pointed out.
He then asked Wang, as an expert, what he thought of the current bear market.
In his question, Kiyosaki pointed out that “everyone says that cryptocurrencies are in a bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market an area or arena, online or offline, in which commercial dealings are conducted. or that Bitcoin is in a bear market” . However, he also acknowledged that “so is the stock market and so is the bond market.” .
Similarly, Wang referred to the correlation between cryptocurrencies and the stock market, as well as the advantage of cryptocurrencies over each other, and explained that:
“Over the years, cryptocurrencies have come closer and closer to being extremely correlated with the stock market and, in particular, growth stocks. If you look at NASDAQ, it’s down 21% so far this year. Bitcoin actually outperformed that: it’s only down 17% so far this year.”
He concluded that “although stock markets and cryptocurrencies are in a bear market, you can see that cryptocurrencies are very closely related to tech stocks”
Because of this, Wang says that crypto is still a better investment. He also recalled that last year there were 3 bull-bear market cycles. The difference with this year, he says, is that more and more crypto has correlation with the real world.
Government cannot stop Bitcoin
When Kiyosaki asked him if he expected a downturn like the one in the dotcom would happen with all the new cryptocurrencies and projects popping up every day, Wang said cryptocurrencies would likely continue to correlate with growth stocks, but that “98.9% of the coins will probably be worthless”.
Wang stated that the market needed to be studied. He said that very few coins are actually generating real value, but that they “ all the other coins are just cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. grabs, they’re just copies and clones of each other, so it’s very important to know which coins are trying to do something for the world and which are the projects that are there just to make money.”
They also talked about the stablecoins and central bank digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies (CBDC) and the question of governments that might use them to exert control over the cryptocurrency market, or even to try to stop cryptocurrencies and Bitcoin completely.
Wang believes that CBDCs have their advantages, including instant settlements and the elimination of middlemen, but also their disadvantages, which is increased government oversight of everyone’s transactions.
Kiyosaki expressed his absolute distrust of the Federal Reserve and the U.S. government, to which Wang argued, with much conviction, that the U.S. government will not be able to stop Bitcoin “can only control conversions to USD (dollars)”. .
Obstacles for the inexperienced
Putting his finger in the gouge, and although he is a crypto investor, Kiyosaki commented that he continues to stockpile gold and silver, because they are not risky at all. He also expressed the difficulties in understanding cryptocurrencies. “for someone like me who doesn’t even know how to use the phone. “(he laughed). He acknowledged that it is difficult to enter the crypto world because of the various steps that need to be taken. However, Wang pointed out to him that there are products and platforms that make the process simpler and that in the coming years it will surely become simpler.
If you want to see his entire intervention, here is the video:
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