Eps 56: Bitcoin for zoomers
— The too lazy to register an account podcast
Spencer Bogart, a general partner at the firm, wrote "Younger demographics appear most inclined to purchase bitcoin: 42% of those aged 18-34 said they are 'very' or 'somewhat' likely to purchase Bitcoin in the next 5 years - up 10 percentage points from 32% in October 2017."
In a mid-2019 webinar, Barry Silbert said he thinks the new generation is far more interested in investing in bitcoin than gold.
"And so, my theory is that whatever [percentage] of that $68 trillion is currently in gold, I don't think is going to stay all in gold.
| Seed data: | Link 1, Link 3 |
|---|---|
| Host image: | StyleGAN neural net |
| Content creation: | GPT-3.5, |
Host
Carter Sutton
Podcast Content
What makes this divergence even more interesting is that BlockFi uses stablecoins to finance bitcoin-backed loans. This feature will allow future generations to play role-playing games of what it is like to get the moon bound.
BlockFi boomers put Stablecoins on their platform to finance Gen Xers, Millennials, and Zoomers who want to borrow Stablecoin for productive economic purposes, including business start-ups, buying real estate, or buying more Bitcoins. By analogy, anyone who realizes that Bitcoin will eventually continue to exist is releasing the same kind of financial freedom that boomers enjoyed in the 1980 "s.
The American cryptocurrency Poloniex was forced to move across US borders, making it impossible for its users to trade there. Some people may find that their crypto exposure is so high that it might be appropriate to allocate the amount of USD Stablecoin they lend to crypto, rather than just own it.
According to a survey conducted by Finder in early 2018, only 8% of Americans have invested in cryptocurrencies, with major losses towards the end of the year.
The next part of the survey shows that the popularity of decentralised money increases with each generation. The fact that Square's Cash app targets millennials makes you wonder if this is a generational trend and what that might mean on a systemic level. But Bitcoin is even more popular among what the Internet has recently called "zoomers."
In the third quarter, Bitcoin purchases rose from $42 million last year to nearly $150 million this year, and $114 million worth of Bitcoins were sold in the nine months of 2018. This damning new macro report concludes that if Bitcoin (BTC) can rise to a million dollars, it is like a coronavirus, meaning the baby boomer generation is fucked.
According to the report authored by CEO Raoul Pal, the coronavirus is fueling the fire of systemic weakness in global markets. Originally published on March 30, Global Macro Investor, dubbed "The Unfolding," paints a bleak future for financial markets in the wake of the 2008-09 financial crisis.
A closer look at the numbers shows that boomers have found a way to carry the Fiat - the loving Fiat - into the cryptosphere. This is certainly a good thing, given the recent surge in interest in Bitcoin and other digital currencies such as Bitcoin Cash.
The data shows that most of the assets held are crypto, with an average value of $1.4 billion, compared with $2.5 billion in 2014. In addition, there has been a significant increase in the number of crypto-savvy millennials with assets of more than $100,000.
To freshen things up, Stablecoins are digital tokens that move on the blockchain tracks and have a value of one dollar. The USDC and GUSD are currently supported by Blockfi, and Gemini holds in GUSD dollars derived from State Street Bank reserves in Stablescoin.
While other projects funded by ICOs rely on existing technologies, Telegram plans to create its own decentralized registry for its users, notes Lex Sokolin of the research firm Autonomous. That bold goal still may not be realized, says Kyle Samani, who runs a cryptocurrency hedge fund. But Durov's established brand as a pioneer in digital currencies, as well as his company's success, gives him the opportunity to join the fight, he says. If all goes well, there will be a mass - a cryptocurrency that will triumph, "he notes.
Filecoin, for example, already does this for data storage, which is perfectly feasible, according to Alexei Durov, the company's co-founder and chief technology officer.
For now, BlockFi's baby boomers can provide stable returns for productive economic use and reduce the volatility of their own portfolios by increasing their cryptocurrency exposure. If you are a zoomer or millennial boomer, lending $US10 to Bitcoin at an interest rate equivalent to LIBOR 6% can be a risk - adjusted return. There is a great opportunity to surpass millennials and Gen Z owners of crypto and create generational wealth for their families.
All you have to do is believe that the magic of internet money is not going to magically disappear any time soon, and BlockFi is here to help you distribute accordingly. Since the abolition of the gold standard in 1971, the world's currencies have been pegged to nothing and printed by governments, devaluing money in the pocket and further reducing its purchasing power. What sounds like hard money to give people financial sovereignty is actually just money.