Chris Campbell & Luke McGrath—Bitcoin, Blockchain Banks & Big-Ticket NFTs - EP14
Cryptocurrency and other digital assets can be difficult to wrap your head around.
Why are people paying $60M for digital art that can’t be hung on the wall? And why would you convert your savings into Bitcoin when you can’t buy much with it?
But the truth is, there are many benefits to the blockchain, and its decentralization and transparency make it far superior to the systems governments control.
Chris Campbell is a longtime cryptocurrency and precious metals bug who writes about unconventional ways to invest in a decentralized future in the free digital newsletter Laissez Faire Today. Luke McGrath is a Bitcoin enthusiast who started writing about cryptocurrency in 2014 and served as managing editor of Laissez Faire Today from 2014 to 2020.
On this episode of The Wiggin Sessions, Chris and Luke join me to discuss non-fungible tokens or NFTs, explaining how they verify ownership of a digital asset and why you might consider investing in digital content in the future.
We explore the concept of blockchain banks and why they’re willing to pay a much higher rate to use your capital than the traditional banking system.
Listen in to understand why Luke and Chris see Bitcoin as the global money of the future, what makes it superior to fiat currency and how it may serve as the ideal store of value.
Key TakeawaysHow a non-fungible token or NFT serves to verify ownership of a digital asset
Why people are willing to pay $60M for a piece of digital art
How NFTs help artists, innovators and content creators earn royalties for their work
Why Chris and Luke don’t recommend investing in NFTs in their current form but see potential for the asset class moving forward
How we know the blockchain can’t be tampered with
The concept of public-key cryptography and how private keys provide proof of ownership
The idea of a blockchain bank and why they’re willing to pay a much higher rate to use your capital
The pros and cons of converting US dollars into cryptocurrency
Why Luke sees Bitcoin as the global money of the future
What makes Bitcoin the ideal store of value and why it’s superior to both government money and gold
What gives users the confidence that only 21M Bitcoin will ever be made (and why scarcity is so important)
The problem with thinking of money only as a medium of exchange and not a store of value
What gold bugs and Bitcoin bugs have in common
Connect with Chris CampbellLaissez Faire Today
Connect with Luke McGrathLuke on Daily Reckoning
Connect with Addison WigginConsilience Financial
Be sure to follow The Wiggin Sessions on your socials. You can find me on—
Facebook @thewigginsessions
Instagram @thewigginsessions
Twitter @WigginSessions
ResourcesChris’ Laissez Faire Today Series on NFTs
‘Beeple NFT Becomes Most Expensive Ever Sold at Auction After Fetching Over $60M’ on CNBC
‘Who Is Collector Justin Sun and Why He Created an NFT of a Work by Picasso’ on Art Rights
ECOMI
‘Jack Dorsey’s First Ever Tweet Sells for $2.9M’ on BBC News
BitTorrent
Jeffrey Tucker
Public-Key Cryptography Article on Wikipedia
James Altucher
Joel Bowman
Bitcoin
Bitcoin Core
‘Tesla Buys $1.5B in Bitcoin, Plans to Accept It as Payment’ on CNBC
MicroStrategy’s Bitcoin Announcement
Coinbase
Gemini
Mike Maloney on the Hidden Secrets of Money
Silver Doctors
Agora Financial
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