Bitcoin: The Currency of the Future with Bob Burnett
In This Episode:
You have likely heard of cryptocurrency and you may even know a little about Bitcoin, but how much do you really know about its future? We have been told that pursuit of the dollar is what your life should be based on, but what happens if the value of the dollar is decreasing every single day? As people have the ability to store their value in a system that is easier and cheaper to enforce and that is actually more secure, what happens to the asset values of things like real estate, gold, and oil? It’s a pretty radical concept.
Bob Burnett joins Jim on the podcast this week to talk about why we have to educate ourselves about what is happening with regards to Bitcoin, the problem it solves, and the differences between the ways the dollar and Bitcoin are managed. Bob was in the technology industry around the time the internet was really gaining traction. He rode that wave and believes that Bitcoin will be bigger than the internet; that it is the currency of the future. Governments are corrupt when it comes to monetary policy, but they have no control over bitcoin, it is incorruptible. So if you don’t know anything about Bitcoin, Jim and Bob provide a starting point for you today.
There are big pieces of the world that would prefer not to work in dollars, and the opportunity for that to happen is now there. Russia has already recently accepted Bitcoin as an official currency, and there are huge implications to this. In this episode, Jim and Bob discuss this further and explain the debasement of the dollar, and why Bitcoin provides the opportunity to think about wealth in a different way. Bob shares some important things to think about when it comes to buying Bitcoin, and explains why he intends on investing significantly less in assets that use the traditional method of property rights enforcement and more in investments and assets that have this new, more efficient way of enforcing property rights.