Being able to borrow against one's crypto assets gives one options, when wanting to purchase a property, and aligns with my philosophy that real estate and tokenization will be a quadrillion dollar market.
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Crypto today is a libertarian paradise. If you send your money to the wrong place, it's gone. If you send it to a merchant and don't receive the goods, you have no recourse. This is cash. Treat it as such.
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As much as one would like to think that what China does doesn't matter, the reality is that when China sneezes at crypto, the rest of the world catches the cold.
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Today, there are many industry-experts and popular individuals that are known for their cryptocurrency quotes. Some of these were the cause of a large price-spike. Others caused us to think.
I always tell people, please don't put more than 1- 2% of your net worth in crypto. Please don't invest more than you can afford to lose.
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Most of us got into cryptocurrency by hearing a friend of a prominent figure praising its potential. In time, the world started to take notice, and crypto got bigger, involving more and more people.
I think... all of the best public cryptographers in the world would agree that you can't really build back doors in crypto. That it's like drilling a hole in the windshield.
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If #bitcoin became the world's reserve currency and hit $1 million, Peter would still be screaming it's a ponzi...
I think it's fair to stay I won this round.
@PeterSchiff
I'm inviting you for a rematch on my podcasts, whatdya say? ๐