In the recent episode of Joe Rogan Experience podcast, Run the Jewels’ Killer Mike with Joe Rogan discussed economics and further about Bitcoin.
Discussing the methods to end poverty, “we end poverty, we end crime,” that led to Trump’s “Make America Great Again” slogan, that Mike trades with “We need to make shit in America again.” The conversation veers into worth ethics and success when Rogan asks Mike, “How much, if any, are you paying attention to things like cryptocurrencies?”
“I just put lots of money into S&P 500s. I don’t know a lot about cryptocurrency and stuff. I’m learning how to have money,” replied Killer Mike.
On the subject of cryptocurrencies, Rogan had this to say,
“I’m fascinated by them. The idea of a decentralized economy. […] The amount of money that banks control. If you just stop and think about what goes on with the Federal Reserve and what goes on with all the money. And how much a dollar is worth overseas,… if there was a thing that we could all rely on that wasn’t controlled by a group of people who have a vested interest in profiting off this pile of money. If it was sort of a Bitcoin-like thing, it would be a really different world. It would be really, really different.”
To this, Killer Mike gave a crypto enthusiastic response,
“It would. It’d be different if the world was money-less. It would be different if there was a gold standard again. It’d be a lot of differences. But the question becomes, is the banking mafia of sorts ever going to let that happen?”
For Rogan, crypto is unstoppable just “like the Internet.” And when Mike asked if he’s going to get the cryptocurrency, Rogan said, “Bitcoin will become like dollar bills. Like some kind of thing with gold lettering.”
However, Rogan says he didn’t make money in Bitcoin but he could have. Back in 2014, he tweeted his Bitcoin address which has received more than 5 BTC amounting to over $18,000 at current Bitcoin price but none of this has been spent by Rogan.
Blockchain Favorable But Crypto Skeptic
Meanwhile, at Davos, fintech experts are discussing blockchain and crypto. PayU CEO was is enthusiastic about blockchain said,
“That’s why we’re making investments there. Laurent Le Moal further added, “Banks themselves are using [blockchains] for their own processing.”
“We are testing it with some of the biggest banks in the world,” said Mastercard vice chairman Ann Cairns. However, on the subject of cryptocurrencies, “Bitcoin behaves like a commodity; it’s unsuited right now to be a currency.”
Similar sentiments are echoed by Jan Loeys, the managing director and analyst at JP Morgan who recently wrote to the bank’s clients,
“Even in extreme scenarios such as a recession or financial crises, there are more liquid and less complicated instruments for transacting, investing and hedging, in part due to the scale afforded by fiat currencies’ legal tender status.”
He further claimed in the report, that if the bear market keeps on continuing, Bitcoin could drop further to $1,260 with mining cost to exist around $2,400.