Cointelegraph has released Episode 8 of its Crypto Trade Secrets podcast, which features an interview with trader, investor, podcaster, and YouTuber Chris Dunn, who touts his experience in major markets, as well as some 10 years of activity in the crypto space. The trader and investor answered questions from host Benjamin Pirus during the taping of the March 14 episode, giving his thoughts on the role Bitcoin (BTC) plays as an asset and why he thinks people are willing to buy the currency, and much more.
Dunn mentioned that he believes COVID-19 caused mainstream, non-crypto people to reflect on the United States’ monetary system, including questioning how the government can create trillions of dollars and whether or not to trust the US dollar.
“So the second thing is, okay, we have some bank failures going on right now. We have inflation through the roof, and people are being squeezed,” Dunn said.
Over the course of 2022, inflation reached significant levels around the world. In March 2023, Signature Bank, Silicon Valley Bank, and Silvergate Bank went under. All three of these players were involved in the crypto sector. Dunn explained:
“Millennials and younger people are saying, ‘Hey, I have a good income, I work really hard, but why can’t I afford the average house in my town or city?’ and ‘What happened there and what can I do to build my wealth?’ How can I beat this monster of inflation?’”
“That’s where Bitcoin comes in. At least so far, it’s been shown to really have a great CAGR,” Dunn said. “It has weathered inflation very, very well,” she continued. “Will that happen in the future? That remains to be seen, but so far over the last decade it has proven to be a great store of wealth, even allowing for the depths of bear markets.” He added:
“Adjusted for volatility, Bitcoin remains one of the best performing assets on the planet. So I think people are realizing that maybe fiat is not the best form of money and maybe there is a better way to store our wealth.”
Since its launch in 2009, the price of Bitcoin has risen from less than $1,000 to more than $65,000 per coin at its peak, but has also suffered dramatic declines. In 2017, the price of BTC rose from around $1,000 to nearly $20,000, and then plunged below $5,000 in 2018. It then topped $65,000 in 2021 before dipping back below $20,000 in 2022, according to the Cointelegraph Bitcoin Price Index. This type of turmoil makes the question of whether or not it is a store of value a moot point, as buying at the wrong time could lead to significant losses.
Dunn also weighed in on other questions during the episode and discussed his background.
Watch this and other episodes of Cointelegraph’s Crypto Trade Secrets podcast on Cointelegraph’s podcast page, Apple Podcasts, Spotify, Google Podcasts either Tune in.
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