Also on this week's show, all the latest developments as Bitcoin nears record highs — and why the world's biggest NFT marketplace could be in big trouble.
CoinMarketRecap, hosted by Connor Sephton, aims to break down the week's crypto news in a fun and accessible way.
Research continually shows that consumers find cryptocurrencies difficult to understand — and we're determined to change that.
Here's what happened on this week's show:
‘Bitcoin Will Replace Dying Fiat’
Our guest this week is Dennis Porter, a Bitcoin maximalist who hosts shows including The Update on his YouTube channel.
He believes that Bitcoin’s price will go to “infinity” in dollar terms — and this cryptocurrency will one day replace “dying” fiat.
In provocative tweets, Dennis has predicted that consumers around the world will one day need BTC to buy bread, pay rent and fuel their car.
He also argues that people have “dramatically lost faith” in the dollar — and that the Federal Reserve has no choice but to keep printing money, devaluing the dollars already in circulation, or the markets will implode.
“When you go to buy Bitcoin, there’s like 2.5 to 3 million in circulation. The large majority of Bitcoin is lost or stored long term with hodlers who are not interested in selling whatsoever. So we’re extremely early. And I cannot wait to see the next four to five years, maybe 10 years, unfold and watch Bitcoin really start to surprise some people.”
During the wide-ranging interview, we also discussed whether Crypto Twitter scares newcomers into making an investment — or lulls them into a false sense of confidence that Bitcoin will one day be worth millions. Plus, Dennis gives his take on the news that Anthony Pompliano’s account was briefly taken down by YouTube — and explains how crypto is becoming an increasing important issue in U.S. politics.
News Roundup: OpenSea Under Threat, Romance Scams, Coinbase Criticized
CoinMarketCap’s Molly Jane Zuckerman also joins us for a look at this week’s news.
First, we begin with a look at the major NFT announcements that have been made — with Coinbase unveiling plans to launch its very own marketplace for digital collectibles. Could this run OpenSea out of business?
Plus, we dive into a report that claims crypto scammers have found new ways to dupe people on dating sites.
Finally, a couple ended up losing $700,000 of their life savings after their Coinbase account was targeted in a phishing attack. They’ve only received $500 in compensation. Should exchanges do more to protect those who fall victim to these scams?