12: Bitcoin, For Rich Or For Poor?

12: Bitcoin, For Rich Or For Poor?

 
 
00:00 / 00:30:31
 
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Staying alive is more important than owning bitcoin

Bitcoin has made many people rich, but has bitcoin helped any poor people? Should it? Can it? In this special episode, Ragnar and Chanel sit down to discuss the surprising responses to the following tweet from Ragnar, “The poorest people can’t invest in bitcoin. They don’t have enough money to pay rent or buy food. How are they going to sit on $50 for four years? And this isn’t just in 3rd world countries. This is in Western countries. In fact, a lot of people in Western countries.” The replies varied, from callous to inspiring, from condescending to insightful.

HIGHLIGHTS

  • Being poor falls on a spectrum, defined by cash flow and living conditions
  • Stories of bitcoiners who became poor through bad luck
  • The five characteristics of bitcoin that make it a bad investment for the poor
  • Applying sound investment principles to bitcoin: Time horizon, risk tolerance, liquidity, and maintenance burden
  • Why poor people can’t and shouldn’t save money to buy bitcoin
  • Can earning bitcoin help the poor? Usually not
  • How bitcoin CAN help the poor
  • Bitcoin and the poor in Venezuela, Argentina, and Lebanon
  • Why the middle class have the most to gain from bitcoin

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