132. David Mitchell Jr discussions of Dogecoin Safemoon Futures
Join Scott and Mark with their guests David Mitchell Jr. as they chat about diving into cryptocurrency and the future of digital transactions. David is a YouTuber whose content ranges from real estate investing to now cryptocurrency. Today, he shares his thoughts on the “crypto as the people’s new currency” movement and how the recent hype of Dogecoin may cause the rise of other crypto forms. If you want to get ahead with digital stocks and currency, stay tuned and enjoy the episode!
Crypto As The People’s Currency
With the promise of it stabilizing later down the line, there has been a movement to make crypto the people’s new currency recently, piquing the interest of many. David Mitchell Jr. even dove into what it could mean concerning the current economy and the dollar’s value. He believes that certain aspects have to take place. The issue of inflation has often hindered the possibility of crypto becoming the people’s currency. Take the dollar, for example. The dollar also struggles with inflation. It usually has to be attached to something to grow in value, such as gold and oil. Cryptocurrencies are no exception to this problem. The current economy is so linked to physical investments that people would more often than not take out loans for real estate, cars, education, and the like. But now that we live in a digital age where most transactions are done online, cryptocurrency can be the people’s new form of payment. Investors may be turned off by crypto due to inflation now. Still, once companies start incorporating crypto into their system, its value may stabilize because then it would have goods linked to it. Then again, another issue would be regulations surrounding transactions that use cryptocurrency, which is where the Federal Reserve comes in. Either way, many factors have to be considered before crypto can become the people’s currency, but its possibilities are just as endless.
The Rise of New Cryptocurrencies
In the last five years, Dogecoin has caused plenty of hype surrounding cryptocurrency. Hence, David believes that we will see numerous cryptocurrencies popping up because of it, especially in 2021. Cryptocurrencies like Doge have already made millionaires in the past few weeks alone so, who is to say it will end there? David, for one, has said that if ever he were to gun for any of the current cryptos in the market, he would hold onto Doge and AMC. According to him, everything else, such as GameStop stocks and the like, is still traditional. And with how things are rapidly developing in the digital market, there is no guarantee that these forms of crypto will hold their own. Then again, David would still preach for people never to invest what they are afraid of losing. While people have often joked about putting their retirement fund into crypto, it is still beneficial to practice caution when it comes to crypto. The issue of inflation is still prevalent after all. That being said, the most significant loss would be if you put everything in, and then it does not take off, but when you do sell it, that is when it takes off. Therefore, patience and perseverance are still the keys to any successful investment, whether crypto or not.
Outline of the Episode:
[01:53] Who David Mitchell Jr. is and his range as an online content creator.
[05:06] What got David into investing and the first related project he worked on as an investor.
[07:50] Sharing experiences with real estate and the most significant project David is currently working on.
[10:38] What prompted him to learn more about cryptocurrency, specifically Dogecoin, and his initial thoughts.
[13:40] “Crypto as the people’s currency” movement and what it could entail for the current economy.
[16:06] David’s answer to “Is it possible for cryptocurrency like Doge to be stabilized enough to become the people’s new currency?”
[19:25] The issue with stabilizing Doge at just 1$ and how the dollar itself is losing value.
[22:31] The solution to making crypto the people’s currency and how inflation can affect how we transact with businesses.
[27:32] How having an exit strategy is essential when diving into crypto and the risks behind investing in said currency.
[39:02] The Bitcoin chain and how it validates itself through exchanging the same currency.
[42:06] What type of regulations would the Federal Reserve implement with crypto if it does become the people’s currency.
[46:37] How the recent hype with Dogecoin could mark the rise of newer forms of cryptocurrency.
[53:44] The value of “only investing what you can afford to lose” mindset regarding cryptocurrency and its inflation issues.
[55:21] David Mitchell Jr.’s thoughts on the conspiracy theory “Is Australia real?”
[57:43] Why David would entertain the offer of a one-way trip to Mars and what he would want to discover there.
[01:00:49] David’s “guilty pleasure” of listening, and possibly singing along, to Disney songs on a road trip.
[01:02:06] The piece of information David knows that he thinks should be Illegal for him to know.
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