Cointelegraph has released Episode 8 of its Crypto Trading Secrets podcast, featuring an interview with trader, investor, podcaster and YouTuber Chris Dunn, who touts experience in mainstream markets as well as about 10 years of activity in the crypto space. The trader and investor answered questions asked by host Benjamin Pirus during the episode’s March 14 recording, giving his opinions on the role Bitcoin (BTC) plays as an asset and why he thinks people are willing to buy the coin, plus much more.
Dunn mentioned that he thinks COVID-19 got mainstream, non-crypto folks to ponder the United States money system, including questioning how the government can create trillions of dollars and whether or not to trust the U.S. dollar.
“Then kind of the second thing is, okay, we’ve got some bank failures happening right now. We’ve got inflation going through the roof, and people are getting squeezed,” Dunn said.
Over the course of 2022, inflation hit significant levels across the globe. In March 2023, Signature Bank, Silicon Valley Bank and Silvergate Bank all went under. These three players all had involvement in the crypto sector. Dunn explained:
“Millennials and younger are going, ‘Hey, I make 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 inflation monster?’”
“That’s where Bitcoin comes in. At least so far, it’s proven to just really have a great compound annual growth rate,” Dunn said. “It’s outpaced inflation really, really well,” he continued. “Will that happen into the future? That’s yet to be seen, but it’s proven itself so far over the past decade-plus to be a great store of wealth, even taking into consideration the depths of the bear markets.” He added:
“Adjusted for volatility, Bitcoin is still one of the best-performing assets on the planet. So, I think people are waking up to the idea that maybe fiat isn’t the best form of money and maybe there is a better way to store our wealth.”
Since its launch in 2009, Bitcoin has increased in price from less than $1,000 to more than $65,000 per coin at its peak, but it has also suffered dramatic drawdowns. In 2017, BTC increased in price from around $1,000 all the way to nearly $20,000 — and then plummeted down below $5,000 in 2018. It then surged past $65,000 in 2021 before falling back below $20,000 in 2022, according to Cointelegraph’s Bitcoin price index. This type of turbulence makes the question of whether or not it’s a store of value a point of argument, given that buying at the wrong time could lead to significant losses.
Dunn also gave his take on a number of other questions during the episode and talked about his background.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.