Crypto Investor Ian balina Talks Bitcoin On TODAY Show on Australian TV
Cryptocurrency investor and advisor Ian Balina and CEO of online investment platform Stockpot Chris Brycki appeared on the Weekend TODAY on Australia’s Nine Network. The segment was titled “Bitcoin Or Bust.”
Since the show was on a non-financial network, the hosts started the interview by asking the mere basic question, “What are cryptocurrencies?” Ian quickly takes the opportunity and laid his intended groundworks in the interview.
He said: “Cryptocurrencies are basically just digital forms of ending value, sending money, from one person to another, without having a third party involved.”
When asked why he thinks the technology is the future, Ian replied: “The technology is the biggest disruption since the internet itself. Being able to send money between me and you without having a PayPal, a bank, a government in between – and still having trust.”
Chris admitted that the technology underpinning Bitcoin has value, but cautioned investors about getting too excited over a product that may not be fully tested in the real world. He added: “Bitcoin isn't just money, it's money and a technology. You're not only valuing the value of the utility of the currency but also the value of the technology to store currency.”
Brycki then suggests that With any new technology, it's just especially difficult to value and people tend to get very excited about new technology when it first comes out. In his opinion, these are the reasons for the dot-com bubble and subsequently the “Bitcoin bubble.”
When asked about Ian’s fortunes with cryptocurrencies, he answered: “I put in close to $90,000 which is worth close to $4 million currently.” He went ahead to say that he still has confidence that even in the current day he can possibly get similar returns.
The CEO of Stockspot didn’t seem too overwhelmed by Ian’s prosperity. He makes a point that it’s just a matter of chance. Every early Boom and Bust cycle go through similar phases. Early adopters make a ton of money but people who get in just before the bursting of the bubble, lose out the most.
However, Brycki is not against cryptocurrency investments. “You got to invest a sensible amount of money and make sure that you are prepared to wait for an extended period of time.”
Ian was in Australia because an Australian crypto company, PowerLedger had given Ian a 2000% return in under 5 months.
Also, for further reading, Ian Balina, who is a notorious ICO promoter and backer, recently got into trouble regarding the Chromaway dealings which you can read about here.