Popping the NFT bubble
In this episode of Magic Internet Money, host Brad Mills invites fellow podcaster Jordan Harbinger onto the show to discuss NFTs, second passports, taxation, and money laundering. Both parties agree on the speculation that NFTs are a tulip style bubble, but are here to stay. The duo share their experiences paying taxes in the cryptocurrency space. Jordan explains how tax evasion is nearly pointless with Bitcoin, since the point of the blockchain is accountability. Jordan also offers his experiences in scam busting, and explains how NFTs could be a new gateway for money launderers akin to money laundering in the art collecting business. Finally, the two discuss the possibilities of second passports in the event of government overreaching for crypto assets. Timestamps 00:00:34 - Show start/Collectable value 00:12:38 - Asset allocation with Bitcoin and related assets 00:19:25 - NFT bubble speculation 00:26:39 - Current Bitcoin trend, what it would take to change it 00:33:03 - How circumstances affect how deep into Bitcoin you should go 00:36:18 - “The demise of the stock market” and speculation about the fed 00:39:45 - The value of diversifying assets and self investment 00:44:40 - How the podcast market shifted during the pandemic 00:48:34 - Who’s talking about NFTs? 00:58:35 - Jordan’s story about Ethereum 01:03:00 - Measuring in Bitcoin terms 01:13:05 - Taxation and Bitcoin 01:18:55 - Speculation about “government overreach” 01:24:08 - Closing remarks and social links