- Ben McKenzie explained why he did not rush into crypto when it first gained popularity.
- According to McKenzie, Bitcoin does not function as a currency.
- Bitcoin appeals to a lot of people because they could see anything in it that they wanted to.
A popular actor, Ben McKenzie, has revealed he did not rush into crypto when it first gained popularity. Instead, he decided to research and learn more about the then-emerging technology.
In a video uploaded on YouTube, McKenzie noted that Satoshi Nakamoto intended for Bitcoin to function as a currency. However, from his discovery, the flagship cryptocurrency didn’t work that way. That made him more inquisitive, as he tried to discover Bitcoin since it did not function as a currency.
McKenzie initially thought Bitcoin was a scam. According to him, the events that surrounded the crypto industry in 2021 created the idea it could be a giant Ponzi scheme.
McKenzie explained that with more research, he realized the reason crypto appealed to a lot of people is because they could see anything in it that they wanted to. Besides those who see it as a get-rich-quick scheme, McKenzie noted that a segment of users is attracted to the technology.
Other categories of users discovered by McKenzie include those attracted to crypto due to its capacity as a generational wealth builder, a way to bank the unbanked, and its description as the future of money.
McKenzie recognized Bitcoin’s many features as its main draw, with users valuing it as an investment rather than currency. However, he thinks the amount of money, over $1 trillion, claimed to be in Bitcoin is not real. According to Alex Mashinsky, the actual amount of Bitcoin is 10-15%.
McKenzie noted that people who buy Bitcoin need to understand that the actual value of their digital asset is about 15% of the quoted figure. He meant that the liquidity in crypto is low, and most of the volume in the market is leveraged.
Source: https://coinedition.com/research-analyst-offers-his-opinion-on-bitcoins-true-value/