#19: Everything You Need To Know About CRYPTO, & How To Invest w/ Matthew and Micah, Co-Founders of Mage
Cryptocurrency is the fastest growing technology in history. Its current growth rate is 113% annually and it's the first asset to have gone up 2 million percent since its inception. It's accelerating twice as fast as the Internet did during the dot-com boom. Visualize this: 140M crypto users exist today, but this number will scale to 1B by 2024.
Matthew Chivers and Micah Baylor are propelling this movement forward through Mage, a blockchain consulting company that provides a range of services to accelerate the adoption of blockchain technologies. They consult across crypto, blockchain, digital real estate, sales strategy and sales development.
Matthew is the Co-Founder and CEO at Mage. Micah is the Co-Founder and Chief Strategy Officer at Mage.
❗ What PROBLEM is the problem with the existing financial infrastructure?
61% of people globally do not have a bank account. There are barriers that cause friction to acquiring this essential service: a legal identity, credit history, age, and proof of residency. Even for those with access, the banks in their country may not be trustworthy.
Banks often abuse their power to freeze or close bank accounts. While this can decrease the number of clients engaging in illegal activities, governments (like in Nigeria) can close down bank accounts of organizations that are protesting against them. In this scenario, Bitcoin served as a platform through which they could receive donations and payments, financing their protests without government intervention.
Moreover, the US government owes a towering debt of $16T. They remedy this by printing money or raising taxes, which hurts the global economy. Money printing raises inflation rates, decreasing the value of the existing US dollar. You're incentivized to spend your money now instead of saving it, which is not in the best interest of your financial future. Tesla, for example, bought bitcoin to hedge against government money printing.
🛠️ What is Mage's SOLUTION?
The trend is clear. We've transitioned as a developed society from commerce to e-commerce, mail to e-mail, and now we are making the transition from money to e-money.
Micah Baylor's LinkedIn
Micah Baylor's Instagram
Matthew Chivers' LinkedIn
Matthew Chivers' Instagram
Mage's Metaverse Instagram
Mage's Blockchain Instagram
Mage's Arts Management Instagram
"With the way money works, you don't realize that there is a problem until you take in the global context of how people in different parts of the world transact and how they are being left out of essential financial services." -Julian
Visit inventingthefuture.ai for the full show notes, which includes a full transcription of the conversation, a link to the YouTube Video interview, the top 2 value bombs, people & resources mentioned, and more!
This podcast is hosted by Julian Alvarez, the Co-Founder & CTO at Vize and a Software Engineer at Facebook.