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12 May, 2019 06:49

Unconfiscatable store of value (E4)

In this episode of TO THE MOON, Max and Stacy look back to March 2013, when the Cyprus bail happened. When depositors had their funds confiscated to bailout bankrupt banks, the unconfiscatable nature of bitcoin received an extraordinary amount of attention in the media around the world. Max and Stacy talk to Tone Vays about the censorship resistant value transfer without any need for a middleman, but also the first time in history that individuals could hold value that is impossible to confiscate. Just a few days after the Cyprus bail in, bitcoin passed $1 billion market cap as the price per coin hit $100. In the fiat world and its QE3, more and more credit is being poured into the system all seemingly to keep it from collapse. In November, the US Senate began hearings on bitcoin and the price then zooms past $1,000. The store of value proposition of bitcoin took hold, and Barry Silbert told Max in the Keiser Report that the three sort of investors who were getting into the cryptocurrency are 1) tech entrepreneurs; 2) family offices taking a piece of their gold allocation and putting it into bitcoin; and 3) Wall Street professionals, portfolio managers, and traders, who are not investing for clients but for themselves. He predicted hedge funds would soon enter the space. Other guests include Jimmy Song, The Vortex, and Rodolfo Novak.

Podcast: https://soundcloud.com/rttv/sets/to-the-moon