Is the Big Money Heading for Bitcoin? (w/ Meltem Demirors)

JUSTINE UNDERHILL: Meltem, thank you so much
for joining us. You have quite the varied background. Could you take us a little bit through it? You actually started out in oil and gas, is
that correct? MELTEM DEMIRORS: That’s right, that’s right. So I started my career trading commodities. I traded ethanol and methanol. And then got into trading carbon credits when
those were a thing, I guess a fad if you will. And so then spent some time in oil and gas
M&A from 2009 to 2014. I also spent some time working in corporate
treasury for one of the major oil and gas producers, Exxon Mobil. And after spending the early part of my career
in commodities, oil and gas, corporate finance, went to graduate school, where I got excited
about bitcoin and fintech. And from there I guess things just went downhill. Or uphill, if you will. JUSTINE UNDERHILL: There’s actually, I noticed
that you’re on the World Economic Forum Blockchain Council. What exactly is that? What do you do there? MELTEM DEMIRORS: So I started working with
the council when it was first formed in 2016. And they recently took the last two years
of work that had been done via that council and created a center for the Fourth Industrial
Revolution, which is based in San Francisco. And they’ve honed in their focus on AI, robotics,
blockchain technology, and four or five other areas,– And are really actively focused on
really helping policymakers, decision-makers, corporate executives, governments, understand
what’s happening with this technology, work on small scale pilots, and then put together
frameworks to help regulators implement new policy and new governance that will help provide
sort of safeguards for this technology to grow. As you know, the blockchain ecosystem and
the cryptocurrency ecosystem in particular have really struggled with the lack of regulatory
clarity over the last few years, particularly now as the market’s growing and there’s much
more demand from not only investors, but also corporates who are looking to adopt this technology. And so the goal is for this WEF council to
play a role in helping push forward, and just providing a trusted resource and a trusted
group of individuals who can help steward some of that process. JUSTINE UNDERHILL: And that’s going to be
key for getting institutions more deeply involved. And that’s something you’ve been working on
quite a lot. MELTEM DEMIRORS: Well, I would say the institutional
side of this business has been the most interesting side. Cryptocurrencies are unique, because they’re
very friendly to retail investors. And with most new asset classes, what typically
happens, is these asset classes are first popularized with institutional investors. Typically there are specialist hedge funds
that emerge or alternative asset managers that emerge, and these asset classes are typically
really oriented towards institutional audiences. Here what’s happened is the inverse. Crypto started with retail investors. It started with a group of people on the internet. They made this magical internet money, if
you will. And over time, it’s flourished and developed
really outside of regulatory bounds in most cases. And so now that institutions are looking at
the asset class, we’re going sort of in the inverse direction that we’ve gone historically. And so what I think’s been interesting, is
institutions are trying to number one, think about how to manage risk in this new world. There is financial risk. There’s a lot of reputational risk. But there’s legal and regulatory risk as well,
given the lack of clarity with regulators all over the world. And so there’s a lot of nuances and pieces
that need to be figured out. What I’ve seen so far though, I mean just
this year alone, we’ve seen a number of really exciting announcements. Fidelity is now custodying digital currencies,
primarily Bitcoin, for some of their larger clients and asset managers in this space. We’ve seen that ICE, which is New York Stock
Exchange’s parent company, last year launched a new subsidiary focused on digital currencies. They’re going to be issuing their first physically
backed bitcoin futures product, which is exciting. CME has had their cash settled bitcoin futures
product in the market for about two years now. But they’re trading record breaking volumes
on that contract. So I think slowly those pieces are starting
to fall into place. But with most regulated financial institutions,
it’s typically one player moving forward, and then everyone being a fast follower. JUSTINE UNDERHILL: So as someone that’s actually,
you’ve been personally investing in these coins and cryptocurrencies, what do you see
as the right allocation for crypto? Especially looking at it from an institutional
perspective, there are certain allocations to different risk assets. Where does crypto fall into that? MELTEM DEMIRORS: That’s a great question,
and I think that’s a question where one of the things we sometimes forget in crypto that
I try to be very mindful of, is cryptocurrencies fit into sort of a larger macro narrative
for investors. And so it’s interesting how cryptocurrencies,
particularly bitcoin, and if we think about the cryptocurrency market, the way I categorize
it is, there’s Bitcoin, which today is over 50% of the market in terms of market cap. Then there’s Ethereum, which is around 5%
to 10% of the market. And then there’s everything else. And there’s a long tail of other assets. When it comes to allocating to these assets,
it is my belief and our belief as an asset manager, that the majority of interest is
still in Bitcoin. Just because it’s best understood. There’s the most educational material available
around Bitcoin. And some of the fundamentals of Bitcoin are
very similar to the fundamentals of gold or other physically scarce assets or produced
commodities, like oil and gas, which is also physically extracted. And so to us, Bitcoin’s really the first asset
that investors are getting interested in. And then there’s this long tail that’s much
more speculative, where we see a lot of specialist emerging managers focus on creating hybrid
hedge fund venture fund style strategies to invest in these new and emerging cryptoassets
with the hope that they’ll see 100%, 200% appreciation over a short period of time. But when we think about really large volumes
of capital flowing in, I think the predominant narrative right now is still Bitcoin. JUSTINE UNDERHILL: Mm-hmm. MELTEM DEMIRORS: And I think what’s interesting
to think about is, many investors who’ve been getting exposure, started by doing it through
a side pocket or maybe they did it through personal exposure. Family office of a CIO or a manager of a large
fund getting exposure first. And it really started with education. So many macro fund managers who took an interest
in Bitcoin in 2017 started maybe writing research on the topic. Maybe they had a small group of two or three
traders getting familiar with the venues where these things trade, how execution works, some
of the nuances of managing this new type of asset. And just now we’re starting to see macro fund
managers get interested in potentially adding exposure. But I do believe at this point in time, the
majority of the exposure is still Bitcoin. And a lot of it’s accessed through products. And we have an exchange traded note in the
European market through our XBT provider brand. That’s been really popular with managers in
Europe. We see the same with the grayscale products
here in the US, similar construction. And then I think we’re going to see a number
of new products launch that enable investors to get managed exposure. And particularly, abstract out some of the
complexities of adding cryptoassets to the infrastructure of an investment firm. JUSTINE UNDERHILL: So still the early days
in– MELTEM DEMIRORS: Early days, yeah. JUSTINE UNDERHILL: Now what do you see as
the boom bust cycle for bitcoin specifically? And do you see that as uniquely different
from other assets or other technologies? MELTEM DEMIRORS: I think look, markets are
cyclical. This is one thing we know. And one thing we’ve certainly seen in digital
currencies is this pattern of rapid inflation in prices typically driven by news. One of the interesting things people always
ask me, well, what are the fundamentals that substantiate value for digital currencies? And the answer is, most of it’s driven on
news cycles and confidence. Confidence of investors and participants in
the industry. And it’s not so different from public markets. What gives something like Tesla its value? Obviously, that’s a little bit different. It’s a public company that has reported financials. But the great thing about digital currencies
is, all of these metrics around the digital currencies themselves and the networks that
support them, they’re public. So people are extracting all sorts of different
data points from these blockchains. People are creating all sorts of new metrics
aside from just price and market cap and daily traded volume to try to understand how these
things are actually being used, trying to create new fundamentals and formalizing them
through a lot of this research that’s being written by investors and investment managers. But I think the challenge is still, there
are these waves of news that are typically driven by positive market events. For example, financial institutions adding
digital currency offerings to their suite of offerings was a great news cycle in the
earlier part of this year. That drives more investor interest. It helps sort of create legitimacy, if you
will, for the asset class. That in turn, leads to more investors rushing
in. Historically the booms and busts have been
driven by retail interest and retail bringing money in. But what we’re seeing in this cycle is, there
seems to be more of an inflow of institutional capital. So that’s exciting. But typically what happens is, people all
pile in, they’re excited about it. Expectations get overinflated. We see a bit of a spike or if you will, a
bubble. Expectations realign as people realize it’s
going to take quite some time for the technology to catch up to the expectations people have. Then you see a return to reality. You see the real value of these assets align
more closely with what’s actually feasible. And then we repeat that cycle. JUSTINE UNDERHILL: Do you think the technology
is there yet for bitcoin, for crypto? MELTEM DEMIRORS: Sure. I mean, one of the interesting conversations
we have is, if bitcoin never changed, would it still have value? And I think the answer to that at this point
is, definitively yes. Bitcoin has proven that it functions well
as a store of value. And so the way we often talk about bitcoin
is as digital gold. And a lot of people who hold bitcoin, really
what their interest is in having an alternative to holding fiat in a bank account. Instead of holding US dollars in a CIS bank
account, you can now hold bitcoins in a wallet that you control the keys to. And it’s secure, it’s resistant to being seized,
which is a narrative right now that’s particularly relevant with what’s happening on the global
stage. But I think the narrative is still very much
around viewing digital currencies and bitcoin in particular, as a hedge to political risk. What’s interesting to see though, is as part
of the cycle of bitcoin maturing and the technology evolving, that narrative starts to change. So in 2016, when the Ethereum network launched
for the first time, this idea of smart contracts or the ability to issue assets on a digital
medium and have programmable money or programmable assets was popularized. And that led to a whole new wave of innovation. Part of that innovation was new financial
products being created, a new type of assets being created. What we’re seeing now with bitcoin, this layer
two of the bitcoin network called the Lightning Network, which facilitates payments in real
time that are instant, that are fast, that aren’t dependent on the base layer of the
bitcoin blockchain, which tends to be slow, has a 10-minute block confirmation time. That’s facilitating all sorts of new use cases. And that in turn, drives a lot of interest
from investors and opens up the realm of possibilities in terms of what can be built on top of the
technology. JUSTINE UNDERHILL: You mention bitcoin as
a hedge against political risk. You actually have a really interesting story
as to how you first used bitcoin that relates to that in a certain way. MELTEM DEMIRORS: Absolutely. So my family, I grew up in the Netherlands,
but my parents are both Turkish. And not only are they Turkish, but they’re
both from the same small village in Turkey, about 2,000 people, and it’s about an hour
north of the Mediterranean. So near Antalya, if you know Turkey. But what was interesting for me growing up
is, I lived in a world, first in the Netherlands, and then in the US, where I never really thought
about money or my ability to access money. I had a credit card. I could go to the ATM. You didn’t really think about accessing the
financial system. But what was interesting, is trying to interact
with my family in Turkey, they lived in a village that had no electricity, no running
water till I was a teenager. And even then, there wasn’t a bank branch
in that village. So you would have to drive to a town 30 minutes
away to go to a bank branch. So in our minds, many of us, we can’t really
imagine that type of world. But for me, this was very real. And so what became interesting to me when
I first started learning about bitcoin in 2012, this idea that anyone with an internet
connection and the ability to download this open source software client, can now interact
with the bitcoin network. That is fundamentally transformative. If you think about, I remember the day as
BitTorrent and Napster and LimeWire, when people were sending files. Or even when you first started sending emails. That’s fundamentally transformative. And I think this idea of peer to peer digital
money that is borderless, that is supranational, meaning it’s not tied to any one state or
anyone entity, and is not controlled by one specific individual or one specific group,
that’s a really powerful concept. And to me, that’s what really made bitcoin
click for me. JUSTINE UNDERHILL: Mm-hmm. MELTEM DEMIRORS: Now there’s a lot of challenges. How do you get money into and out of the system? How do you get bitcoin in the first place? There’s still a lot of these on and off-ramp
questions that need to be resolved. What do you actually do when you have bitcoin
on the network? How do you safely store it and manage it? A lot of these challenges are what many of
the startups building around this technology are trying to resolve. But the fundamental idea is an extremely powerful
one. And I think again, it’s part of this broader
narrative and this broader story arc we’re going through right now, which is the evolution
of how we live. We’ve gone from existing in the physical world,
interacting with physical money, with paper stock certificates, with face to face interaction
to doing more and more things online digitally and thinking more about privacy and our rights
when we go online and engage and transact and communicate. JUSTINE UNDERHILL: So you don’t have to, I
mean, that’s sort of the what bitcoin has been built up on, is that you don’t have to
rely on one bank or one centralized authority. But do you still see areas of systemic risk
even within the crypto community, even within the crypto space itself? MELTEM DEMIRORS: Oh, absolutely. It’s still an experiment. I think this is the though one caution I always
give, is this is still an experiment, and this is a binary investment. This is either going to zero or a whole lot
more than zero. And there’s really not much in between. JUSTINE UNDERHILL: Even Bitcoin? MELTEM DEMIRORS: Yes, absolute. I mean, look, this is very experimental, it’s
very high risk. I recommend people only invest what they’re
willing to lose. There’s, and what’s unique here, is there’s
technology risk. There’s network risk. So there’s the protocol in the code itself,
which is maintained by a group of developers who contribute to this open source project. And open source is nothing new. It’s been around for a long time. But what’s interesting here, is its development
of money. So the stakes are much higher. The politics of it are much more heated, I
would say. And we’ve seen this over the last few years,
the dialogue happening within bitcoin and the splintering or forking of the bitcoin
network into multiple different networks with very different visions. And then you have the network itself, which
once the code is written, people have to run it. And there are tens of thousands of nodes around
the world that run copies of the bitcoin software and store copy of all of the history of the
bitcoin network. So a great example is, it’s like if you wanted
to send an email, you’d have to download every email that’s ever been sent. It’s pretty intensive. It’s expensive. Our firm, CoinShares, has done a lot of research
on the economics of bitcoin mining or supporting the bitcoin network. And so bitcoin does rely on increasingly more
and more computational resources being contributed to the network to keep it secure. So there are fundamental questions around
the security of the bitcoin network. And in fact, national security agencies like
DARPA, have been doing a lot of research and have a research lab dedicated to the development
of these new communication networks that are cryptocurrency-focused. And then there is also the application layer. So how are people going to interact with digital
currencies? If a regulator somewhere decides that they
no longer want to allow digital currency exchanges to operate, what does that mean for the system? If all of a sudden those fiat on-ramps are
removed, which again, we’ve seen in the past when, for example, the Chinese government
cut off access to banking for Chinese exchanges, that can have material impacts on the market. And so there are a lot of risks. But I think for a lot of investors looking
at this space, there’s just a tremendous amount of opportunity. JUSTINE UNDERHILL: Now I got to ask, Facebook. MELTEM DEMIRORS: Yes. JUSTINE UNDERHILL: And the coin that they’re
developing, it’s funny, because this is a, seems to be a private centralized controlled
coin. Does it really have that much to do with crypto? Is it’s something that the crypto space can
really use or leverage? Or does this really do anything? MELTEM DEMIRORS: No. So here’s my take on Facebook’s project. It’s called Libra. So first and foremost, on the way Facebook’s
going about it, and we’ll learn more in the near future when they released the technical
white paper, but what we know so far that can be publicly shared is this. Number one, really what Facebook is attempting
to do, is to create a stable coin or an asset that has relative purchasing power parity
stability. So bitcoin as we know, is volatile in price. Just in the last three months alone, it’s
doubled in price. But we’ve also seen periods where it’s lost
80% of its value. So for your average user, it’s not necessarily
the best asset to hold when it comes to being a medium of exchange or unit of account. People seek stability, which is why so much
of the world has been dollarized in many ways. So what Facebook is attempting to do, is to
compete really with the US dollar in the existing correspondent banking system. What I do think is interesting about what
Facebook is doing is this. Number one, Facebook has 2.5 billion users
around the world. So if you think about the distribution of
this, the potential is absolutely massive. Today, the estimates for active cryptocurrency
users, which come from the research done by Cambridge. They do an annual user study around bitcoin
in particular, is anywhere between 30 to 100 million. Facebook has 2.5 billion users. There are only 3.5 billion people, only 50%
of the world’s population’s online. So Facebook’s ability to bring the idea of
digital assets or digital currencies to a whole new audience, I think is absolutely
massive. Because they’re going to have to educate this
audience on what digital currencies are, how they work, what a wallet is, how a wallet
works. And all of these things in my view, are net
positive in helping spread awareness and education. That’s one. I think the second thing that’s really important,
is for corporates all around the world, they’re all looking at this. And I can imagine that in every boardroom
across the world right now, corporates are asking themselves, what does this mean for
us? We’ve already seen this reflected. Square is hiring a crypto-focused team. Jack Dorsey himself has stated numerous times
that he believes in the potential of bitcoin to be the currency of the internet. And the Cash App, quarter over quarter is
doubling revenues. And so I think that’s a really positive signal. So Square has chosen to focus on bitcoin. Microsoft is doing a lot of development work
on top of bitcoin. But then we see the Japanese ecommerce giant,
Rakuten, they’re developing their own coin to embed into their rewards. Ecosystem they do about $9 billion of rewards
compensation through that system every year. And they have 250 million users. So there are a number of other corporates
who are experimenting with this idea of a coin in some form. Now what I think is interesting, is Facebook
really adds fuel to that fire. And then the third piece is, we can’t forget
that Facebook is a company in crisis. Cambridge Analytica, even though that happened
18 months ago, the stock price still hasn’t recovered. There’s a lot of pressure on Facebook to do
something about the perceived privacy violations it’s engaged in, as well as this risk of centralization. We saw GDR being implemented in Europe, leading
to huge fines. That’s just starting to happen. Here in the US, privacy regulation is big
on the agenda of every regulator and every politician. Going into the 2020 election, Facebook and
every social media company is a political punching bag. JUSTINE UNDERHILL: Mm-hmm. MELTEM DEMIRORS: And so for Facebook, introducing
this new concept, saying it’s somewhat decentralized to this external foundation they’ve created,
allows them from a crisis communication perspective, to create a new narrative. JUSTINE UNDERHILL: But it’s still, in some
ways, surveillance capitalism, in the sense that they know what transactions are going
on. They are basically the ones watching the blockchain. MELTEM DEMIRORS: And I think that really to
me, is going to be the most interesting aspect of what happens here. To me, this is less about payments and this
is more around data. We’ve already seen the coupling of your social
data with financial data. Google, back in 2017, introduced a product
that coupled your credit card transactions through Google Pay with the data around your
search engine behavior and other data they gleaned about browsing behavior, which is
really powerful in terms of encouraging retailers to spend on advertising. The ability to now couple of that behavioral
data with the spending data. And so what I think will be interesting, is
Facebook, 2.5 billion users across not just Facebook, but also Instagram, which is increasingly
focused on direct to consumer sales and becoming a shopping platform of its own, as well as
WhatsApp. WhatsApp has historically been free. And so the idea that you could now monetize
WhatsApp and enable people to send payments through it and capture valuable data streams
about their relationships, but also by the way, enabling governments to censor those
flows of value, depending on the status of particular users, be interesting. And then the last piece that to me is fascinating
to watch, Facebook doesn’t have a universal identity system across its platforms yet. And so with the introduction of a new payment
mechanism, what they likely will do, is also roll out a universal ID that links together
someone’s behavior across all of Facebook’s disparate platforms, links with that transactional
data, and allows them to capture a lot of really rich information about people, their
network, their social interactions, their browsing behavior, and how they spend money. JUSTINE UNDERHILL: Finally, what do you see
as the biggest risk to the crypto space overall, in the next five years, 10 years, long run? MELTEM DEMIRORS: Yeah, I think there are two
main risks in my mind. The first risk is really regulatory risk. For this to continue to grow, for this market
to continue to develop, there needs to be clearer regulatory guidance. But also within the industry, I’m a fan of
self-regulation. I think a lot of times early industries can’t
rely on regulators to keep pace with what’s happening, but have to self govern and adopt
standards of behavior, transparency, et cetera. So I think there are a number of projects
underway in the crypto community that are trying to create transparency and trying to
create reporting standards, disclosure standards, for how people engage, that brain trust. I think one of the big things here is investor
trust. A lot of it was lost in 2017 and 2018 when
there was this crazy bubble of just absolutely ridiculous meritless projects raising capital
through this new strategy called an ICO or initial coin offering. Many of those have now lost 95% or more of
their value and have no chance of ever returning value to investors. So I think the industry itself, self-policing
a bit more, being a bit more proactive, and then working collaboratively with regulators
to introduce some new standards that are not to burdensome, but still provide investor
trust and transparency, I think that’s key. I think the second component, really again,
is zooming out and looking at the macro environment. Crypto doesn’t operate in a bubble. And in the last five years, there have been
periods where crypto is, and bitcoin in particular, is a risk on asset. And there have been periods where bitcoin
is a risk off asset. There are periods where it’s positively correlated
to the S&P 500. There are periods where it’s negatively correlated. So it truly is in many ways, an uncorrelated
asset, but it does respond to macro events. If you look at what’s happening in the world
today from a political perspective, there’s a lot of political tension, the breakdown
of the European Union and that economic zone and Brexit are having huge impact. What’s happening between China and the US
in terms of trade wars is having a huge impact. You can’t really look at bitcoin in isolation
of these larger macro events. So there are political events. There are also economic events happening. We look at what’s happening here in the US. The Fed is looking at potentially rate hikes. We’re looking at inversion of the yield curve
for the first time in a long time. And then we look at the broader macro scale. If you’re an allocator looking at the world
today, there’s not a lot of yield out there. Everything’s overvalued and everything’s overbought. There’s way too much money and not enough
places to stash it. You look at the rise of tech startups. You look at Silicon Valley. You look at the growth of venture capital
as an asset class. It’s the perfect indicator to me, or a canary
in the coal mine, if you will, of what’s ahead. And so I think looking at bitcoin through
that lens, you can start to see how to some allocators who are looking for a yield, an
asset like that could be extremely attractive or an environment where they’re looking to
shed risk could be extremely unattractive. And so for us, it’s very important to keep
an eye on the macro environment, but particularly what’s happening in the political arena and
what’s happening economically. $9 trillion of negative yield debt is insane. It’s absolutely insane. And so it’s important to put bitcoin in that
context and view it through that lens as well. JUSTINE UNDERHILL: And then also at the end
of the day, making sure that the technology is matching up with the amount of money that’s
flowing into it. MELTEM DEMIRORS: But look, at the end of the
day, markets are irrational. Investors and humans are prone to all sorts
of ideological fallacies. And so it’s not our job, speculation happens
in all asset classes. There are bubbles in all asset classes. There are times when certain asset classes
see crazy amount of inflation or a crazy amount of speculative growth. And so I think at the end of the day, there’s
little we can do to keep investors from speculating on these assets. After all, a digital currency as bitcoin is
a gambler’s paradise. And traders love it. There’s volatility. So when volatility seeps out of commodities
market, people come to crypto, because the vol is there. When the vol leaves crypto, people go back
to commodities or equities. Traders are going to get their fix where they
can get it. And speculation is a large part of our capital
markets today. So I don’t think that component’s going to
go away unfortunately. JUSTINE UNDERHILL: Meltem, thank you so much
for joining us and giving us all of your insights, and we look forward to having you back on
soon. MELTEM DEMIRORS: Thanks for having me, appreciate

48 thoughts on “Is the Big Money Heading for Bitcoin? (w/ Meltem Demirors)”

  1. Bitcoin is DEAD.

    Trading under $8000 right now.

    According to its experts it’s supposed to be $100,000 right now.

    So is Ripple and TRON


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  3. bitcoin has already seen a 6,000% ROI on the premise of Software as a Service. There is a major gap in the ecosystem between Software and Hardware . Those investing in hardware that will integrate with this software will succeed in this next few months.

  4. Thanks Great video, that edge comes from information flow, the ability to correct your habits in terms of the market's characteristics, and being able to learn from people who know more than you.. I came across a video in Feb early this year, I found so many people giving praises to a man named Benjamin Jackson who has made a great Impact to so many young crypto investors some said he has the best strategy to trade Bitcoin, I was tired of Gdax and Binance small profits i was getting, so I reached out to him and he gave me the best tips to excel in the world of Crypto. Now I don't just Hold, I make more Gains, after Three months I can Boast of increasing my Portfolio from 6.2Btc to 16Btc, all thanks to Jackson's strategy for trading, you can reach out to him through his email- [ [email protected] com ] and also telegram @BenjaminJackson. Don't forget to hit the likes viewers

  5. Where is the typical REAL-VISION Value-Add in this interview? 99% of content in this interview is something
    that has been repeated ad-infinitum around the Crypto space.
    Honestly, if you're trying to make the interviews more ''DIVERSE" – kindly don't go down that road. Real-Vision still means something, and the fastest way to destroy that is by diluting your quality — both in terms of the Content and the Interviewees.
    Hope someone from RV is reading the comments.
    Just an avid follower!

  6. Feds arrested 300 pedophiles after tracking their bitcoin! So bitcoin is officially just another track n trace beast technology. I'll be so happy the day digital illusions and derivatives come to an end!

  7. BTC's problems with energy use, block size, fee cost, and the using of side chains go against decentralization. What about the 51% attack that is possible right now if the Chinese miners wanted to initiate this? BTC is not going be able to hold on to it's market share… She doesn't want to tell you what coin is going to bury it. POW is a dead end.

  8. Well spoken and lovely smile. Regarding Bitcoin. It does feel like a hedge to political and economic risk to me. I've held it for about 3 years now and, looking at my money in the bank losing its value each year due to inflation, I'm adding a part of my earnings to it. It just feels safer.

  9. And still no BTC cheerleaders can tell me what happens to their NAV when the electricity goes out… China has already proven they can hack our grid and do things like open dams in the Northeast. Every state is tied to the same grid except Texas which has its own. One piece of triggered malware and access is gone.

  10. You can't put money into Bitcoin because Bitcoin has no value … it is a valueless token and its price is purely speculative. Bitcoin can be useful for transacting, but it is a mechanism and does not store value. You need a buyer in order to exit back to real money.

  11. Why is an interview that was aired in June and which essentially "bigs-up" bitcoin, being propagated for a second time in October? Could it be because of the impending mega-crash back down to 3k courtesy of the market manipulators? You guys seem to write a lot of stuff about bitcoin is it something you are invested in or maybe hedged against? She seems to have a lot to talk about anyway, FF to 8-Minutes and she'll expose how much of the price is due to "news" like this which we are watching.

  12. Bitcoin already reached the most dangerous point of a Cryptocurrency can get to; the possibility of a 51% attack due to the centralized mining in China, and the traceability of its digital addresses by entities like the US IRS and the FBI.
    When we see Ethereum moving to Proof Of Stake (POS) and EOS already operating on it, we can’t help to think that other small yet effective projects like SmartCash and the newly released Bitcoin Confidential which are based on the POS algorithm, will thrive because POS is aiming for the true Decentralized and private environment that Satoshi Nakamoto once dreamed of.

  13. You would think someone with her education could learn how to talk like an adult instead of a twelve year old valley girl.

  14. Everybody commenting came to watch a video strictly about bitcoin. Then they bash bitcoin and a person doing way more with their life. Some people are such losers! Haha

  15. Why are digits being called coins? Also, why are these digits always pictured as gold colored coins? Thanks for any responders.

  16. Sure. Ok I love BTC but how can a grown woman speak like she's still 16. I dig RV but this has got to be the most annoying interview to date.

  17. Excellent Interview. Though, I dread the day our life becomes digital. Everything is held on the blockchain & digitized, monetized. And we have been reduced to a "social credit score" which will determine where we live, where we work, what we eat & IF we can have children or travel beyond our allocated 10 block area. The brave new world. Be careful what you wish for…give them Father, they know not what they do.

  18. Man so much hate lol people are really depressed about all the markets.
    Hating on BTC, hating on gold, lol hating on this chick for how she talks….chill out drink some whiskey smoke a blunt you are probably already more rich than the vast amount of the world.

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