Cryptocurrency craze: Bitcoin surpasses $59,000

>> HE INSTALLED BUST OF CESAR CHAVEZ BEHIND HIS DESK. STUART: LET’S MOVE ON TO BITCOIN, PRETTY CLOSE TO 67,$000 PER COIN, AND LOOK WHO IS HERE. BROCK PIERCE. WELCOME TO THE PROGRAM, GREAT TO HAVE YOU WITH US, YOU WERE NAMED ONE OF FORBES’S RICHEST PEOPLE IN CRYPTO. YOU ARE THE CHAIRMAN OF THE BITCOIN FOUNDATION.
WHAT PRICE DID YOU GET INTO WHAT PRICE DID YOU GET INTO CRYPTO’S APPS? >> WORKING WITH DIGITAL CURRENCIES SINCE THE LATE 90s
IN THE CONTEXT OF VIRTUAL IN THE CONTEXT OF VIRTUAL WORLDS LIKE WORLD OF WAR CRAFT. I WAS THE PRIMARY MARKET MANAGER OF THOSE CURRENCIES FOR 3000 COUNTRIES WITH A TEAM OF 400,000 PEOPLE THAT WOULD PLAY THESE GAMES PROFESSIONALLY TO MINE THOSE CURRENCIES AND TESTING ECONOMIC THEORIES.

I WANTED TO SEE IF THESE IDEAS COULD BE ROLLED OUT IN THE REAL WORLD WHICH LED ME TO BITCOIN SO LET’S SAY I WAS IN EARLY. STUART: YOU WERE BUYING BITCOIN, PENNIES ON THE DOLLAR, WAS IT THAT LOW WHEN WE STARTED INVESTING? >> IN THE CASE OF BITCOIN ONCE I STARTED PARTICIPATING, YOU COULDN’T BUY BITCOIN, IN THE EARLY DAYS, THROUGH MINING AND THE INFRASTRUCTURE TO BUY AND SELL DIDN’T EXIST. FAST FORWARD TO 2013, YOU HAVE A COUPLE ALTERNATIVE CURRENCIES, I WAS THERE FROM THE BEGINNING, THE CREATION OF A THEORY, AND THE FIRST VENTURE
FUND TO FUND THESE EARLY FUND TO FUND THESE EARLY COMPANIES WHERE THEY DIGITIZE THE MASTER COIN, STARTING THE FIRST CRYPTO BANK, THE LIST GOES ON AND ON, DON’T WANT TO BORE YOU. STUART: I WANT TO KNOW IF YOU ARE A BILLIONAIRE. WILL YOU TELL ME? >> I WILL TELL YOU THIS, FAMOUSLY QUOTED FOR SAYING REPEATEDLY THAT A BILLIONAIRE TO ME IS NOT SOMEONE WITH $1 BILLION BUT SOMEONE POSITIVELY IMPACTING THE LIVES OF 1 BILLION PEOPLE AND FROM THAT PERSPECTIVE I AM AN ASPIRATIONAL BILLIONAIRE.

STUART: IF YOU GOT $1 BILLION WORTH OF CRYPTO. >> I’M NOT SOMEONE THAT TYPICALLY TALKS ABOUT, I WILL
SAY THIS AS WELL. SAY THIS AS WELL. I DON’T CONSIDER ANY OF WHAT I HAVE ANY MONEY THAT HAS TO BE MIND. I CONSIDER MYSELF A CUSTODIAN OR A STEWARD OF IT AND I VIEW MONEY LIKE ENERGY THAT JUST WISHES TO FLOW AND DOING MY BEST TO BE A GOOD CONDUIT TO SUPPORT THOSE THINGS WE NEED TO HAVE HAPPEN IN THE WORLD DURING THESE TROUBLING OR CHALLENGING TIMES.

STUART: HERE IS ONE OF MY PROBLEMS WITH THE CRYPTOS. IF YOU WANT TO USE THEM AS AN ACTUAL CURRENCY, MEDIUM OF EXCHANGE, YOU WANT TO BUY SOMETHING WITH BITCOIN, THE TRANSACTION COST IS VERY HIGH. AT 5 OR $6 PER TRANSACTION WHICH IF IT IS A SMALL ITEM IT IS NOT GOING TO MAKE IT. SEEMS TO ME TO BE A PROBLEM USING IT AS EVERY DAY CURRENCY. WHAT SAY YOU? >> ABSOLUTELY RIGHT. THIS TECHNOLOGY IS STILL IN DEVELOPMENT AND ALL THESE DIFFERENT EXPERIENCES, DIFFERENT CRYPTO CURRENCIES ARE CONTINUAL INNOVATION. YOU ARE DEFINITELY RIGHT, BITCOIN IN ITS CURRENT STATE IS
NOT AN EFFECTIVE CURRENCY NOT AN EFFECTIVE CURRENCY VOLATILITY, TRANSACTION FEES AND OTHERWISE, BITCOIN SHOULD BE THOUGHT OF AS AN ALTERNATIVE STORE OF VALUE LIKE DIGITAL GOLD BUT THAT DOESN’T MEAN WE WON’T DEVELOP THE SOLUTIONS THAT ALLOW GREATER TRANSACTIONAL THROUGHPUT.

THAT IS WHY THINGS LIKE THE LIGHTNING NETWORK AND LAYER 2 TECHNOLOGIES HAVE BEEN DEVELOPED AND OTHER BLOCK CHAINS, HAVE MUCH LOWER FEES.

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