Bitcoin is going through an identity crisis?


IT KICKED OFF THE YEAR, LOOK AT THIS CHART, AT ABOUT $1,000. IT SOARED TO A LIFETIME HIGH OF ABOUT 20,000 BY THE MIDDLE OF THIS MONTH, BUT AFTER THAT SURGE, WELL, LOOK AT THE REST OF WILL IT SURVIVE? WILL IT LOSE ITS SPOT AS THE WORLD’S MOST POPULAR VIRTUAL CURRENCY? LET’S BRING IN JEFF HENRY, IT’S GOOD TO SEE YOU, JEFF.>>THANK YOU FOR HAVING ME. LAUREN: YOU KNOW, THERE ARE SO MANY QUESTION MARKS ABOUT THE FUTURE OF CRYPTOCURRENCY AND>>I TELL YOU, I THINK BITCOIN HAS A LITTLE BIT OF AN IDENTITY CRISIS RIGHT NOW. PEOPLE ARE IN SUCH A MANIA AND A FEVER ABOUT GETTING IN ON IT, AND PEOPLE FEEL LEFT OUT. AND I THINK BITCOIN HASN’T QUITE I THINK THIS YEAR WAS AROUND TRYING TO FIGURE OUT WHAT IS BITCOIN. LAUREN: IDENTITY CRISIS, RIGHT? I LOVE THE MORGAN STANLEY NOTE FROM EARLIER IN THE WEEK BASICALLY SAYING, WELL, IF IT’S AN ASSET, IT’S WORTH NOTHING. POTENTIALLY, IT COULD DROP TO ZERO, COMPLETELY WORTHLESS. ON THE OTHER HAND, YOU HAVE SOMETHING LIKE GOLD THAT’S WHAT DO YOU MAKE OF THAT REPORT FROM MORGAN STANLEY?>>I THINK WHAT’S TOUGH ABOUT IT, WHEN YOU THINK ABOUT GOLD, RIGHT? SO THERE HAS TO BE SOME DIGITAL AND MORE MOBILE, PEOPLE NEED TO EXCHANGE CURRENCY MUCH MORE RAPIDLY AND FAST. AND AS THE WORLD GETS SMALLER AND PEOPLE CONDUCT BUSINESS ALL AROUND THE WORLD, YOU NEED SOME SORT OF CURRENCY THAT IS FASTER, AND I THINK THAT’S WHAT BITCOIN AND REALLY ETHER AND OTHER TYPES OF CLIP THE CURRENCY PRESENT FOR USERS. LAUREN: YEAH. I REMEMBER WHEN PEOPLE SAID I’M NEVER GOING TO PAY WITH MY PHONE. LEAVE MY WALLET AT HOME, ARE YOU CRAZY? AND, LOOK, SO MANY PEOPLE ARE DOING THE MOBILE PAYMENT THING NOW. AND WE HAVE, IN TERMS OF CRYPTOCURRENCY, OVERSTOCK. VIRGIN GALACTIC, THESE ARE RETAILERS OR THAT ARE ACCEPTING BITCOIN. DO YOU THINK WALMART OR AMAZON OR A MAJOR, MAJOR PLAYER WILL?>>ABSOLUTELY. BECAUSE IT IS THE FASTEST WAY TO MAKE A PAYMENT. AND MOBILE IS BECOMING SUCH A BIG PART OF THE COMMERCE WORLD. PEOPLE ARE CONDUCTING MORE AND MORE BUSINESS THROUGH THAT. SO, YEAH, ABSOLUTELY. AND AS I THINK BITCOIN IS MORE ACCEPTED, I THINK SOME OF THE CRAZE AROUND IT WILL, YOU’LL SEE REALLY ON A LOT OF SPECULATION. LAUREN: BUT THE WORRY IS CRIMINALITY. WE WERE SEEKING TO THE CEO OF THAT.>>THE ATTACKERS OUT THERE USING BITCOIN AS THE PRIMARY CURRENCY TO REMAIN ANONYMOUS AND BE ABLE TO DRIVE BILLIONS OF DOLLARS IN ILLEGAL CRIMINAL ACTIVITY: BITCOIN IS BEHIND THAT. LAUREN: SO WHEN, IF EVER, JEFF, FUTURES TRADING ON THE CBOE AND THE CME WOULD DO IT, BUT WHERE TO YOU STAND ON THIS?>>YEAH, I TELL YOU, A LOT OF PEOPLE ARE LOOKING AT BITCOIN AS THE GRAND POOBAH OF CRYPTOCURRENCY. THERE’S A SECOND CURRENCY CALLED ETHER THAT YOU’RE SEEING A LOT OF INITIAL COIN OFFERINGS AND SOMETHING WE’RE PLANNING ON BECAUSE PEOPLE WILL BE USING THEIR COIN OR THEIR TOKEN TO BE ABLE TO ACTUALLY DO SOMETHING, UTILIZE IT FOR SOMETHING OTHER THAN TRADING. I THINK THAT’S WHERE THE MYSTERY AROUND BITCOIN IS, IS HOW WILL RETAILERS AND TOP COMPANIES, MICROSOFT, OTHER COMPANIES ARE USING IT AS A PAYMENTS FEAR WILL BE REMOVED FROM THE MARKET. LAUREN: YEAH. YOUR COMPANY IS LAUNCHING YOUR OWN TOKEN. CAN YOU TELL US ABOUT THAT?>>YEAH. WE’RE CALLING IT THE MOON BIT — LAUREN: NICE. ONE OF THE THINGS I DESCRIBE TO PEOPLE, 2017 WAS A YEAR WHERE IT WAS, LIKE ARE, QUANTITY OVER QUALITY. THERE WAS A TON OF INITIAL COIN OFFERINGS, A LOT OF SCAMS, A LOT OF BAD APPLES THAT WERE DOING IT BASED ON A POWER POINT AND PUTTING IT IN FRONT OF GRANDMOTHERS, TAKING MONEY OUT OF THEIR IRAs WHICH IS SOMETHING WE DON’T — NO ONE LEGITIMACY AROUND ETHER AND REALLY COMPANIES THAT ARE USING IT, YOU’LL SEE MORE QUALITY OVER QUANTITY, AND PEOPLE THAT ARE WE’RE WORKING WITH SOME OF THE TOP LAW FIRMS AND ADVISERS, SIMILAR TO OVERSTOCK.COM. LAUREN: I’VE GOT TO PLAY DEVIL’S ADVOCATE, BECAUSE 2017 WAS THE YEAR OF THE HACK ATTACK, AND A BITCOIN BECAUSE IT’S HARDER TO TRACE, AND IT’S SO ANONYMOUS, YOU KNOW? AND NOW WE’RE STARTING TO SEE A CRACKDOWN. I THINK SEPARATING REALLY UTILITY FROM INVESTMENT, I THINK THAT’S THE PART, THAT I THINK, AND I THINK PEOPLE ARE REALLY PERPLEXED BY IT. IN ETHER AND COMPANIES THAT ARE USING OUR FREELANCE SERVICES, HAVING A REAL UTILITY AND BEING ABLE TO USE IT FOR PAYMENTS AND OTHER SERVICES, THAT’S WHERE CREDIBILITY WILL COME TO THE MARKET, AND I THINK THAT’S WHY 2018 PROMISES TO BE VERY GOOD FOR COMPANIES THAT ARE USING IT THE RIGHT WAY AS OPPOSED TO BEING REALLY A SPECULATIVE ASSET

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