My guest today is Mr Nathaniel Popper.
Mr Popper is a Journalist for the New York Times covering finance and technology from San Francisco. He previously worked for the Los Angeles Times and the Forward. Mr Popper graduated from Harvard University in 2002 with a major in history and literature.
In 2015, Mr Popper published his book Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money, which was one of the finalists for the Financial Times Book of the Year for 2015. This book is Nathaniel Popper's brilliant and engrossing history of Bitcoin, the landmark digital money and financial technology that has spawned a global social movement.
Today, our subject, is cryptocurrency, and specifically, bitcoin. At the end of August 2017, Bitcoin was valued at about $4300 per unit, with a total market cap of about $72 Billion. There are about $1.7 Billion worth of Bitcoin changing hands in the world every day.
In Ordos, a small city in Northern China, there lies some of the world’s biggest bitcoin mining factories. One such factory hires 50 staff, watching over 8 buildings of 25,000 machines that are cranking through calculations non stop 24/7.
In September, 2017, after China government announced that they will ban the ICO of crypto-currencies, and shut all the crypto-currency exchanges, the price of Bitcoin dropped by about 35% in a matter of 2 weeks.
So, What exactly is bitcoin? Is it the next gold, or just another scam? Is the value of Bitcoin justified? How would Bitcoin change our future? These are the questions that we will discuss today.
Wu Zhijian’s Evidentialist Show is about information sharing on evidence based research in subjects such as economics, business, and finance. Due to industry regulations, we will not discuss any of Woodsford’s products on this podcast. All opinions expressed by podcast participants are solely their own opinions and do not reflect the opinion of Woodsford Capital Management or its affiliates. If you have any questions or suggestions, please feel free to contact us. You can find our contact details on www.woodsfordcapital.com.