In late 2008 (perhaps in response to the financial crisis), someone using the alias, Satoshi Nakamoto, published a white paper about a peer-to-peer electronic cash system that they dubbed – Bitcoin.
In July of 2010, Bitcoin began trading at a value of 8/100 of a penny. It has since grown to a recent valuation of over $55,000 dollars. More energy is consumed mining Bitcoin than is used by Argentina every year. At the peak of Bitcoin’s recent rise, it was worth more than the combined market cap of the world’s largest banks.
In the time since it first began trading in 2010, Bitcoin has been grabbing headlines, and exciting imaginations. Some say it is the future of money and transactions. Other are more skeptical. Charlie Munger, Warren Buffet’s business partner, has likened Bitcoin trading to “Trading turds.”
In this episode of the podcast, we are joined by Dr. John McDermott, Symmetry’s Chief Investment Strategist, to explore the role of Bitcoin as a potential long-term investment.