Bitcoin is an 'incredible store of value' in much of the world

[timosman]

https://www.cnbc.com/2017/11/17/bill...-of-value.html

17 Nov 2017

• Gurley said that Benchmark has a very small position in bitcoin.
• People in unstable countries "want to be paid in bitcoin."

https://youtu.be/TnYGVBl5ck8?t=12m10s

Venture capitalist Bill Gurley is bullish on bitcoin because he views it as a more secure place to keep money in areas of the world with political and economic dysfunction.

"I think of it as an incredible store of value in the rest of the world," said Gurley, in an interview on CNBC's "Squawk Alley" on Friday. "I don't think it's irrational."

The price of bitcoin is up almost eight-fold this year to $7,877. The total value of the bitcoin currency in circulation is close to $132 billion.

Bankers and institutional investors ranging from JPMorgan CEO Jamie Dimon to Allianz's Mohamed El-Erian have questioned the value and utility of cryptocurrencies, with Dimon going so far as to call it a "fraud" that's bound to blow up.

Gurley said bitcoin is not a fraud and said Benchmark, his Silicon Valley firm, has a very small position in the currency.

Bitcoin is particularly useful in parts of the world where governments often change the value of their currency overnight and where there are few if any trustworthy institutions to keep your cash and savings.

"Many people who live in those types of countries want to be paid in bitcoin," Gurley said.

Gurley was in New York on Friday for the public market debut of online retailer Stitch Fix. Benchmark owns 22 percent of the company -- a stake valued at about $388 million -- and Gurley sits on the board.

[Mordan]

buy some and try it for yourself.

[ClaytonB]

At $100bn+ market cap, the big-wigs can't ignore Bitcoin any longer. It is an incredible store of value and, unless something drastic happens, it's going to destroy every fiat currency in the world.

[Mordan]

At $100bn+ market cap, the big-wigs can't ignore Bitcoin any longer. It is an incredible store of value and, unless something drastic happens, it's going to destroy every fiat currency in the world.

i remember when i was laughed at when Bitcoin was 1B market cap. now the mother $#@!ers are jealous or just dismiss Bitcoin once again.

I am pretty sure Bitcoin is going to destroy fiats in that Fiat will have to move to the blockchain, probably managed by a central bank though.

Bitcoin will stay king though. "Fiat chains" will be used for payments because Bitcoin cannot scale billions of transactions.

[FSP-Rebel]

Bitcoin and the related cryptos are becoming the greatest wealth transfer of all time as legions of institutional fiat is trying to squeeze its elephant ass in through the garden gate door. It's a great time to be alive.

[ClaytonB]

i remember when i was laughed at when Bitcoin was 1B market cap. now the mother $#@!ers are jealous or just dismiss Bitcoin once again.

I am pretty sure Bitcoin is going to destroy fiats in that Fiat will have to move to the blockchain, probably managed by a central bank though.

Bitcoin will stay king though. "Fiat chains" will be used for payments because Bitcoin cannot scale billions of transactions.

This would be wonderful and I sincerely wish it would happen. Unfortunately, I doubt very much that the vicious minds running the central banking syndicates will stand by and do nothing as their wealth is drained away. BCH is really an attempt at a hostile takeover of Bitcoin. It's not going to work but it is a serious and costly attempt. However, the "elites" have vastly more cash at their disposal and since central banking is the golden goose that has given them all that cash, it's worth spending everything to try to save their system. As the BCH wave crests and the "elites" realize they have lost this battle, I expect the next wave to be more focused on cyber-warfare and other forms of "soft power" meant to dissuade new adopters from switching to cryptocurrencies.