David Yaffe-Bellany

So obviously, it's impossible to predict the future, especially where cryptocurrency is concerned. But it's certainly the case that this new surge in the crypto world is different from ones that we've seen in the past. And let me put this into perspective for you for a second. Bitcoin was created about 15, 16 years ago, essentially out of thin air. It was worth nothing.

So obviously, it's impossible to predict the future, especially where cryptocurrency is concerned. But it's certainly the case that this new surge in the crypto world is different from ones that we've seen in the past. And let me put this into perspective for you for a second. Bitcoin was created about 15, 16 years ago, essentially out of thin air. It was worth nothing.

You know, famously, there was this early experiment to kind of prove how Bitcoin could be used, where a guy went onto an internet forum and said, I'll send 10,000 Bitcoin to somebody in an exchange, send me $40 worth of pizza. And that exchange happened. and somebody was paid 10,000 Bitcoin for two pizzas.

You know, famously, there was this early experiment to kind of prove how Bitcoin could be used, where a guy went onto an internet forum and said, I'll send 10,000 Bitcoin to somebody in an exchange, send me $40 worth of pizza. And that exchange happened. and somebody was paid 10,000 Bitcoin for two pizzas.

Fast forward to this year, and suddenly that is the most expensive dinner in the history of the world.

Fast forward to this year, and suddenly that is the most expensive dinner in the history of the world.

Just one Bitcoin now is worth over $100,000. Ooh, so do the math for me. Actually, wait, what is it? So that's a $1 billion pizza order right there.

Just one Bitcoin now is worth over $100,000. Ooh, so do the math for me. Actually, wait, what is it? So that's a $1 billion pizza order right there.

Yeah. And, you know, this is a 15-year time horizon. I mean, you know, this isn't like centuries and centuries. If you look at all the Bitcoin in circulation, the total value of those Bitcoin is about $2 trillion. And that's more than the combined worth of MasterCard, Walmart, and JPMorgan Chase. So that just gives you a sense of the scale of this.

Yeah. And, you know, this is a 15-year time horizon. I mean, you know, this isn't like centuries and centuries. If you look at all the Bitcoin in circulation, the total value of those Bitcoin is about $2 trillion. And that's more than the combined worth of MasterCard, Walmart, and JPMorgan Chase. So that just gives you a sense of the scale of this.

And, you know, what it essentially shows is that Bitcoin has been one of the most successful financial products of the last 20 years and that this industry is succeeding, at least in terms of the market, in a way that it hasn't even in the past when you've seen headlines about people getting rich from Bitcoin.

And, you know, what it essentially shows is that Bitcoin has been one of the most successful financial products of the last 20 years and that this industry is succeeding, at least in terms of the market, in a way that it hasn't even in the past when you've seen headlines about people getting rich from Bitcoin.

So there are two main drivers behind this, and the first one will be familiar to listeners of the show who've followed our coverage over the years. And it all comes back to this obscure court case that played out about a year ago.

So there are two main drivers behind this, and the first one will be familiar to listeners of the show who've followed our coverage over the years. And it all comes back to this obscure court case that played out about a year ago.

On one side, you had the crypto industry, which wanted to offer a new investment product that would basically just make it easier for people, regular people, to invest in Bitcoin. On the other side, you had the US government, which wanted to stop that from happening. They didn't want the US investing public to have more exposure to the crypto markets.

On one side, you had the crypto industry, which wanted to offer a new investment product that would basically just make it easier for people, regular people, to invest in Bitcoin. On the other side, you had the US government, which wanted to stop that from happening. They didn't want the US investing public to have more exposure to the crypto markets.

In that court battle, the crypto industry won, and it was a huge game changer for the industry. It meant that ordinary people had a type of access to crypto investments that they'd never had before. And in some ways, it kind of brought crypto into the mainstream of the US economy. You know, it allowed people to have their retirement accounts invested in crypto.

In that court battle, the crypto industry won, and it was a huge game changer for the industry. It meant that ordinary people had a type of access to crypto investments that they'd never had before. And in some ways, it kind of brought crypto into the mainstream of the US economy. You know, it allowed people to have their retirement accounts invested in crypto.

And it brought a huge amount of new money into the Bitcoin world, sending the price of Bitcoin higher and higher.

And it brought a huge amount of new money into the Bitcoin world, sending the price of Bitcoin higher and higher.