Paul Vigna

speaker

1,291 appearances 13 recordings 1 series first heard Jul 2017 last heard Apr 2022

Paul Vigna’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · What's Behind Bitcoin's Recent Tumble? · 14 Nov 2017 podcast

They called it Bitcoin Cash, and they launched it in August. voice-verified

You had another group that was ready to split Bitcoin itself, and that was supposed to happen this November. voice-verified

There was an agreement to do that, but then the agreement broke down, so the two sides again were fighting, and one side backed down. voice-verified

So you didn't get a split of Bitcoin itself. voice-verified

But what happened is that dissident group that was ready to split Bitcoin started to trade this other version of Bitcoin, this Bitcoin Cash. voice-verified

So over the weekend, you had this huge run up in Bitcoin Cash. voice-verified

At one point, the value had quadrupled and you had a fall in Bitcoin. voice-verified

And what you're seeing is... voice-verified

In the market, you're basically seeing this push and pull between these two different groups. voice-verified

One wants Bitcoin to be a payments network, to be kind of a competitor, Visa, MasterCard, PayPal, any of those. voice-verified

The other wants Bitcoin to move slower and to be more of sort of a place where you will park your assets, park your value, a store of value, kind of like a digital gold. voice-verified

Essentially, what you have is a fight between these two groups, the one that wants Bitcoin to be a payment system and the one that wants Bitcoin to be gold. voice-verified

And everything we're talking about right now with the price moves and everything is really these two sides pushing and pulling against each other. voice-verified

I mean, a Bitcoin is always a Bitcoin. voice-verified

It's just what is it trading against? voice-verified

I mean, the dollar changes in value against the euro, against the yen. voice-verified

Bitcoin does the same thing against the dollar. voice-verified

I mean, one Bitcoin in my digital wallet is still one Bitcoin. voice-verified

It's just a matter of what will the market pay for it in terms of dollars. voice-verified

But your point is well taken. voice-verified

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