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

I mean, Bitcoin as a currency is still something in its infancy. voice-verified

It is still, like you said, it's very volatile. voice-verified

So it is an issue in terms of whether this can actually operate as a currency that we're used to. voice-verified

Well, it's also probably the fourth or fifth major bubble Bitcoin has been in. voice-verified

I mean, again, you have to keep in mind that this is, relatively speaking, a very new asset. voice-verified

It is a very raw market. voice-verified

It is not a very large market overall compared to other assets. voice-verified

So, is it in a bubble? voice-verified

Yeah, it's probably in a bubble. voice-verified

And you look at the percentages and they look outrageous. voice-verified

But in absolute terms of the size of this market compared to anything else, I mean, the largest bubble of all time, there's no doubt it was either the dot-com bubble or the housing bubble. voice-verified

I mean, in terms of the number of people involved, the money that was involved, those were much, much larger than Bitcoin. voice-verified

I mean, Bitcoin itself has a $100 billion market value. voice-verified

All the Bitcoin that's out there, if you were able to liquidate it right now, it would equal about $100 billion. voice-verified

That is a fraction of what the housing bubble was at its height, a fraction of what the stock market was at the height of the dot com. voice-verified

So, yes, Bitcoin has these crazy moves in the volatility and everyone says it's a bubble and it's still hard to figure out how much of this. voice-verified

No, it's not hard to figure out. voice-verified

I shouldn't say most of this is still speculative buying. voice-verified

It's people betting Bitcoin is going to become something in the future. voice-verified

So, yes, it is a lot of speculative buying and a lot of enthusiastic buying, not based on a lot of fundamentals. voice-verified

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