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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Appearances
WSJ Your Money Briefing · Does Bitcoin Have a Place in an Investment Portfolio? · 30 Apr 2021
podcast
How much money are you willing to risk on a really, really big bet?
In Bitcoin's history, it has had a couple of very well-defined cycles where the price has gone up quite a lot, and then the cycle has come down quite a lot.
And every one of those cycles has brought in new people.
And people get in on the upside, you know, when the price is going up, and they think, oh my God, this is the greatest thing I've ever seen in my life.
This thing goes up like mad.
It can't go down.
I can't lose.
And then it goes down.
Almost completely.
It really, to a large, large degree, it is driven by momentum and sentiment and speculation.
People are buying Bitcoin because they think the price is going to go up.
Some people buy Bitcoin because they believe it's going to be the future and they're going to hold it forever because they think the price is going to go up and they can sell it later for a lot more money.
So in most cases, what you are buying is this sentiment that the price is going to go up.
That creates, it tends to create its own momentum.
And you get these long, long rallies where the price goes up.
But, you know, look, Bitcoin is not a stock.
It's not a company.
It doesn't have cash flows.
It doesn't have earnings statements.
It's not a bond that pays interest on its own.
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