The incentives for mining Bitcoin, and the popularity of the platform, continue to grow, and the trend is clear. Bitcoin is here to stay, and despite dips and bumps in the road, will continue to grow in value.
Anchorwoman: How do you get to $500,000 in three years?
John: Well, let's not worry about that. Let's worry about people calling for the bubble...
Anchorwoman: You got that going online on that.
John: Yes, I do. People are calling Bitcoin a bubble that's bursting. Now, keep in mind that two months ago, Bitcoin was at $2,900 and people were saying it's never gonna hit 3. Well, it hit 4 and it hit 5. If you look at the long-term trend of Bitcoin, it has been consistently up. I mean, who cares that they dropped $1,000 from $5,000 after it went from the $2,900 to $5,000 in two months? It's still ahead from what it was two months ago.
You know, my company is one of the largest miners in America, and one of the nice things about mining is it doesn't matter what the price of Bitcoin is. We
still make money. As the price goes down, there are fewer competitors for mining and the difficulty rate decreases, and we simply mine more coins. So, I know as well as anybody what the price of Bitcoin is, and it is consistently increasing.
Anchorwoman: I understand...
John: You're going, "Oh, wow. The bubbles burst." Go ahead.
Anchorwoman: You know, Jamie Dimon was very clear yesterday that he is a big fan of the Blockchain technology, and most people actually, who even, you know, it's called Bitcoin overvalued or what have you, they are believers as well in the Blockchain technology. These are two separate issues. So, why is that Bitcoin necessarily has to rise to these heights because you're a believer in Blockchain, as you do, as you believe?
John: Well, no. I don't think that the Bitcoin rise has anything to do with belief in the Blockchain. It simply has to do with belief in cryptocurrencies. I mean, once you start using cryptocurrencies, whether it is Bitcoin, or Monero, or Litecoin, it doesn't really matter. You see the facility, you see the ease of use, you see that without a central bank control, the value of that currency depends upon the users of that currency. And why is Bitcoin growing so fast? Because it's getting more users, more people are believing. If I do a transaction with a credit card, I have to put in my name, my address, my credit card number, the code on the back, my billing address. Well, that takes 5 or 10 minutes, especially for someone my age. But with Bitcoin, it's 15 seconds. Give me your wallet address, here's the amount, done. Once you see the facility of cryptocurrencies, once you see how fast they are transacted, then suddenly, the fiat currencies, credit cards, central banks make no sense what so ever.
Anchorwoman: Maybe it's too easy, though, John. I mean, how do you... I'm sure the government would like to track where this Bitcoin is going. They would
love to tax people on this. And so if you use Bitcoin, you may not have that sort of paper trail so to speak, to where people are making revenues or earning money. So are you concerned that government intervention in some way could actually slow this down?
John: Well, it can't slow it down, but there will be government intervention. Why? Because as people start using more and more cryptocurrencies, things like Monero which cannot be tracked at all, when they start using these things, suddenly, governments are gonna start losing income tax revenues. And they're gonna panic, and they're gonna say, "This is against the law." But how do you stop something that cannot be stopped? I mean, this is not something unique to America, where you can just shut it down. I mean, I can use the Tor browser or the Onion browser and access Bitcoin wallets all over the world and no one will ever know. The government does not have enough enforcement personnel to ever stop Bitcoin, Monero, Litecoin, and all of the others. So they're gonna have to face reality, finding some other way to raise revenues.
