Bitcoin

Acquired

Ben Gilbert and David Rosenthal

Venturecapital, Ma, Investing, Acquisitions, Startups, Vc, Investment, Business, Technology

4.8 • 2.9K Ratings

🗓️ 19 January 2021

⏱️ 192 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We had to do it. After 12 years and 3,000,000x appreciation, we kick off Season 8 with the best investment of all-time and our biggest episode ever: Bitcoin. From the first bitcoin transaction of 10k for two Papa John's pizzas (worth about $350m today!!) to $40k+ BTC and maybe the moon beyond, we cover the whole crazy, improbable journey of how a single 8-page PDF document changed the world of money — and perhaps the world itself — forever.

If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/

Sponsors:
Vanta: https://bit.ly/acquiredvanta

Statsig: bit.ly/statsigacquired
Modern Treasury: https://bit.ly/acquiredmoderntreasury

The Bitcoin Playbook is available on our website at https://www.acquired.fm/episodes/bitcoin

Links:

Satoshi's Whitepaper: https://www.bitcoin.com/bitcoin.pdf
Matt Huang's "Bitcoin for the Open-Minded Skeptic": https://www.paradigm.xyz/Bitcoin_For_The_Open_Minded_Skeptic.pdf
Nellie Bowles's "Everyone Is Getting Hilariously Rich and You’re Not": https://www.nytimes.com/2018/01/13/style/bitcoin-millionaires.html
Square’s $50m investment in BTC: https://images.ctfassets.net/2d5q1td6cyxq/5sXNrlEh2mEnTvvhgtYOm2/737bcfdc15e2a1c3cbd9b9451710ce54/Square_Inc._Bitcoin_Investment_Whitepaper.pdf

Episode Sources:

Full list of episode sources available here: https://docs.google.com/document/d/16QCDNm2qzG3Bn5h1j1KXisxL_JGT7egDx7czX9ThHLY/edit?usp=sharing

Transcript

Click on a timestamp to play from that location

0:00.0	This is the key line. This is a quote from Coyne Daddy. Right now all our entertainers come from outside
0:07.3	crypto culture, not inside crypto. We've got to change that. He said,
0:13.0	Oh my God.
0:14.0	What a mission to be on!
0:17.0	What a mission to be on!
0:18.0	What a mission! Welcome to Season 8 episode 1 of Acquired, the podcast about great technology companies and the stories and playbooks behind them.
0:38.0	I'm Ben Gilbert and I'm the co-founder of Pioneer Square Labs, a startup studio and venture capital firm in Seattle.
0:45.0	And I'm David Rosenthal and I am an angel investor and advisor to startups based in San Francisco.
0:51.0	And we are your hosts.
0:54.5	After close to 150 episodes over the last five and a half years, this will be the first one covering
1:00.9	something that is not a company. And while today's topic is nowhere
1:05.2	near a corporation and is often thought of as quite the opposite, it has had a better
1:10.5	investment return over the last decade than any company in the world, including
1:15.6	Amazon, including Apple, including Domino's Pizza, and even including Tesla. Oh, so great.
1:25.0	We're gonna have to talk about a little bit of a little bit of pizza as we get along here.
1:28.5	We are, but not from Domino's.
1:31.0	Today we are talking about the single greatest 10-year investment return in human history,
1:37.4	Bitcoin, and in just over a decade it has gone from less than one cent per Bitcoin to over $30,000 a 3 million X investment return.
1:49.2	It's just mind-blowing.
1:51.2	Yeah, I was going to say David, I don't know totally for sure that it's the single greatest
1:55.4	you know decade investment return in human history but it kind of has to be I just can't
2:00.0	I would think I was looking at so there's the NASPRers investment in Tencent and the Soft Bank and
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Ben Gilbert and David Rosenthal, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ben Gilbert and David Rosenthal and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.