Evolving Money: Birth of a New Asset Class (Sponsored Content)
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 30 May 2024
⏱️ 16 minutes
🧾️ Download transcript
Summary
Is cryptocurrency the next logical evolution of the monetary system? To explore whether we’re at an inflection point, we’ll look back at moments in the history of money when how we paid for things and stored value long-term changed for the better.
This episode is sponsored by Coinbase.
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Transcript
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| 0:00.0 | Since you're a subscriber to this Bloomberg Podcast, we thought you'd be interested in a new |
| 0:05.6 | four-episodes sponsored podcast called Evolving Money. Produced by Coinbase and Bloomberg |
| 0:12.1 | Media Studios, |
| 0:13.5 | it explores some of the monetary system's biggest changes |
| 0:17.3 | over the centuries. |
| 0:19.1 | And today's companies that are making big bets that cryptocurrency could be money's next evolution. |
| 0:27.9 | You can subscribe wherever you listen to your favorite podcasts. |
| 0:32.2 | Here's a recent episode. to your In Jacksonville, Florida, a 28-year-old computer programmer named |
| 0:44.2 | Laslo Hunyez decided it was time for someone to use this new kind of |
| 0:48.4 | money like real money, to actually buy something. |
| 0:52.0 | Laslo went online and posted a question on a Bitcoin forum under the subject line, |
| 0:58.0 | Pizza for Bitcoin? |
| 0:59.0 | A 19 year old in California named Jeremy Sturtevant responded and took him up on the offer. |
| 1:06.0 | LASLO paid Jeremy 10,000 Bitcoin. |
| 1:10.0 | And then a few days later, |
| 1:12.0 | two Papa John's pizzas were delivered to |
| 1:14.8 | Laslow's front door. The first known commercial transaction involving |
| 1:20.3 | Bitcoin was completed. Back then, 10,000 Bitcoin was worth about $41, |
| 1:26.0 | so it wasn't a horrible deal at the time. |
| 1:28.0 | But today, those 10,000 Bitcoin's |
| 1:31.0 | are worth hundreds of millions, enough for LASLO to buy an entire chain of pizzerias. |
| 1:37.0 | That's a pretty dramatic increase in value for a currency over such a short period of time, maybe the greatest ever. |
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