Bitcoin has skyrocketed in value since it was introduced in 2009. If you bought in early enough, you made hundreds of thousands or even millions of dollars.
Still unsure about what bitcoin is and what all the fuss is about? On today’s show, Glenn condensed the rise of bitcoin and other digital currencies into a few minutes and analyzed what cryptocurrency means for money in the future.
“All digital currencies are now at all-time highs,” Glenn said. “The technology behind digital currencies is changing the way banking is done all over the world.”
EDITOR'S NOTE: This article provided courtesy of TheBlaze.
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This is a rush transcript and may contain errors.
GLENN: We live in an age of technological disruption. It is everywhere. Transportation, space flight, the way we make things, retail.
I mean, how many of us went shopping online instead of going in and, you know, knifing it out in the aisles of Walmart? Everything is about to change.
Some of the changes are happening where you least expect it. Even the way we spend money, save money, or invest. Money and currency is going through its own technological revolution. And digital currency is the wave of the future.
Bitcoin surged past 9,000 yesterday morning. As of right now, it is at 9,750. 9661. Moving towards 1,000 — $10,000 per coin. Now, this is moving faster than analysts and algorithms can keep track of. It took seven days for this digital currency to go from 8,000 to 9,000. And the weekend, to go from 9,000 to 9600.
Coinbase, the largest bitcoin exchange in the US, added 100,000 accounts just last week. All of these stats are unprecedented. And they’re all from the last seven days.
In January, bitcoin was at about $1,000 per coin. It went on to hit eight different 1,000-point milestones this year alone. We’re looking now at a 900 percent increase.
And these stats are just for bitcoin. All digital currencies are now at all-time highs. Ethereum, Litecoin, they’re all climbing. I’m not telling you how to invest your money. In fact, there is a good shot this is a tulip scare, where the Dutch were trading tulips, because tulips will always be worth more than a house.
Yeah. It could go to zero overnight, literally. But the technology behind digital currencies is changing the way banking is done all over the world. Block chain. This is technology that is opening up possibilities that were just unavailable, literally just a few months ago. People with absolutely no access to a bank can now invest, trade, and spend their money.
And they can do it from the comfort of their own personal hand-held device. You don’t like banks? You don’t like bankers? Block chain and digital currency enables you to be your own bank. Whether you live in Manhattan or a village in Liberia, this truly changes the world.
This is all brand-new technology. And like everything new and startup, it comes with risk. Don’t — don’t invest anything in this that you’re not willing to lose. Treat it like you’re going to Vegas. Because this could take a serious nose dive to zero at any given moment.
But change is occurring. Disruption is happening whether we like it or not. Transportation, going to space is now privatized, with SpaceX. The way we make things, the way we sell things, and now currency, the way we save and the way we spend.
The time to prepare for constant change is right now.