Bitcoin Is More Than a Bubble and Here to Stay
Topics: Finance, Technology
Public Release Date: April 21, 2018
This debate is presented in partnership with the Adam Smith Society.
Is Bitcoin here to stay, or is it a bubble waiting to pop? Less than a decade old, Bitcoin is worth billions. The cryptocurrency promises to revolutionize global finance by placing control of currency in the hands of users, not nations, and make financial exchanges more transparent, efficient, and democratic. And it seems to be taking hold: Earlier this year both the Cboe and CME debuted Bitcoin futures. But is Bitcoin really a safe bet? Proponents say the hype around the cryptocurrency is warranted, and previous critics – including executives at JPMorgan and Goldman Sachs – are increasingly jumping on the Bitcoin (block)train.
On the other hand, skeptics suggest this highly volatile digital currency offers a platform for illicit activity, including money laundering and trafficking of humans and drugs, free from government oversight and regulation. And, they argue, Bitcoin has no intrinsic value – the price is based on market enthusiasm rather than actual utility.
ARGUING YES:
Patrick Byrne: Founder, Overstock.com & CEO, tZero
Tim Draper: Venture Capitalist & Founder, Draper Associates & DFJ
ARGUING NO:
Eric Posner: Law Professor, University of Chicago
Gillian Tett: U.S. Managing Editor, Financial Times
MODERATOR-IN-CHIEF:
John Donvan: Emmy award-winning journalist