WEBVTT 1 00:00:00.280 --> 00:00:06.879 Happy Birthday Bitcoin. Ten years ago, Satoshi Nakamoto published the Bitcoin White Paper 2 00:00:07.240 --> 00:00:14.400 announcing the creation of the most important innovation in our lifetime. While the monetary 3 00:00:14.400 --> 00:00:19.640 regime we live under today may seem permanent to those alive today, it is 4 00:00:19.679 --> 00:00:25.760 an anomaly that will not last long. Sound money, like bitcoin and gold, 5 00:00:26.199 --> 00:00:29.679 is the norm of human history, and we will return to it with 6 00:00:29.879 --> 00:00:35.840 Bitcoin. Looking back at the past ten years, there have been many important 7 00:00:35.920 --> 00:00:40.560 dates for Bitcoin, alike the first time bitcoin reached the dollar parity in February 8 00:00:40.560 --> 00:00:45.880 twenty eleven, no one could have ever imagined that one bitcoin would one day 9 00:00:46.159 --> 00:00:49.479 cost a whole dollar, and when it did. When bitcoin did go to 10 00:00:49.560 --> 00:00:54.640 one dollar per bitcoin, the idea the bitcoin would continue to grow seemed equally 11 00:00:54.679 --> 00:00:59.799 impossible. The rest is history, same thing, different day. Another equally 12 00:01:00.000 --> 00:01:03.599 important day was when last Lahniks on May tenth, two thousand and ten, 13 00:01:03.799 --> 00:01:10.239 paid ten thousand bitcoins for two Papa John's pizzas. Laslow is a hero in 14 00:01:10.280 --> 00:01:14.560 the bitcoin community, to say the least. He made the first real world 15 00:01:14.599 --> 00:01:19.040 transaction with bitcoin, and he deserves all the credit for it. But here's 16 00:01:19.040 --> 00:01:23.519 the thing. There is no agreed upon date for Bitcoin's birthday, but there 17 00:01:23.560 --> 00:01:27.879 are three candidates. The question is listen. The question is which happening best 18 00:01:27.920 --> 00:01:33.000 represents the birth of Bitcoin. October thirty first, two thousand and eight, 19 00:01:33.319 --> 00:01:38.319 the Bitcoin White Paper is published, The invention is announced. January third, 20 00:01:38.439 --> 00:01:42.560 two thousand and nine, The Genesis Block, the first Bitcoin block, is 21 00:01:42.599 --> 00:01:47.680 created. January ninth, two thousand and nine, Bitcoin comes online, the 22 00:01:47.760 --> 00:01:53.280 network starts operating, and how Finny, the late and famous cryptographer, receives 23 00:01:53.319 --> 00:02:00.359 the first Bitcoin transaction ever. Bitcoin is the best expression of money in the 24 00:02:00.439 --> 00:02:04.400 history of mankind. When the Bitcoin network launched in two thousand and nine, 25 00:02:04.439 --> 00:02:08.039 a very few people understood its significance. Never in the history of the world 26 00:02:08.240 --> 00:02:13.360 had it been possible to transfer value between people at opposite ends of the world 27 00:02:13.479 --> 00:02:17.719 without relying on a trusted intermediary such as a bank or government. This is 28 00:02:17.719 --> 00:02:23.800 a much much bigger deal than most understand, and now, ten years after 29 00:02:23.840 --> 00:02:28.919 the publication of the Bitcoin White Paper, Bitcoin's market capitalization stands at over one 30 00:02:29.000 --> 00:02:32.680 hundred billion dollars and will only continue to grow. It's been a bumpy ride, 31 00:02:32.879 --> 00:02:37.360 as with any new technology, but the trend is clear, and more 32 00:02:37.400 --> 00:02:40.879 importantly, Bitcoin cannot be stopped. The gene is out of the bottle. 33 00:02:42.039 --> 00:02:46.560 All Bitcoin needs is time. Bitcoin is a black hole that will absorb a 34 00:02:46.639 --> 00:02:52.439 tremendous amount of value. Bitcoin continues to absorb dollar after dollar, and it 35 00:02:52.800 --> 00:02:57.479 won't stop. Bitcoin has the opportunity to become the new world reserve currency with 36 00:02:57.560 --> 00:03:04.240 a market capitalization that will far the market capitalization of all fiat currencies combined. 37 00:03:04.520 --> 00:03:08.400 When Bitcoin's market cap is in the trillions of dollars divided by the sixteen point 38 00:03:08.479 --> 00:03:15.240 eight million bitcoins that will be available when all twenty one million bitcoins have been 39 00:03:15.240 --> 00:03:17.719 mined by the year twenty one forty, there is going to be a lot 40 00:03:17.919 --> 00:03:23.000 of value packed into each bitcoin. The first decade has passed, the riot 41 00:03:23.080 --> 00:03:29.039 has been nothing short of amazing. We are still very early in this technology. 42 00:03:29.120 --> 00:03:31.360 In fact, it's so early that no one really knows what bitcoin is 43 00:03:31.439 --> 00:03:37.080 yet. No one knows where bitcoin is going. But I'm absolutely certain that 44 00:03:37.199 --> 00:03:42.520 the next decade will be even more spectacular. Thank you, Satoshi, wherever 45 00:03:42.599 --> 00:03:42.879 you are.