When I first learned about bitcoin, I was convinced it would fail. Based on a few articles and two decades of experience as a skeptical trader, I loudly—and now regrettably—declared on CNBC’s Fast Money that bitcoin would not survive. How could it? It was not backed by any entity; it did not have a central bank; it was not accepted for taxes; and it did not have an army to enforce its use. What’s more, it was extremely volatile and had a bad reputation—all of which would contribute surely to its premature demise.
I have never been more incorrect in my entire career.
Somewhere in the CNBC archives exists an awkward video of me railing against this “magic Internet money.” If you’re reading this and have access to the video, treat it with ...