>>> LIVE FROM THE KDKA BROADCAST CENTER, THIS IS KDKA TV NEWS AT 7:30 >>> STOCKS ENDED THE DAY MIXED AFTER A STRONG START, BUT BIT COIN IS THE BELLE OF THE BALL TODAY
THE PRICE SURGED TO AN ALL TIME HIGH OF MORE THAN $50,000, AND THE NEW RECORD COMES AS MORE MAJOR COMPANIES ARE BACKING IT THANKS FOR JOINING US TONIGHT AT 7:30, I'M MEGHAN SCHILLER THE THE WORLD'S LARGEST DIGITAL CURRENCY ROSE TO MORE THAN 3% THIS MORNING THIS AS LARGE FIRMS LIKE TESLA AND MASTERCARD ARE SHOWING SUPPORT TESLA BOUGHT $1
5 BILLION WORTH OF BIT COIN LAST WEEK, AND THEY SAY THEY PLAN TO ACCEPT THE DIGITAL COIN AS PAINT FOR THEIR CARS JOINING ME LIVE OVER ZOOM IS CHIEF FINANCIAL OFFICER MICHAEL GODWIN THANKS FOR JOINING US TONIGHT >> THANK YOU >> SO FIRST OFF, CAN YOU EXPLAIN WHAT BITCOIN IS? >> IT'S A DIGITAL ALTERNATIVE TO THE MONEY WE USE TODAY
I THINK TWO OF THE BIGGEST DIFFERENCES BETWEEN BITCOIN AND THE DOLLAR IS ONE, BITCOIN IS DECENTRALIZED MEANING NO ONE PERSON, BANK, OR GOVERNMENT CONTROLS IT AND THERE'S A FINITE SUPPLY AVAILABLE I BRING THAT UP BECAUSE I'M SURE MOST VIEWERS REMEMBER THAT OUR DOLLARS USED TO BE BACKED BY GOLD, BUT IN THE 1970s, WE BROKE AWAY FROM THAT STANDARD, AND NOW GOVERNMENTS CAN PRINT AS MUCH MONEY AS THEY SEE FIT, WHICH WE'VE BECOME ACCUSTOMED TO AS GOVERNMENTS TRY TO STIMULATE THE ECONOMIES DUE TO THE SO THE FACT THAT THERE'S A FINITE AMOUNT OF BITCOIN AVAILABLE IS IMPORTANT >> WHAT ARE PEOPLE USING IT FOR RIGHT NOW? WHAT ARE THEY BUYING? >> NOT MUCH THAT'S ONE OF THE INTERESTING COMPONENTS OF BITCOIN
YOU CAN GO OUT AND PURCHASE A FEW THINGS, BUT MOST INVESTORS ARE HOARDING IT, HOPING THAT THE PRICE CONTINUES TO RISE FOR BITCOIN TO REALLY HAVE TRULY, A TRUE AMOUNT OF VALUE MOVING FORWARD, IT NEEDS TO BECOME A SOURCE OF PAYMENT OVER THE LONG HAUL I THINK THAT'S WHAT TESLA AND MASTERCARD AND PAYPAL ARE BETTING ON IS OVER THE NEXT 10 TO 20 YEARS, BITCOIN COULD BECOME A VIABLE CURRENCY IN THE DIGITAL WORLD >> IS THIS ANOTHER GAME STOP SITUATION, IN YOUR OPINION? WHERE PEOPLE SHOULD BE DOING THEIR RESEARCH AND JUMPING IN TO INVEST >> THAT'S A GOOD QUESTION I THINK OVER THE PAST FIVE MONTHS THE THE CRYPTOCURRENCY HAVE GONE PARABOLIC WITHOUT MUCH REASON
BITCOIN IS UP 5X OVER THE LAST FOUR MONTHS ALONE I THINK THERE'S A LOT OF EMBEDDED VOLATILITY INTO IT, AND I WOULD GUESS THERE'S A BETTER OPPORTUNITY TO JUMP IN >> AND IF WE'RE NOT SURE EXACTLY HOW THIS IS GOING TO GO, WHY ARE MAJOR COMPANIES WARMING UP TO THE IDEA OF BITCOIN NOW? >> I THINK A LOT OF COMPANIES WANT TO HAVE THE OPTION TO ALLOW PAYMENTS OF BITCOIN OVER THEIR MEDIUM SO PAYPAL AND MASTERCARD BEING THOSE, AND TESLA HAS BEEN AT THE FOREFRONT WITH THESE THINGS IN THE PAST SO IT'S MORE OF A BET ON I DON'T WANT TO MISS OUT ON THIS IF IT WILL BECOME A BIG COMPONENT OF THE CURRENCY, DIGITAL CURRENCY WORLD IN 10 TO 20 YEARS >> AND IS THIS SURGE DIFFERENT THAN PAST RALLY, AND WHY ARE WE SEEING THIS SURGE? >> KEEP IN MIND THAT BITCOIN HAS ONLY BEEN AROUND SINCE 2009, SO THERE'S NOT A LOT OF HISTORY WITH THE PRICE OF BITCOIN
IT'S HARD TO VALUE WHAT ONE BITCOIN SHOULD BE WORTH IN 2018, THEY LOST 80% OF THEIR VALUE OVER THE COURSE OF A YEAR SO THERE'S OBVIOUSLY A LOT OF EMBEDDED VOLATILITY IN IT, BUT
