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I think that case for buying it is there's two things to separate here number one I think Bitcoin as a currency when people are looking at investing in it it's still very early we're just starting to see retail interest spiked and a lot of the buying activity we've seen over the last few weeks has primarily really been driven by retail investors institutional investors haven't really had a way to get into the asset class and as you look at the launch of futures I think many people were really pricing in that institutional money coming in with this recent run-up so I think there will be a much bigger run coming in 2018 when more products and more instruments come to market we have three products under our grayscale family a Bitcoin investment trusts that as of today has 2.6 billion dollars in assets under management starting at 300 million earlier this year so just that growth alone has been a great indicator of the potential of this market I think the second component is if we look at analogies to early internet investing really there are no ways for people to invest in blockchain technology which is kind of the broader theme here today and so a lot of investors who are looking at this are saying okay really the only way for me to get involved in this broader technology shift happening today is survive Bitcoin or digital currencies to get exposure to the broader blockchain Maione can't something be legit and be a bubble I mean why do people have to rush into it today even if you think it's totally legitimate based on more than just hype and n momentum even the most ardent bulls like Mike Novogratz say right hey could go to 40,000 but this current iteration is a bubble sure and I think that's where the decoupling of financial capital and production capital is really interesting so what we are seeing is a lot of speculative investing and I think it's normal in new technology paradigms to see quote-unquote bubbles forming and we saw that in the early internet we saw that with steam locomotives we've seen that it is a trend throughout history but I think what's fundamentally different here is we're just getting started and this financial speculation is fueling the development of infrastructure we've invested in over 110 companies that are building infrastructure around digital currencies and all of those companies are raising money they're capitalizing themselves through icos or token offerings and they're using that money to build all the infrastructure I'm gonna fuel this new financial system yeah I'm thinking about there you go Kelly Coyne and I'm just gonna just gonna raise the money and do whatever I want with it everybody else seems to have it exactly professor what do you think about Bitcoin you think it's a bubble well the question is what's the definition of a bubble to me it's a classic definition of one the chart is on pair by it's a party if you look up bubble in the dictionary you don't get a very good definition I in my book I wrote about this to me a bubble is a time when there's great excitement about an investment spurred by other stories of other people making a lot of money driven by envy people will buy things sight unseen out of excitement gambling sort of mood develops that's a bubble and so if it sounds like I should say boxes but now the thing is a bubble isn't necessarily totally wrong that's the it just goes too far so yes I think that bitcoin is has aspects of above all in it whether it has gone too far or not is just almost impossible to be sure about because we don't really know what what's going to happen with these brand-new instruments to the question that we is it too late in European I don't even know if I should ask you this I'm not sure what your opinion is of it then but should people buy Bitcoin at these levels is there a case to make with your you know relative or a friend or someone said to you should I buy this thing what would you tell him you know one of my students he's a teenager told me he was buying Bitcoin so I said I hope you're not buying too much and he said well it was less than one Bitcoin so I think you can play with it that's ok no it's probably educational but it'd be wrong to put a high percent of your portfolio in it because it may have gone up tenfold already but that's not guaranteed
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