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When Bitcoin Hit $100: CNBC's 2013 Coverage

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Less than two years after it had been trading under $1, Bitcoin surged to more than $100 in the spring of 2013. CNBC's panel discussed the risks and benefits of the cryptocurrency, its comparisons to gold, and whether or not the run up was a bubble. Ten years ago, as Lehman Brothers was declaring bankruptcy and the global economy was lurching into recession, the idea for an alternative currency was being quietly built online. On Oct. 31, 2008, bitcoin was born — and in the past 10 years it has evolved from an anti-establishment hobby among coders to a household name on Wall Street. The first and most famous digital currency sparked mania among retail investors last year, and, despite being founded to bypass them, it has caught the attention of some of the world's most powerful institutions. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC #CNBC #Bitcoin #Crypto When Bitcoin Hit $100: CNBC's 2013 Coverage
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Text Comments (461)
Thijs Boeree (1 day ago)
Hacking Bitcoin, These two guys are so stupid, didn't they do some research before talking about it....
C Y (5 days ago)
This video just like Bitcoin is only going to get better with time...anytime I'm feeling down or sad this video will always pick me up. Pure joy. Hilarious!
Bill (6 days ago)
😂the guy on the right has no clue 😂😂😂😂😂😂
Milan Conhye (8 days ago)
If people don't believe in it, they become scared.
Pocket Miner (19 days ago)
Of course they cut off the guy in the middle
nowknow (24 days ago)
Yeah let me just make a counterfeit bitcoin like I'm going to make this counterfeit prime number. (Calculating new prime number...) 4
nowknow (24 days ago)
Yep 4 is totally a legitimate prime... No don't try to devide it, trust me.
Edjemoko Godwin (1 month ago)
Thanks hackerchen2 for helped me multiple my 2.9 bitcoin in my wallet nice doing business with him caused his trustees contact him hackerchen2@gmail.com
XxMr1XxX (1 month ago)
"I hear you say that, but that doesnt make it true." What a boss!
MrDukeus (1 month ago)
fake bitcoin? Like the one they sell on ebay that's a disc with a B on it? lol what a tool
SAL (16 days ago)
There is an a fake bitcoin system called bitcoincash.
jgribmdbz1212 (1 month ago)
Clearly one of those dudes doesn't known much about computers. 😂😂🤣
NoodlesPoodle (1 month ago)
Counterfeit bitcoin ?! More like counterfeit GOLD
Mastiff Lover (1 month ago)
LOL... Guy on the right- "but what about a counterfeit bitcoin that bitcoin users don't recognize as counterfeit"... LOL... Guy in the middle- "maybe there's people that know more about this subject and do believe in it"... so funny to look back on this and see people totally confused by it.
ShwolfOfficial (1 month ago)
This is equivalent to listening to primates discovering fire. Besides the guy with the hat, he's cool.
Mario (1 month ago)
CNBC got me like 😂
Lansana (1 month ago)
- The same month Dave Kleiman died - 1 month before Hal Finney was paralyzed, 13 months before Hal Finney died Bitcoin started booming right as its creators moved on from this world. Unfortunate they never got to see their creation flourish.
SAL (16 days ago)
At least Nick Szabo is still around.
Avni Coga (1 month ago)
Flipping neck where have we been... I was sort of interested of BTC in 2013 and didn't do enough research then when it was 100 usd now I got to buy it when it is 5000 usd... Man this is shooting yourself in the foot. Better late than never they say..
Justin Williams (3 days ago)
I think we are still WAY early. I think we will live to see 1 BTC USD be literally unobtainable to an average person, like $1,000,000 USD or more. I really think we do not actually know just how much debt and money is out there in existence. Just the estimates are from like several hundred TRILLION to FOUR QUADRILLION and remember that is always increasing.
Autistic Cat (1 month ago)
Institutional grade fud lol
satoshi nakamoto (1 month ago)
It's everything you said and more. Because a satoshi can mean anything.. The odds of hacking bitcoin is like .0000000001/1000000000% however they have to know the real time block updates too once the chains see its flaws in time it's ghost! Not worth the power nor time and energy without knowledge of everyone and those emotions . so its safe
vambo13257 (1 month ago)
I started to open an account on Satoshi in 2013, it was a pain in the azz, next time I looked BTC was about $50 and I decided to wait to see if it dropped. I literally regret it EVERYDAY !!!
Chris Soper (1 month ago)
"BAT TOKEN ..I'm not a financial advisor!!! "
Only Techno (1 month ago)
Every one that says about the drug thing should make a 2 minute pause of their life make their brain think hard of all the people they know that they are using drugs and think how they are buying them .. with Bitcoin ; or cash ;
Caroline Smith (1 month ago)
Counterfeit! Why does catch me if you can come to mind.
StupidRalph (1 month ago)
Publically he now says that BTC will probably go to $100,000 but will do so without him. Privately he cries in his bathroom. At least its adorned in gold and silver.
VinnyGamingYT (1 month ago)
The love how the middle guy just smirks well the two idiots argue about fake "facts" they've both made up
socks n sandals (1 month ago)
Most news stations have an agenda
Ryan McAlister (1 month ago)
When banks have negative interest rate boom bitcoin will be huge
Ryan McAlister (1 month ago)
It’s exciting seeing bitcoin go big time green Mofos
Zeke Maverick (1 month ago)
April, 2019 & Cryptocurrency is live & well market on the upswing
Avram Neal (1 month ago)
Maybe get a basic understanding of how Bitcoin works before you embarrass yourself on national television and misinform your viewers? Just saying...
D DIVS (1 month ago)
Lmao ok its 2019 and somebody was wrong tottally lol
kingo55 (1 month ago)
Gold price then: $1599, Now: $1293 Bitcoin price then: $100, Now: $5140 I know where I'm putting my savings.
Joshua Harrell (13 days ago)
+JackJackKcajify Yes, I can explain volume to market cap ratio. It's the percentage portion of a company or asset that changed hands in one day. Or, looking at a single piece of stock or satoshi, it's the percentage chance that that single stock or satoshi was traded in the one day. You brought up liquidity. Volume to market cap ratio isn't just some meaningless hillbilly equation. It's the standard for comparing liquidity between assets of different sizes. Let's compare Boeing and Bitcoin. Boeing has a market cap of $209.07 billion. Out of that, 9.74 million shares of $366.33, worth $3.57 billion total, changed hands in one high volume day. That's 1.7 percent of Boeing, which is our volume to market cap ratio. You can't just look at some other smaller company with a market cap of $209 million and say that they will never reach the size of Boeing, or even that they are a worse investment than Boeing, just because they have a volume value of only $3.57 million. That's the exact same portion of the company, 1.7 percent. Volume to market cap ratio is our point of reference between assets of different sizes. I said we'd look at Bitcoin. Bitcoin has a market cap of $103.94 billion, less than half the size of Boeing. If 1.7 percent of all Bitcoin changed hands in one day, just like Boeing stocks, you would expect a volume of $1.77 billion. Bitcoin's actual 24 hour volume is $16.53 billion. That means that as a portion of the asset, 9.3 times as much Bitcoin was traded as Boeing stock. Even in absolute terms, despite the fact that Boeing is twice as big, all the Bitcoin traded in one day was worth 4.6 times as much as all the Boeing stock traded in one day. Boeing 24 hour volume: $3.57 billion Bitcoin 24 hour volume: $16.53 billion Bill Gates said he would short Bitcoin a year ago, when prices were above $9k. And if he had done that for a year, he would have made a lot of money. But Bill Gates never said Bitcoin was a scam. That's a conspiracy theory that you can debunk just by looking at the Bitcoin source code. Bill Gates is probably too smart for that. Regardless of what Bill Gates thinks of Bitcoin, looking at numbers of every single asset of a kind traded in the whole world over a certain period is, by definition, not cherrypicking. Invoking the opinion of just one person is, by definition, cherrypicking.
JackJackKcajify (13 days ago)
+Joshua Harrell Bill gates said he would short bitcoin. I don't think you realize how much of a conviction someone needs to have to say that they would short a particular asset on national television. bill gates thinks its a scam, and so do I. I tend to believe he actually has inside information about its origins as a matter of fact. but im not sure. regardless, bitcoin is a scam concocted by bad actors.
JackJackKcajify (13 days ago)
+whizzdoom You have a good point. Your correct in everything you say. Its all about how you perceive what you have. Many scientists are only interested in the science and its applications, not for any financial repercussions or relations. But the point is that people deliberately/ intentionally pumped and dumped the price of this coin to profit at the expense of others. it was a scheme constructed by bad actors. blockchain and bitcoin, and crypto, are three entirely different concepts.
JackJackKcajify (13 days ago)
+Joshua Harrell Your relativistic measurement cherry picking is not doing anyone any good. Much like the hyper misleading bitcoin charts that aren't correctly drawn to scale to reflect the volatility. Volume to market cap ratios? what ratio is this? How is that correlated to price in any way?? Can you even explain that equation? Today, over 9.74 million shares of Boeing were traded. One share of Boeing is worth 357 dollars. DO the math on how much Cash exchanged hands today. Volume to market cap ratio is a meaningless equation meant to misrepresent the true liquidity of the asset. 10 dollars in boeing stock represents a different point of reference of liquidity to 10 dollars invested ina crypto coin. This is why cryptos are subject to manipulation.
whizzdoom (14 days ago)
+JackJackKcajify Oh Jack... One day u will regret. 😂. One day u will remember me. 😂 U are only looking at figures but have zero idea behind the technology. Figures will flactuate, it's normal. When it hit 20000, there was a lot of FOMO and that has nothing to do with the technology powering bitcoin, that was just human greed at work. People selling their houses to buy bitcoin with zero understanding of Blockchain they were likely to get burnt, that's their fault not bitcoins fault. People who understood bitcoin and got in when it was 100dollars when it when it 20000 then down to 3200 they still had not lost becoz they understood and lm pretty sure they still in the bitcoin game. I can foresee people like u trying to jump in when bitcoin hits 50k 😂😂Gudluck buddy!
Tai Nguyen (1 month ago)
What does he mean by people are getting nervous? Hmmmm....
hiilikeair (1 month ago)
how come everytime a video is at least 5 years old it looks like it's from the 90s
bernardmailmantv (1 month ago)
This didn't age well for gold guy Michael pinto.
billy boob (1 month ago)
Oh boy.... haha
KABOOM (1 month ago)
gold dosent go up n down like bitcoin exactly because its money, its value its stable, bitcoin isnt its a mania and its worth less then fiat because it dosent even exist in the real world, bitcoin is nothing but speculation, no value whatsoever
shornoMALONEY (1 month ago)
Haha just look at the gold price over the last 20 years... Sure, it fluctuates slower because its market cap is so much larger, but when you zoom out it's volatile. Also just because something doesn't exist in the "real world" doesn't mean it doesn't have value - I pay for a Netflix subscription, which is basically binary data that flows into my computer. Why would I pay for these ones and zeroes? Same goes for the last game I bought on Steam. Get with the program mate...
KABOOM (1 month ago)
bitcoin is the dumbest thing i ever saw, total tulip mania, minute gov creates one to substitute fiat bitcoin will go to 0
Sell the Dip (1 month ago)
Don't invest in it it's rubbish
Richard Pickering (2 months ago)
just LOL
Mikhel Brown (2 months ago)
Woow!! People were and are still very ignorant about BTC than i thought.
Wandering Music (2 months ago)
Let the man YOU brought on talk and make his point. Geez
John Eric Horter (2 months ago)
Counterfeit bitcoin!! Maybe they edited out the part where Mr. Pento says "April fool!"
Dan (2 months ago)
"I hear you say that, but that doesn't make it true" - my new life moto
Thinking Crypto (2 months ago)
HODL!! This new asset class led by Bitcoin is here to stay and will be pumped by the institutional money!
SSVida (2 months ago)
The elf is now on the shelf
Jeffrey Mcdaniels (4 months ago)
Let's do another one of these in 2022
pedro (4 months ago)
sooo whoo is the geek skuad now ????? Hahahahah
pedro (4 months ago)
21 milion BTC and this guys say its not rare? Hahahahah
Jason (5 months ago)
They all sound clueless. The guy in the middle does a poor job of defending Bitcoin. The guy on the right sounds like Jamie Dimon prior to "we're opening a trading desk" 😂
Daily News (5 months ago)
You can't easily move gold or protect it. He didn't really understand bitcoin.
Derek Mcrae (5 months ago)
Is there a video of them fudding it when it fell from 1k to $200
damnright4 (5 months ago)
Love how at the end of this the guy with the hat politely tells the gold guy he dosent know what hes talking about...
Def Qon (5 months ago)
xaxa :D its like onion news. thats why we need fake news engine these days
BloodOnMars (5 months ago)
BTC will go back to 20k, but first we need to bounce off 100$ again. 😄
D 1080 (5 months ago)
Picture the guy with cocaine all over his face saying, "got any more of them $100 Bitcoin?"😅
Dre Day (5 months ago)
Wow only $100.
james a (5 months ago)
First heard about it in 2010 and thought it could be great. Didnt invest til 2015. Should have trusted my gut.
The Doctornaut (5 months ago)
Rhvn ym (5 months ago)
What about ethrum
SAL (16 days ago)
Ethereum wasn't even an idea when bitcoin first hit $100.
Dun (5 months ago)
The guy on the right predicted Bitcoin Cash when he talked about counterfeit Bitcoins, maybe he’s not as dumb as I first thought
keaneY (5 months ago)
the anchor didn't even know what bitcoin is but kept challenging the guest, that was fun to see he was wrong, and i hope that he realized that how wrong he was at that time
F your S coin (5 months ago)
and today bitcoin is still holding up over 34x from this video 5 short years ago. And more secure and robust.
CryptoSuperPowers (5 months ago)
nik blo (5 months ago)
bitcoin not rare? :D :D
ToOldToSkate (5 months ago)
one of those guys has retired.....can you guess which one?
Zt Cedric (5 months ago)
lol this gold bug, if he only had knew
Sebastian Velandia (5 months ago)
The guy on the right probably bought Bitcoin Cash at the top LOL
Jeff Atkins (5 months ago)
When educated idiots make comments based on assumtions and do so with confidence they appear credible at first blush.... but this guys claims about the problems facing bitcoin is so apparent to anyone with a modicum of education on the topic... Dont let your ego/arrogance prevent you from becoming educated on the topic.
indiekiduk (5 months ago)
wow that was intense
e. g. g. (5 months ago)
Would of loved to find out about btc when it was a 100
The Moon (5 months ago)
Bitcoin to The Moon! 🌙
Levio100 (5 months ago)
Why would people buy lousy Bitcoin when they can buy GOLD? Shiny, precious GOLD! Even the Incans used gold! Do you doubt the INCANS!?
SincerelyWilliam (5 months ago)
The guy on the right is a dinosaur. I bet he felt stupid when it hit 20k and now that Nasdaq is entering crypto in 2019, I bet he feels even more stupid lol
Raypooh (5 months ago)
Wish I had got into it when it was $100 😭😭😭😭😭.
Coinmarket SWOT (5 months ago)
these reporters dropped my IQ by a 100, I start thinking about counterfeiting Bitcoin too. Let me startup my spreadsheet.
Michael Perez (5 months ago)
I didn’t invest in bitcoin back then because I listened to guys like the dumb one on the right
Dean Jones (5 months ago)
4:06 it could be wiped out by Nano confirmed!
Jordan Shackelford (5 months ago)
Well he was right about the counterfeit... bitcoin cash
Hex Awareness Team (5 months ago)
Bitcoin tried to recreate a wheel and came up with a flat tire. Lmao.
louisaparker (5 months ago)
I think the guy who spoke about counterfeit bitcoin, meant an alternative cryptocurrency. And there have been a lot of those.
AnarchoSkycoin (5 months ago)
Buy Skycoin
Tiberiu D (5 months ago)
the drug dealers using bitcoin .... LOL Drug dealers use US dollars too r
Daniel Bonaire (5 months ago)
Ya..Cuz Pablo Escobar, Al Capone & El Chapo never used US Dollars to perform criminal transactions!!! The "criminals" aren't the real criminals...It's the owners of Banks and Wall St who are the real criminals!
Prasino Fasoulaki (5 months ago)
Gold & Silver is Money... If you don’t physically hold it, you don’t own it..... A blip on a screen is not money.....
will3890 (5 months ago)
I like how the guy saying it's a flat tire and then proceeds to list what makes something money, but actually lists everything bitcoin is lmao.
will3890 (5 months ago)
He sounds like those people when e-mail first came out and they were trying to explain it, but didn't quite understand it themselves.
Travis McCarty (5 months ago)
counterfeit Bitcoin lmao
VinnyGamingYT (5 months ago)
It's pretty funny to see how CNBC is just as clueless in 2018
IOCsignals (5 months ago)
I don't know that work in american banks but in europe you creat Fiat when u make a credit in your bank they give you money for free and how much you ask , so for bitcoin you need proof of work. dosent look to bad and the people can mine it not only bank. Now you can transfert btc over the counter and in to . when you want transfert your fiat you paye the bank and the process . i think we have avantage to use bitcoin and make money with that why we will dont use it , 1 currency for everycountry in the world
Oliver Li (5 months ago)
hahaha!! luckily, this pattern before deep pockets buying never dies, big guys like Jamie Dimon and Warren Buffet inherit it... we should have a Kaggle competition about this to break this world's uneven wealth distribution LOL
Crypto Vision (5 months ago)
Rumours say the guy on the right just bought a physical Bitcoin on Ebay from a guy in India
Deepak Varit (1 month ago)
Edmond Dantès (1 month ago)
underrrated comment :D
The superflexible flying Taoist (5 months ago)
cant you just copy the algo of bitcoin and make another run?
The Punisher (5 months ago)
Even the pro bitcoin guy was not fully informed back then. I hope he bought a lot back then and held it ahahah
yves kone (5 months ago)
hello everybody I ve found to way to predict bitcoin prices but i don t know how to make money by monetizing this technic any advices will be very appreciated
Rusty Debier (5 months ago)
use bitmex
Tip Top (5 months ago)
Depressing to watch... wish I bought.. Heard all about it back towards my senior year of high school but didn't care enough to look into it.. knew about it from scrolling through the silk road.. just didn't see the point of it.
harry van wijk (6 months ago)
Ridvan Albay (6 months ago)
The face he makes from 2:52 onwards after those 2 questions. 😂😂😂🤣🤣🤣🤣
HDFX (6 months ago)
Dow @ 14k lol if they only knew what was to come
Miguelon (6 months ago)
Gosh, my brother had the chance when it was like 9 bucks... 😪😫😒😒... I wish I could go back in time and throw in 5k
O.G. cummins w250 (6 months ago)
Xrp is Next
Cyberworld 7 - Stock Market Millionaire (6 months ago)
Dam I wish I invested in bitcoin instead of the stock market in 2013