Bitcoin is a topic of discussion almost everywhere I go. My introduction to Bitcoin came when I was speaking at a gold conference in Palm Springs and three bright-eyed, bushy-tailed college students approached me with a video camera and asked for my thoughts on Bitcoin. Noting my confusion, they began to evangelistically espouse the virtues of Bitcoin and tell me how it would save us from the evils of the Federal Reserve. I kept from rolling my eyes (you do want to encourage passion in the young) and mentioned a meeting that I had to go to at that very moment as it turned out.

Since that time Worth Wray and I and our entire team at Mauldin Economics have done a great deal of research on Bitcoin. We will soon release a video documentary that is one of the best productions Ive ever been involved with and that does a good job of explaining both the controversy around Bitcoin and its considerable promise. We talked with skeptics, enthusiasts, and people willing to put up tens of millions of dollars betting on the future of Bitcoin.

Worth Wray has written this weeks letter as a summary of what we know about Bitcoin. Delving into its history and bringing us up to date, he also offers a glimpse of the future. At the end of the letter I offer a few of my own thoughts on the relationships among gold, fiat money, Bitcoin, and financial transactions.

If nothing else, Bitcoin offers a provocative way to think of the future of money. Now let me turn it over to Worth.

Is Bitcoin the Future?

By Worth Wray

Growth demands a temporary surrender of security.

Gail Sheehy

When people write the history of this thing, of bitcoin, they are not going to write the story of 6 million to a billion. What is truly remarkable is the story of zero to 6 million. It has already happened! And were not paying attention! Thats incredible. Thats what had one chance in a million, and it already happened.

Wences Casares, Founder & CEO of Xapo

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Thoughts from the Frontline: Is Bitcoin the Future?