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# The Nantucket Project: Bitcoin Might Be the Best Money Civilization Has Ever Seen

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<!-- video src="https://cdn.jwplayer.com/manifests/Eo26Nm3w.m3u8" -->
## Video: The Nantucket Project: Bitcoin Might Be the Best Money Civilization Has Ever Seen

[Watch (HLS stream): The Nantucket Project: Bitcoin Might Be the Best Money Civilization Has Ever Seen](https://cdn.jwplayer.com/manifests/Eo26Nm3w.m3u8) (2:23)

![The Nantucket Project: Bitcoin Might Be the Best Money Civilization Has Ever Seen](https://cdn.jwplayer.com/v2/media/Eo26Nm3w/poster.jpg?width=720)

_Published 2014-10-20. The Reason Bitcoin Might Be the Best Money Civilization Has Ever Seen_


---

Jul 27, 2023 5:23 PM UTC

---

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---


## Transcript

[ MUSIC ] The value of the Bitcoin, I think, peaked out around, was it, $ 1900? A little lower, but yeah. Yeah. About two years ago. Just about the same time that gold peaked out at $ 1900. Mm. And gold today is worth $ 1200 and Bitcoins are worth $ 450. So, you know, why do you think that, that this virtual currency is going to be better than gold? One is network effect. So first of all, it's like gold in the sense that it is the ultimate store of value. Gold is the one thing that if you had invested in hundreds, thousands of years ago, it would have held its value. You couldn't say that about virtually any other option.

And that's true for the future as well, except when it comes to BitCoin, it's a better option. One of the reasons Bitcoin is better is that right now the volatility's very high but the growth is also very high. There's about 60 to 100, 000 new users on the Bitcoin network every day, that's accelerating. We think that once we hit about a billion users of Bitcoin which should happen in three to five years. You'll see an inflection point where bitcoin is essentially ubiquitous not just as a store value, but as a method of transaction. It's I, I think the, the best analogy is to email. Right now we're in 1992, 1993, and, and, and a lot of people are, are looking at bitcoin the same way they looked at.

That email. Or the internet. So we, we make that analogy a lot. BitCoin 2014 is the internet 1993. And at that time it was a bit of curiosity, you heard about it, maybe you saw some people in the library working with. You said what are those nerds doing sending messages to each other? You know ,. And then we hit a point where through AOL or Hotmail or Yahoo, everyone had an email address and suddenly instantly became ubiquitous, not just important but essential. It sorta took over the world, BitCoin will do that as well. [ MUSIC ]

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