Since Donald J. Trump won the 2024 election, cryptocurrency has surged to its highest level ever. David Yaffe-Bellany, a technology reporter for The Times, explains how a small, renegade industry that began as a challenge to the financial system ended up on top of it.Guest: David Yaffe-Bellany, a technology reporter for The New York Times.Background reading: Earlier this month, Bitcoin hit a milestone: $100,000.Eric Trump has promised the “most pro-crypto president” in history.For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.
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From The New York Times, I'm Sabrina Tavernisi, and this is The Daily. Since the election of Donald Trump, cryptocurrency has surged to its highest level ever.
Speaking of President Trump coming back, wow, did he put the fire under Bitcoin.
Bitcoin, wow, through the roof, another huge record.
Tonight, a new record for Bitcoin surging past $100,000 for the first time.
We have $100,000 in Bitcoin. We have the potential for people feeling as if, wow, we made it.
Today, my colleague David Yaffe-Bellini on how a small renegade industry that began as a challenge to the financial system ended up on top of it. It's Thursday, December 19th. So, David, you and I have been talking for years now about the ups and downs and ups again of this thing that never really seems quite real or solid, and that is crypto. And now crypto has exploded in value.
Is this just another twist in the roller coaster or is it something bigger? Is this a pivotal moment?
So obviously, it's impossible to predict the future, especially where cryptocurrency is concerned. But it's certainly the case that this new surge in the crypto world is different from ones that we've seen in the past. And let me put this into perspective for you for a second. Bitcoin was created about 15, 16 years ago, essentially out of thin air. It was worth nothing.
You know, famously, there was this early experiment to kind of prove how Bitcoin could be used, where a guy went onto an internet forum and said, I'll send 10,000 Bitcoin to somebody in an exchange, send me $40 worth of pizza. And that exchange happened. and somebody was paid 10,000 Bitcoin for two pizzas.
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