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Home » Insights » Investment Management » A Bit About Bitcoin

A Bit About Bitcoin

Soula Stefanopoulos | Investment Management | January 23, 2014 (February 25, 2020)

Our take on Bitcoins? In two words, they byte. Says LNWM Chief Investment Officer Bob Benson: “There’s really no way to accurately assess Bitcoin value. It’s a truly speculative market, and this why the Bitcoin exchange rate can change drastically in a matter of days.” Just as important, those using Bitcoins have little recourse should payment or transaction problems arise.

Says Bob: “Bitcoins are intriguing for many reasons. But they are a bet, not an investment.”

While we wouldn’t rush out to invest in Bitcoins any time soon, they’re fun to talk about, especially at cocktail parties. Below is a little quiz to get you up to speed on what’s billed as the world’s leading non-governmental currency (answers at bottom):

1. Name of person who supposedly founded Bitcoin:
A. Tyler Winklevoss
B. Futoshi Kobayashi
C. Elon Musk
D. Satoshi Nakamoto

2. The latest year the above figure communicated publically:
A. 2013
B. 2012
C. 2011
D. 2010

3. The maximum number of Bitcoins that can be newly issued (aka “mined”):
A. 60 every 60 minutes
B. 25 every 10 minutes
C. 60 every 30 minutes
D. None of the above

4. The number of Bitcoins recently in circulation:
A. Between 5 and 15 million
B. 20 million to 40 million
C. 50 million to 100 million
D. No one really knows; estimates vary widely.

5. The total number of Bitcoins possible (estimated to be achieved around the year 2140 at the earliest):
A. 100 million
B. 55 million
C. 21 million
D. No limit

6. Roughly, the recent value of 1 Bitcoin in U.S. dollars:
A. $50
B. $200
C. $800
D. $1,200

 

 

ANSWERS: 1=D; 2=D; 3=B; 4=A; 5=C; 6=C.
Source of data: Bloomberg Businessweek, January 13 – 19, 2014; and http://bitcoinexchange.org

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Soula Stefanopoulos

Soula, LNWM’s Senior Content Manager, loves to ask questions. Among other things, she was an editor at the OECD in Paris and managing editor of Louis Rukeyser’s Wall Street.

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