Steve owns a small amount of crypto from early experimentation. He says it's not yet practical for everyday purchases like debit cards, but predicts rapid adoption once the technology matures. He points to El Salvador's bet on Bitcoin as an example of how early skeptics might end up winning big.
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Hey Steve, do you own any crypto? Yeah, I have a little bit of crypto I bought a long time ago, enough just to play with. The biggest issue with cryptocurrency is it's not like having a debit or credit card where you just tap the card to buy a cup of coffee or charge at a pharmacy or a restaurant. Once the technology catches up, I'm sure it's going to be utilized much, much quicker. Bitcoin and these other currencies, there's no question there's going to be a market. Of course, if you have enough people using anything, it creates its own market, just like the value of airplanes, piece of art. All it is is canvas and oil. How can you put a value to it? But if enough people start bidding the price all of a sudden it creates a value. Country in Central America, El Salvador, actually put their economy under Bitcoin. People laughing at them at the beginning because Bitcoin went down. All of a sudden now they're waking up, and I think their coffers are going to be full, full, full. They might get the last laugh.