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Billionaire businessman Tilman Fertitta, founder and CEO of Landry’s, recently shared his thoughts on bitcoin while on CNBC’s “Power Lunch.” The billionaire sees similarities between the rise of cryptocurrencies and the dot-com bubble, but notes bitcoin is real and is here to stay.
Fertitta, who’s also the star of reality show “Billion Dollar Buyer,” compared the cryptocurrency ecosystem’s rise to the dot-com bubble, stating that cryptocurrencies are “no different than anything new,” and that people seem to forget that just 20 years ago adding “.com” to the end of a company’s name helped its stock run-up.
After pointing out that a lot of people made a lot of money thanks to bitcoin’s rise, he said he believes the flagship cryptocurrency is here to stay. He added that “we have a lot to learn about it,” and that his biggest reservation about it is that it isn’t insured by the government.
The CEO notably stated:
“Go to the bank and try to withdraw a million dollars, they don’t have the money. It’s just paper. That’s all bitcoin is, is paper, but it’s not insured by the FDIC today. And until it’s insured, a lot of people are never going to buy it.”
Despite the perceived setback, the billionaire businessman said that he could see his businesses accept the cryptocurrency in the future, as per his own words “it’s going to happen, that it’s real, that it’s just new.”
The billionaire’s views seemingly counter those that claim bitcoin is “just a fad,” arguing the cryptocurrency will eventually be replaced. As reported by CCN, various hedge fund platforms have rejected cryptocurrency funds as clients, fearing it could be like “the Tamagotchi from 20 years ago.”
Seemingly embracing the rise of cryptocurrencies and blockchain technology, Fertitta concluded:
“I mean, I remember somebody walking into my office and saying, ‘The world’s going to change. There’s this thing called the internet. And that wasn’t that long ago. So we have to remember this. It’s just something new and everything moves at a quicker pace today.”
The billionaire’s comments come at a time in which bitcoin is seemingly stabilizing after dipping to $13,500 in a recent correction, as it is currently near $13,000 according to CCN’s price index. The cryptocurrency is down from an all-time high near $20,000 in 2017, gaining 1,900% at its peak last year.
Featured image from YouTube/ESPN.
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Nicolás Maduro.
Article 4 of the decree describes the assets backing the new currency, stating that the Petro “is about Venezuelan oil quoted in the OPEC basket, as well as other commodities, including gold, diamond, coltan, and gas.” Moreover, each Petro “will have, as physical support, a purchase-sale contract for one (01) barrel of oil from the Venezuelan crude oil basket or any commodities that the nation decides.”
The Gazette also provides some issuance details of the Petro and hints at an initial coin offering (ICO). “The initial placement will be made through auction or direct assignment, made by the Superintendence of the crypto-assets and related Venezuelan activities,” according to Article 8.
Pine, the anonymous bitcoin whale behind the $86 million Pineapple Fund, has announced a $5 million donation to the organization Give Directly, for its “seed capital for the poor” project. The donation will help sponsor direct cash transfers to people living in extreme poverty conditions in Kenya, Uganda, and Rwanda.
Beyond helping the specific families that will be supported by the cash transfers, the project is also used to test the efficacy of universal basic income (UBI). Unlike social welfare and many traditional charity schemes, one of the central tenets of UBI is that it is not tied to specific requirements and demands from the recipients. This is meant to prevent people from falling into a poverty trap where they can’t try to improve their financial conditions without losing their support.
Cryptocurrencies have had an incredible run in 2017, to say the least. The entire landscape of 1,368 different digital assets now commands a whopping $585Bn market capitalization. One significant factor that has changed is back when bitcoin was $960 per coin, its market capitalization dominated all 1,300 altcoins by 90 percent, but now that metric is much lower. It was the only cryptocurrency that had over a billion dollar market cap, in fact, it had a valuation of $14.1Bn on 
Bitcoin’s market dominance is 38 percent during the end of the month in December 2017.
At the beginning of the year when BTC reached $1,100 per token, the economy was shaken when 
John Bollinger, the inventor of the financial technical analysis (TA) indicator Bollinger Bands, mentions bitcoin to his 11,000 Twitter followers.
On December 29, 2017, the BTC network hashrate exceeded 15 exahash per second.
The spring also saw the rise of the alternate bitcoin protocol codebase Bitcoin Unlimited. At the time talks of “forking” away from the network began increasing. During the end of May the “Barry Silbert compromise” otherwise known as the “New York Agreement” produced the controversial Segwit2x roadmap. The plan was to implement 
Less than two weeks later BTC was trading at $4K per coin, gaining a 1,000 dollar increase in one week’s time. At this price, bitcoin’s entire market capitalization was roughly $66Bn and its market cap dominated by 47 percent of the entire $134Bn cryptocurrency market cap. In addition to the birth of bitcoin cash, a large swathe of other bitcoin forks or ‘snapshot clones’ came into existence. The controversial 
On the very same day, the price of BTC surpassed $13,000 it also breached the $14,000 zone. At the time the Japanese yen and Korean won dominated the markets as far as national currencies paired with BTC are concerned. On December 6 the price of bitcoin again astonished the world by reaching $15K per coin. At this time the community was made aware that two of the largest FX exchanges in the world, 
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