GiveBitcoin is happy to sponsor the written transcript of the Stephan Livera Podcast. Stephan hosts world-class interviews with the top individuals pushing Bitcoin forward.
Episode 2 features Vijay Boyapati, Vijay is a former Google engineer and avid student of Austrian economics. His article The Bullish Case for Bitcoin is a must-read in the Bitcoin community.
The Process of Mental Capture
“I think what happens for a lot of people when they first get exposed to Bitcoin, they either hear about it and they buy a little bit or someone gives them a little bit. I’ve had a bunch of friends and family who I’ve given small amounts of Bitcoin to over the years. I mean, it was small at the time, the purchasing power was quite small, but over time it started increasing in value and I’d give someone $20 or $50 worth of Bitcoin and then a few years later it’d be $500 worth, and they’d start paying attention like, “What is this thing?” I think there’s this transition from hearing about it and getting a mild interest in it to becoming an active participant in the market. That process takes a while and involves what I call mental capture as a person becomes more interested and eventually becomes a really active participant and starts buying Bitcoins and becomes a HODler.”– Vijay Boyapati
“My view is that in each hype cycle, there’s a pool of people who are reachable in the sense that they’re able to understand it, they’ve heard enough about it, they’re ready to even consider putting some money in, and it’s a finite number and each hype cycle, that number grows.”– Vijay Boyapati
Money as a Tool for Economic Calculation
“The interesting thing I think about money is it’s the most important good in any society. Without money, economic calculation would be impossible and there would be no division of labor. So without money, you have no civilization and we’d basically all be living in poverty. Despite the fact that it’s that important, people have an incredibly poor understanding of money, and I blame this mostly on the economics profession which has propagated really bad explanations of how, why money rises.”– Vijay Boyapati
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