Bitcoin just received another reputation boost that’s already beginning to make its round on social media. This tim from XPRIZE Foundation Founder and Chairman Peter H. Diamandis (pictured above, right).
In a blog published Sunday evening to his public Google Plus social media page, Diamandis put this emerging new digital currency in his crosshairs, stating boldly that “Bitcoin is moving from its Deceptive phase to a very Disruptive phase.”
Diamandis says that he’s looked into bitcoin since its inception in 2009, and revealed that he’s actively trading in a portion of his gold holdings to pick up bitcoin instead.
In addition, Diamandis adds that the digital currency will be accepted for his Abundance 360 Summit, which takes place next in January 2015.
The ‘Six D’s Approach’ and the future
Diamandis outlines that existence of bitcoin follows his so-called “6 D’s” approach, which requires that the subject be Digitized, Deceptive, Disruptive, Dematerializing, Demonetizing, and Democratizing.
My friend Barry Silbert (founder of Second Market) recently spoke as my guest at Singularity University’s Exponential Finance conference about Bitcoin. He provided an excellent overview of its near-term trajectory, summarized below [omitted for brevity]. His input has also put me on the lookout for the “User Interface Moment” – that moment in time when an entrepreneur designs a piece of interface software (think Marc Andreessen and Mosaic) that makes it so easy to use bitcoin.
That near-term trajectory runs through five phases, the fifth arguably being the most interesting, given that both Diamandis and Silbert believe something big is on the horizon:
Finally will come the ‘Mass Global Consumer Adoption’ phase — this is where bitcoin becomes a major player in the global economy. When consumers feel it is easy, safe and secure to use bitcoin. It won’t be possible until after the “User Interface Moment” materializes, but I believe, as does Barry, that this is only 1-2 years out.
So what does Diamandis recommend those who are interested do? Pretty simple:
Learn, do, teach… Go experiment! Create a bitcoin wallet and buy some bitcoin. There is no better way to learn than by doing.
Interestingly, Diamandis names Atlanta-based BitPay as a bitcoin exchange, of which it isn’t, but we’ll let it slide!
The XPRIZE Foundation is a not-for-profit founded in 1995, famous for a competition that would award ten million dollars to the first privately-financed team that could launch a three-passenger craft 100km into space. That prize was awarded to Mojave Aerospace Ventures in 2004 for their SpaceShipOne project.
To read the full blog by Diamandis, follow this link.
[textmarker color=”C24000″]Image[/textmarker] XPRIZE Foundation