Bitcoin (a digital currency) was described as “gold for nerds” by Convergex Group Chief Market Strategist Nick Colas in April 2013 on Bloomberg TV. The description quickly went viral.
Bitcoin (BTC) is a digital currency which was first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, who called it an anonymous, peer-to-peer, electronic payments system. Bitcoin creation and transfer is based on an open source encryption protocol and is not managed by any central authority. The creation of new bitcoins is automated and may be accomplished by servers, called bitcoin miners that run on an internet-based network and confirm bitcoin transactions by adding codes to a decentralized log, which is updated and archived periodically. Each bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal places.
24/7 Bitcoin Launchpad
Nick Colas on Bloomberg: Bitcoin is “Gold for Nerds”
Becky Hiller 2013-04-06
Convergex Group Chief market Strategist Nick Colas (MBA in Finance & Statistics, University of Chicago) speaks on Bloomberg’s program “Lunch Money” today and gives a very intelligent and hopeful analysis of Bitcoin, comparing it to gold, PayPal, discussing the “bubble”, and more.
April 10, 2013
Bitcoin Is `Gold for Nerds,’ Convergex’s Colas Says
WALL STREET ANALYST: Bitcoin Is A ‘Key New Idea’ For Investors Who Want To Make Money
Matthew Boesler | Apr. 10, 2013, 10:56 PM
There’s also ConvergEx Group chief market strategist Nick Colas, who was really the first to address it several weeks ago.
Bitcoin is gold for nerds, if you will,” said Colas. “It is something that a whole new generation of people believe in – the online nature of their lives, their economy – and so Bitcoin resonates with them.
Bitcoin Dreams Endure to Savers Crushed by CPI: Argentina Credit
By Camila Russo - Apr 16, 2013 9:47 AM CT
The growing market for bitcoins, called “gold for nerds” by Nicholas Colas, chief market strategist at ConvergEx Group, follows a surge in demand for the precious metal in Argentina, as investors also view it as a way to hedge against inflation.
New York City • Banking/Finance/Insurance • Wednesday, April 17, 2013 • Permalink