Bitcoin Billionaires: A True Story of Genius, Betrayal, and Redemption by Ben Mezrich

Author:Ben Mezrich [Mezrich, Ben]
Language: eng
Format: epub
ISBN: 9781250217752
Google: IrZrDwAAQBAJ
Amazon: B07GN8HWZW
Barnesnoble: B07GN8HWZW
Goodreads: 41703776
Publisher: Macmillan

15

IN THE AIR

Bitcoin sounded just as good at thirty thousand feet.

Tyler stood in front of the whiteboard that had been set up against the glossy, mahogany wood-paneled wall leading to the dining area, his black marker hovering over the chart he had just drawn, a jagged Himalayan mountain range tracking the price of bitcoin from its inception to that very day—steep rises and stomach-turning drops—a line that overall, trended ever upward. A snail’s pace at first, during those two years when nobody outside of a handful of cypherpunks, computer nerds, and math geeks congregating on alternative message boards had heard of the cryptocurrency, then launching higher just six months ago after a few more people like the twins themselves began to take notice. Then dipping slightly, before exploding skyward four weeks ago—thank you, Cyprus—hitting an incredible high of $266 a bitcoin. And then, in just the past twenty-four hours, crashing, diving, plummeting, down more than 60 percent, to a little over $120 a bitcoin.

“Yes, it’s volatile,” Tyler finished, putting the cap back on the marker. “But that’s to be expected, as we’re still in the very early stages here. There’s still a lot of regulatory uncertainty, and there are so few people in the market, that it’s extremely sensitive to day-to-day news. But that’s exactly why we think there’s so much opportunity. With high risk comes high reward. Bitcoin is only going to attract more and more attention. Cyprus was just a starting point. People are going to realize there are better places to store their wealth than government fiat currency. And because of Bitcoin’s fixed supply, the more people buy into it, the more the price has to appreciate. Classic supply and demand.”

Tyler looked at the small group gathered on the semicircular couch in front of him, which included his brother, of course, his head propped up next to one of the windows that lined the body of the plane. The shade had been drawn halfway, but behind Cameron, Tyler could still see wisps of clouds through the double glass. Closest to Tyler was a young man in a blue suit who’d introduced himself as an analyst; he was one of three supporting staff, two of whom were also situated around the couch, the third by the huge flat-screen TV that hung on the wall opposite the whiteboard. And then next to the young man was the owner of the private jet, Ron Burkle. One of the most successful businessmen in the country, he was a billionaire who’d built his fortune first by building and selling a supermarket chain, and then as the head of The Yucaipa Companies, LLC, a private equity outfit with billions in assets that included ownership stakes in Barneys New York, the Pittsburgh Penguins NHL hockey team, Morgans Hotel Group, and Soho House clubs.

“I’m not sure I buy it as a currency,” Burkle said while writing notes on a pad on the table in front of him, next to lavish platters of sushi, caviar, charcuterie,

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