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00:00ONE CURRENCY IS GAINING STEAM, AND THAT IS BITCOIN. WILL IT HELP GREEKS KEEP THEIR MONEY SAFE? JOINING ME, PETER IS BACK WITH US FROM WASHINGTON. WE HAVE SEEN THE PRICE INCH BACKUP. IT IS WHAT, $250 -- $270? HOW MUCH DOES THIS RISE HAVE TO DO WITH GREECE? GUEST: I THINK THE LAST MONTH IT WAS BETWEEN$220 AND $250. NOW IT HAS BEEN TURNED TO $7 A HIGH THIS MORNING. EMILY: WHO IS TO SAY THAT THIS IS NOT JUST SPECULATION? PETER: I THINK IT IS SPECULATION, QUITE HONESTLY. SPECULATION IS A TRICKY THING. WHEN YOU SEE SOMETHING IN THE NEWS LIKE A SOVEREIGN DEBT CRISIS, YOU LOOK AT OTHER ASSETS TO SECURE YOUR MONEY. IF YOU'RE IN GREECE, YOU DO NOT HAVE THAT OPTION. I DO NOT THINK WE ARE SEEING A LOT OF CAPITAL MOVE INTO BITCOIN FROM GREECE ITSELF, BUT IF YOU ARE FROM A NEIGHBORING STATE THAT HAS A DEBT PROBLEM, SAY PORTUGAL OR IRELAND, YOU'RE THINKING, HEY, MAYBE I SHOULD DIVERSIFY, STAY AWAY FROM TREASURIES AND CONSIDER BITCOIN. BUT THAT'S A SPECULATIVE MOVE. THAT'S A THOUGHT, THIS IS AN OPTION OUTSIDE MY OTHER INVESTMENT VEHICLE. IT'S NOT AN ESCAPE. EMILY: MOST OF THE BITCOIN EXCHANGES ARE NOT OPENING GREECE. HOW CAN THEY TURNED THEIR CASH INTO BITCOIN? SONNY: THAT IS THE POINT. IT'S VERY HARD. YOU CAN GET TO IT ONLINE. THE PROBLEM IS, HOW YOU GET MONEY TO PAY FOR THE BITCOIN ACTUALLY. PETER IS RIGHT, A LOT OF THE MONEY WILL BE NEIGHBORING COUNTRIES AROUND THE WORLD, SAYING WOW, IT'S INTERESTING WHAT IS HAPPENING IN GREECE. I SHOULD HAVE ASSETS IN BITCOIN. EMILY: WE'RE SEEING THE EU BY A LOT MORE BITCOIN, RIGHT, PETER? PETER: YEAH, AND IT IS ALSO AN OPEN QUESTION ABOUT WHETHER THOSE GOODS STORE VALUE IF YOU SAY I DO NOT WANT MY LOCAL CURRENCY. I WANT BITCOIN. IT IS NOT THE BEST STORE OF VALUE. WE WERE TALKING EARLIER ABOUT HOW FRED WILSON THINKS THAT YOU CAN BUILD REDDIT ON A BLOCKCHAIN . IT COULD HAVE AN UPSIDE, BUT IT COULD HAVE A VERY LARGE DOWNSIDE BECAUSE IT DISAPPEARS. WHAT IS GOOD FOR THOUGH IS A RAIL. IN CAN BE A NEW PAYMENT RAIL FOR CROSS-BORDER PAYMENTS. YOU SWITCH INTO BITCOIN TO GET OUT OF YOUR LOCAL CURRENCY AND USE THAT AS A WAY TO ACCESS ONLINE MARKETS ANOTHER COUNTRIES WHERE YOU WOULD THEN TRADE BITCOIN FOR, SAY, DOLLARS IF YOU WANTED TO HOLD DOLLARS OR SOMETHING LIKE THAT. EMILY: THIS IS YOUR BUSINESS. GREECE COULD ADOPT BITCOIN. HOW FAR-FETCHED IS THAT THOUGH, REALLY? SONNY: I THINK THAT THEY SHOULD LOOK AT BITCOIN AS A WAY THEY CAN WORK TOGETHER. I THINK GREECE ADOPTING BITCOIN AS THE SINGLE CURRENCY WOULD BE HARD, BUT I THINK THEY COULD DEFTLY FIND A WAY TO HAVE IT WORK TOGETHER. EMILY: PETER, FAR-FETCHED? PETER: YEAH, I THINK FAR-FETCHED. BUT THAT SAID, IN ARGENTINA, WE SEE PEOPLE WHO DO USE BITCOIN AS A PAYMENT RAIL TO AVOID CAPITAL CONTROLS. THE QUESTION IS USABILITY. IT HAS GOT TO BE ACCESSIBLE AND ACCESSIBLE TO THE KIND OF PEOPLE WHO ARE HARMED BY THE KIND OF ACTIVITIES WE ARE SEEING INCREASED, BY PENSIONERS, OLDER FOLKS. RIGHT NOW, THAT IS NOT THE SITUATION ON THE GROUND, SO WE WILL HAVE TO SEE A BIG CHANGE FOR IT TO CATCH ON. AS FAR AS ADOPTING THE NATIONAL CURRENCY, AND THINK IT WILL BE HARD ENOUGH. I DO NOT THINK YOU WANT TO ADD CRYPTO CURRENCY INTO THE MIX. EMILY: FINAL THOUGHT. SONNY: I AGREE.

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