Ellen DeGeneres, a comedian, took it upon herself to explain to her audience what cryptocurrency actually is.
“Everybody is talking about bitcoin, nobody understands it,” she said. “It’s like a plot twist in a confusing movie, when you’re watching a movie and your friends are acting like they know what’s going on, and you’re like, ‘Yeah, I do too.’
“Pretend [that] bitcoin is a goat (as she points to a television monitor with a picture of a goat). Now it’s adorable… and you want to pick it up and you want to pet it. But you can’t because it’s not there, it doesn’t exist except for on that Internet right there, just like bitcoin is digital currency.”
DeGeneres explained that bitcoin is like a stock market where people can make money off of it, but said that she’d “rather own a baby goat” than the cryptocurrency.
“Basically, if you invest in bitcoin, you’ll either be a millionaire or you’ll be totally broke,” she said.
DeGeneres is not far off in some senses. Bitcoin is indeed digital not physical. It is known as a “decentralized currency” because it is not issued by a central authority. Instead its maintenance relies on a network of computers and different participants.
While DeGeneres’s presentation of bitcoin was hilarious. It shows why there is a high need for education about the blockchain and cryptocurrency. Check out our educational page and eBooks for a better understanding of the crypto market.