Since the first bitcoin transaction in early 2009, the cryptocurrency has moved from the fringe to the futures market. Investors are struggling to value this speculative instrument— part commodity, part currency, with some of the characteristics that we find in businesses with economic moats. They are also delving into emerging opportunities built on blockchain technology.
To explore this uncharted landscape, I spoke with two of our own experts in the field. Evan Morris is an analyst who leads emerging technology coverage at PitchBook. Kai Wu, a project manager with Morningstar Data, leads various blockchain initiatives internally and was recently featured among the “Top 40 Chicago Blockchain Thought Leaders” by FinTank. Our discussion took place on Dec. 5 and has been edited for length and clarity.