Aryeh Bourkoff: "But because it epitomizes the potential of the New Economy"
The banker who advised some of 2021's largest media mergers said on Wednesday that he was looking into methods to accept bitcoin as payment for services, a strong endorsement of the nascent digital currency.
Aryeh Bourkoff, Chairman and CEO of LionTree, provided the example of a group of investors pooling US$40 million in ether cryptocurrency to seek to own a privately owned copy of the United States. Auction off the Constitution and donate it to a museum.
"I like this narrative not just because I agree that an original copy of the United States "The Constitution should be available to all Americans," Bourkoff said in an annual letter outlining his financial forecasts for the following year. "But it exemplifies the possibilities of the new economy: cutting-edge technology at the service of communities that can act on their shared ideas not only recreationally, but in ways that provide enduring value."
According to Bourkoff, Bitcoin has the ability to fulfill the internet's promise of empowering individuals. But there are obstacles to overcome first, he noted, such as establishing user-friendly platforms and user interfaces to broaden its appeal beyond a predominantly male, tech-savvy early-adopter demographic.
He believes that the technology must become more energy efficient, noting that a single transaction utilizing ethereum technology consumes as much electricity as the average U.S. home does in a week. Regulators will need to respond to a currency that is expressly advertised as a substitute for government-issued cash.
"Globally, countries will have to balance regulation and innovation, as well as balancing their ambition to recruit the next generation of entrepreneurs against their need for control 14 via centralized currencies," Bourkoff said.
LionTree was involved in several of the year's most significant media transactions, including advising AT&T Inc on its proposed merger of WarnerMedia with Discovery Inc, advising MGM on its planned US$8.45 billion sale to Amazon.com Inc, and advising ViacomCBS on its planned sale of Simon & Schuster for US$2.175 billion.
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SOURCE: Channel News Asia
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