“You confiscate a few billion dollars out of private bank accounts, and you print a couple trillion dollars, and all of a sudden, you know what happens? People start to worry. So out of this worry, we have something called the bitcoin,” explains CNBC correspondent Jeff Cox in this video from March 2013, as bitcoin had just crossed the $100 mark for the first time, calling it an “electronic, online, digital currency” — using every word besides cryptocurrency to describe the world’s oldest cryptocurrency.

Bitcoin Seen as Safe Haven Even Then

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