KEY POINTS

  • The son of John Lennon talked about Bitcoin on the Orange Pill Podcast
  • He compared Bitcoin with gold but said Bitcoin also transcends the physical world
  • Bitcoin is up 155% since the year began

The son of former Beatles member John Lennon has praised Bitcoin for its ability to empower people around the world.

On the Orange Pill Podcast, Sean Ono Lennon, son of Beatles legend Lennon and wife Yoko Ono, mentioned that Bitcoin has empowered people in a way they were never empowered before.

“It’s one of the only things that gives me more optimism about the future of humanity in general,” he said, noting the things that have happened in 2020.

Lennon also touched on the aspects of Bitcoin that are championed by its early adopters, such as having total agency and total sovereignty of one’s personal money. “As long as you can remember your key phrase, then you are good to go,” he said, referring to the private keys one has to always remember in order to have access to the Bitcoins they own on unhosted wallets. It should be noted that some wallets, like hosted ones (Coinbase, etc) do not give access to private keys.

With Bitcoin often being compared to gold, Lennon said one key difference is that it is impossible to own gold and not risk it being stolen in the physical world. “If they had gold, they would have to carry it in a sack and someone could steal that from them,” he added.

With Bitcoin, a person only needs access to their digital wallets and they could bring it everywhere they go. These wallets, especially unhosted ones, are really just a representation of the person’s public address on the blockchain, accessible only by signing it with the private key. The private key could be a seed phrase made up of 12 - 24 words. Anyone could literally commit the seed phrase to memory, destroy their digital wallets, and then reconstruct it through another wallet and regain control of it using the seed phrase.

Bitcoin on Monday closed at $18,384, slightly lower than the previous day. The benchmark cryptocurrency is in a massive uptrend that saw its value increase from $9,176 on July 18 to just below $19,000 on Nov. 22. It is currently 155% since the beginning of the year.