How Did A Coffee Shop In The 1600’s Inspire Today’s Crypto Markets?
Traditional stock markets and the crypto markets are quite closely linked. Different distinctions can be drawn between the two and (aside from obvious differences) the start and end points within stock trading is similar.
It is argued that one of the world's first âstockâ exchanges existed in a coffee shop in 1600âs London. The location of said shop, was within Exchange Alley, a venue that hosted three very prestigious coffee âhousesâ which where used as a location for business matters such as journalism and stock exchanges. Jonathanâs Coffee-House was the shop best known for the sharing of stocks and commodities. Patrons of the shop would go to trade shares and discuss market prices, as well as to drink coffee of course.
It wasnât quite the coffee we know and love today, but nonetheless it was caffeinated and it certainly did inspire the traditional stock markets of today.
It is argued that Jonathanâs was the site of the first ever London Stock Exchange, which according to Owlcation.com, was inspired by a man named John Casting:
âA man called John Casting took the initiative and began to list the prices of commodities, provisions and exchange rates, this list was published a few times a week and only for a few days at a time. Using this list, that was known as âthe Course of the Exchange and other thingsâ, the stock brokers could hold auctions. The auctions that they held only lasted for as long as a candle would burn and became known as âby the inch of candleâ auctions. The popularity of these auction soon grew, more stock brokers began to take part and new companies put their stocks and shares up for sale. Historians of this period have claimed that these meetings in the coffee houses were the first evidence of trading marketable securities in London.â
See more for yourself, here.
Lessons learned in Jonathanâs Coffee-House, helped to establish a culture of stock sharing and trading, a culture that has obviously had a huge impact on the design and format of todayâs cryptocurrency markets.
I wonder if during the 1600âs anybody had ever discussed a decentralised currency, one that gave power back to the general population, away from those in control? As most of these meetings would take place with business owners and dignitaries, I very much doubt such a concept would have been discussed. It is very interesting to consider though isnât it.
There you have it, next time you have a brew, take a moment to think about it. A 1600 coffee house in London, could very well have inspired the crypto markets of today.