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Putting my thoughts together, bitcoin’s case as a store of value continues to grow. Back in May, legendary investor Paul Tudor Jones announced that he took a position into bitcoin as a hedge against inflation and monetary devalutation. In August, the $1.2 billion dollar publicly listed business intelligence company MicroStrategy purchased 21,000 bitcoin (USD $250,000,000 at the time of purchase,) as a reserve asset for their balance sheet. The tipping point for me was when I listened to a recent What Bitcoin Did podcast with PlanB, Jeff Booth and Preston Pysh. They stated that the price of bitcoin (and be extension adoption and use as a store of value,) will be driven by three waves of acquisition: purchasing by individuals and privately-owned and publicly-owned companies, (of which MicroStrategy is but the first); large institutions, such as Fidelity Investments and pension funds, which due to laws and regulations, are not able to invest in bitcoin yet; and governments. It was surmised that by the time governments get into the picture, the price of bitcoin would be in the hundreds of thousands, (if not more,) and volatility of bitcoin’s price will be more like a blue chip stock, moving a couple percent at most in a day. Each successive wave will pull more people and more companies into the fold, driving demand ever higher. My own personal take* is that the demand for bitcoin is growing. People’s eyes are opening to the machinations of the current monetary system are laid bare in front of us. Bitcoin as an asset class, because of it’s characteristics (open-source code, permissionless, borderless, censorship-resistant, global, with a decentralized and distributed ledger,) make bitcoin a viable alternative to nation-state currencies.
We’re still in the early stages of the adoption wave/S-Curve. It is not too late to get into the game; in fact, if you started today, you’d still be an early adopter.
Be well, Everyone. Keep accumulating cryptos.*
*this is not investment advice. It is my own personal outlook on bitcoin. Always do your own research (DYOR) and never invest more money than you can afford to lose in any asset or business.
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Categories: Commentary and Opinions, Implementation
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