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The Next Bitcoin Mania is Here...
The main thesis (explained in the thread below) has been that rising institutional demand coupled with an already-tiny float will catapult Bitcoin higher in the short to medium term.
Brief update.
https://twitter.com/bvddycorleone/status/1316441107308457984
The main thesis (explained in the thread below) has been that rising institutional demand coupled with an already-tiny float will catapult Bitcoin higher in the short to medium term.
Brief update.
https://twitter.com/bvddycorleone/status/1316441107308457984
Letâs run through all the Old Guards of Wall Street whoâve recently morphed into Bitcoin advocates...
First up, we got George Ball, ex-Prudential CEO, coming out in favour of Bitcoin on Aug 14: https://www.reuters.com/video/watch/idRCV008LQI
First up, we got George Ball, ex-Prudential CEO, coming out in favour of Bitcoin on Aug 14: https://www.reuters.com/video/watch/idRCV008LQI
Next, we got the legendary Paul Tudor Jones, declaring that âitâs like investing early in a tech companyâ on Oct 22: https://www.coindesk.com/paypal-paul-tudor-jones-breakdown
Then, we got none other than the man himself, Stan Druckenmiller, telling us on Nov 9 that âif the gold bet works, the Bitcoin bet will probably work better because itâs thinner and has a lot more beta to it.â https://twitter.com/lashercorson/status/1325872804714180610
This week, we had Ray Dalio come out and admit that he âmight be missing somethingâ about Bitcoin (what heâs missing is 165% YTD return...) https://www.bloomberg.com/news/articles/2020-11-17/ray-dalio-says-he-might-be-missing-something-about-bitcoin
This morning, Blackrockâs CIO for fixed income, Rick Reider, noted that he thinks Bitcoin is âhere to stayâ... https://seekingalpha.com/news/3638337-bitcoin-is-here-to-stay-blackrocks-rick-rieder-says-in-new-full-throated-support
With all these influential Old Guards coming out in favour, everyoneâs gonna need some Bitcoin. Most allocators will eventually capitulate to at least a small Bitcoin allocation.
And letâs not forget the monster that is $GBTC, which continues to corner the float at astounding speed, gobbling up around 120,000 coins since mid October... and collecting 2% management fees...
And, if Google Search Trends mean anything, we could just be in the very early innings of this Mania... https://twitter.com/ronstoeferle/status/1329816091082813444
All that said, Bitcoin is, as we well know, extremely volatile.
Itâs up 65% since I wrote that it was âOn the Precipice of Another Maniaâ on Oct 14, but it could easily give back those gains before rocketing past its previous all-time high.
Itâs up 65% since I wrote that it was âOn the Precipice of Another Maniaâ on Oct 14, but it could easily give back those gains before rocketing past its previous all-time high.
If you think Bitcoin is the future and the answer to all our monetary woes, I wish you luck.
If you think Bitcoin is a giant Ponzi scheme, then I urge you to channel your inner Soros and hop in regardless: âWhen I see a bubble forming, I rush to buy, adding fuel to the fire.â
If you think Bitcoin is a giant Ponzi scheme, then I urge you to channel your inner Soros and hop in regardless: âWhen I see a bubble forming, I rush to buy, adding fuel to the fire.â
