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Well, it appears that this is going to be another weekend of #Bitcoin 
#FUD.
Let's address the weak and false arguments in this note from #GoldmanSachs https://www.yahoo.com/lifestyle/goldman-sachs-investment-strategy-group-advice-to-clients-163129306.html
#FUD.Let's address the weak and false arguments in this note from #GoldmanSachs https://www.yahoo.com/lifestyle/goldman-sachs-investment-strategy-group-advice-to-clients-163129306.html
1) The general statement: " #Bitcoin is not an investable asset"
No "bubble" lasts 10+ years https://twitter.com/BitcoinCurious/status/1344296125545783296?s=20
is not an investable asset"No "bubble" lasts 10+ years https://twitter.com/BitcoinCurious/status/1344296125545783296?s=20
#BTC number go up for 10+ years and a lot more than $SPY or $QQQ
So much so that you need a log chart to get a realistic picture
number go up for 10+ years and a lot more than $SPY or $QQQSo much so that you need a log chart to get a realistic picture
More infrastructure and regulatory clarity than ever, including fiat onramps, exchanges, and ...
US banks approved to be #Crypto custodians https://www.coindesk.com/us-banks-could-seek-to-partner-with-or-buy-crypto-custodians-occs-brooks-says
US banks approved to be #Crypto custodians https://www.coindesk.com/us-banks-could-seek-to-partner-with-or-buy-crypto-custodians-occs-brooks-says
Clear trend: speculative 
bordering on breach of fiduciary responsibility to not have at least 1%
#Bitcoin is clearly "investable"
bordering on breach of fiduciary responsibility to not have at least 1%#Bitcoin
is clearly "investable"
2) " #Bitcoin is not a medium of exchange" due to volatility
Volatility is a feature of free markets and price discovery, it is not a bug https://twitter.com/BitcoinCurious/status/1355970844430884871?s=20
is not a medium of exchange" due to volatilityVolatility is a feature of free markets and price discovery, it is not a bug https://twitter.com/BitcoinCurious/status/1355970844430884871?s=20
The #Bitcoin network is arguably the cheapest, most secure, most convenient way to transfer large sums of money.
https://jeangalea.com/cryptocurrencies-vs-fiat-currencies/
AND it is accepted by a long list of merchants, with the list growing every day. https://99bitcoins.com/bitcoin/who-accepts/
network is arguably the cheapest, most secure, most convenient way to transfer large sums of money.https://jeangalea.com/cryptocurrencies-vs-fiat-currencies/
AND it is accepted by a long list of merchants, with the list growing every day. https://99bitcoins.com/bitcoin/who-accepts/
3) #Bitcoin is "not a unit of value"
$GS compared #BTC to $GME 
They compared a 3 day pump to 10 years of history and 3 successive bull-bear cycles with an overall gain of more than 300x since 2013
(see log chart above)
is "not a unit of value"$GS compared #BTC
to $GME They compared a 3 day pump to 10 years of history and 3 successive bull-bear cycles with an overall gain of more than 300x since 2013
(see log chart above)
4) $GS suggests that #Bitcoin 's hard cap supply of 21 million is not proprietary or unique, and that #ETH could adopt a similar hard cap
They obviously don't know how #Ethereum works and haven't seen the gas fees lately
's hard cap supply of 21 million is not proprietary or unique, and that #ETH could adopt a similar hard cap They obviously don't know how #Ethereum works and haven't seen the gas fees lately
However, both #BTC and #ETH do benefit from being first movers in their respective specialties.
Metcalfe's Law makes it unlikely that #Bitcoin could simply be displaced by "all other #cryptocurrencies" and that there is "nothing unique" about it.
and #ETH do benefit from being first movers in their respective specialties.Metcalfe's Law makes it unlikely that #Bitcoin
could simply be displaced by "all other #cryptocurrencies" and that there is "nothing unique" about it.
The massive, decentralized distribution of #Bitcoin nodes around the globe make it unique!!
https://bitnodes.io/
Missing this core principle alone disqualifies this analysis, but let's keep going because this is fun
nodes around the globe make it unique!!https://bitnodes.io/
Missing this core principle alone disqualifies this analysis, but let's keep going because this is fun
Quick aside: @RaoulGMI had a nice thread about Metcalfe's Law and its application to #BTC and #ETH
https://twitter.com/RaoulGMI/status/1347013567799848961?s=20
Is Metcalfe's Law "not investable"?
and #ETHhttps://twitter.com/RaoulGMI/status/1347013567799848961?s=20
Is Metcalfe's Law "not investable"?
5) $GS argues that stocks are a better hedge against $USD inflation.
This is also
Purchasing power of
constantly goes 
BY DESIGN
#Bitcoin simply needs to win vs fiat over the long-term https://twitter.com/BitcoinCurious/status/1348102465951043585?s=20
This is also
Purchasing power of
constantly goes BY DESIGN#Bitcoin
simply needs to win vs fiat over the long-term https://twitter.com/BitcoinCurious/status/1348102465951043585?s=20
For funsies, some back of the envelope math of #stonks vs #BTC
There has been 18% of inflation since 2010
$SPX up about 4x since 2010
Adjusted for inflation that's about 3.25x
#Bitcoin up 325x vs $USD since late 2013
Comparing #BTC since 2010 wouldn't even be fair
There has been 18% of inflation since 2010
$SPX up about 4x since 2010
Adjusted for inflation that's about 3.25x
#Bitcoin
up 325x vs $USD since late 2013Comparing #BTC
since 2010 wouldn't even be fair
6) $GS notes that proponents admit there is a chance #BTC goes to 0.
#Bitcoin is a free market with actual price discovery, unlike equities, so there is a much greater chance it will go to 0 than the S&P.
That probably decreases with every passing day.
goes to 0.#Bitcoin
is a free market with actual price discovery, unlike equities, so there is a much greater chance it will go to 0 than the S&P.That probably decreases with every passing day.
And it certainly won't happen overnight. Even 80% bear markets have taken about a year.
The COVID black swan event of March 2020 (50% drop in 1 day) was gobbled up so quickly it turned into a 50% gain in 1 week.
Free market, price discovery
The COVID black swan event of March 2020 (50% drop in 1 day) was gobbled up so quickly it turned into a 50% gain in 1 week.
Free market, price discovery
7) Lastly, the climate and energy argument against #Bitcoin
How much energy does $GS and the global banking system use? Has anyone done a thorough analysis?
@Danheld did a rough estimate in his post refuting several common sources of #FUD https://danheld.substack.com/p/bitcoin-fud
How much energy does $GS and the global banking system use? Has anyone done a thorough analysis?
@Danheld did a rough estimate in his post refuting several common sources of #FUD https://danheld.substack.com/p/bitcoin-fud
A report from 2020 found that 39% of #BTC hashing power is supported by renewable energy:
https://www.jbs.cam.ac.uk/wp-content/uploads/2021/01/2021-ccaf-3rd-global-cryptoasset-benchmarking-study.pdf
$GS purchases renewable energy for 98% of what it needs and that is definitely praiseworthy
https://www.goldmansachs.com/what-we-do/sustainable-finance/documents/reports/2019-sustainability-report.pdf
hashing power is supported by renewable energy:https://www.jbs.cam.ac.uk/wp-content/uploads/2021/01/2021-ccaf-3rd-global-cryptoasset-benchmarking-study.pdf
$GS purchases renewable energy for 98% of what it needs and that is definitely praiseworthy
https://www.goldmansachs.com/what-we-do/sustainable-finance/documents/reports/2019-sustainability-report.pdf
How many decades did it take for $GS to get to that level?
There will be innovation with #Bitcoin and #crypto as well
Bitcoin Zero, #BTC wrapped with carbon credits
https://www.universalprotocol.io/bitcoinzero
#Bitcoin #cleanenergy Investment Initiative from @Square
https://squareup.com/us/en/press/carbon
There will be innovation with #Bitcoin
and #crypto as wellBitcoin Zero, #BTC
wrapped with carbon creditshttps://www.universalprotocol.io/bitcoinzero
#Bitcoin
#cleanenergy Investment Initiative from @Square https://squareup.com/us/en/press/carbon
Tradeable #crypto carbon credits
https://universalcarbon.com/
Much more research and work is needed, but the concept is promising.
Makes it easier for the average person to offset their life just like a corporation.
https://universalcarbon.com/
Much more research and work is needed, but the concept is promising.
Makes it easier for the average person to offset their life just like a corporation.
In conclusion, $GS has provided a one-sided uninformed analysis that does a disservice to their clients.
One way or another, #Bitcoin will forever change money and investing as it is the base layer tech of which all #crypto has emerged from.
One way or another, #Bitcoin
will forever change money and investing as it is the base layer tech of which all #crypto has emerged from.
So #Bitcoin is investable...
Just ask #GoldmanSachs
https://www.coindesk.com/goldman-sachs-to-enter-crypto-market-soon-with-custody-play-source
Watch what they do, not what they say
is investable... Just ask #GoldmanSachs
https://www.coindesk.com/goldman-sachs-to-enter-crypto-market-soon-with-custody-play-source
Watch what they do, not what they say
