Since 2013, I and any intelligent investor with a brain has considered crypto to be “highly speculative”. “It will go to a million or zero!”, etc.So, this begs the question: When and for what reasons will the speculation surrounding the cryptocurrency market as an investible asset class be reduced. Well, certainly longevity, utility and market penetration (ownership) are large categories to be considered when measuring speculative risk.However, in this write-up I want to focus on Leaders by Example. For years and years we have heard primarily from individuals and organizations that have had a historical stake in crypto. Of course, Joseph Lubin is going to say that Ethereum is the best invention since the wheel, and of course the Media Company, Cointelegraph is going to have a positively biased stance on all things crypto.So, what I've been waiting for is for people and entities of substance to freshly enter the space with either new hard dollars or staking their reputation by recommending crypto to their investors, clients and customers.Folks, that has now happened. This list grows by the week, but below is just the few that are on the top of my head of what has transpired just over the past few months.These are not YouTubers, these are not OG crypto holder with bags. These are the big boys. The biggest of the boys.Playtime is over my friends:Financial InstitutionsFidelity: ( $7.4 trillion in assets under management), Fidelity Digital Assets (FDAS) is part of Fidelity Investments, one of the world's largest financial services providers. They postulate that should investors allocate at least 5% of their portfolio to BitcoinPayPal (The largest bank in the world by customer base {350M}): Now offers crypto purchase and custody (via Paxos) for its customers and recent itBit (Paxos) volume spike indicates PayPal may already be buying more than all the supply of newly issued bitcoin that’s availableGrayscale Investments: has surpassed $10 billion in cryptocurrency assets under management. About $8.85 billion are held in the Grayscale Bitcoin Trust, which now holds more than 500,000 bitcoins (an estimated 3.5% of all Bitcoins). They added $187M of BTC just yesterday. Grayscale also holds similar amounts (in %) of Ethereum.Deutsche Bank: Says Investors Increasingly Prefer Bitcoin Over Gold as Inflation HedgeBlackRock ( $7.4 trillion in assets under management): CIO- “Bitcoin will take the place of gold to a large extent”Visa: CEO – Crypto is a developing part of payments in the world.JPMorgan Chase: Analysts say its value could triple, challenging goldCitiGroup: Analyst Says Bitcoin Could Pass $300K by December 2021BillionairesMichael Saylor (CEO of MicroStrategy): Purchased $400M of crypto for his own companies’ financial reserves and another $300M for his personal coffers. Total of $.7 Billion.**Stanley Freeman Druckenmiller (*****American investor, hedge fund manager): “***Frankly, if the gold bet works the bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it”Ricardo Salinas Pliego (Mexico’s 2nd richest man): has put 10% of his liquid assets into bitcoin—arguing it protects from "government expropriationJack Dorsey (CEO of Twitter): Acquired 4,709 Bitcoin (~88M USD), saying Bitcoin has the potential to be a more "ubiquitous currency" in the futurePaul Tudor Jones (American billionaire hedge fund manager): Paul Tudor Jones calls bitcoin 'the best inflation trade' and is like investing with Apple or investing in Google early. He has placed 2% of his total net worth into cryptocurrency
Submitted November 22, 2020 at 02:03AM
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