Working on Wall St since the late 1980’s till 2015 I’ve got a little sense as to what the big money players are thinking with regards to Bitcoin. To me it feels like the big guys getting into Bitcoin like Stanley Drukenmiller, Bill Miller, Paul Tudor Jones don’t care much about the problems that the BitcoinSV & Bitcoin Cash crowd say about Bitcoin on a daily basis.
They have done their research and bought into the digital gold narrative. To them it’s seen as a hedge against inflation, against a falling dollar and against the Treasury Department printing endlessly.
They don’t care that it takes 10 minutes to confirm a transaction, to them that’s great compared to a bank transfer and we are assuming they are taking custody of the Bitcoin. There’s good odds they are letting Fidelity Digital Asset division and other major players custody their investment. Knowing some of these big players that is exactly what they’re doing, they don’t want to be bothered holding Bitcoin in a wallet of sorts. These guys manage Billions of dollars and they’re used to using Fidelity,Goldman Sachs and the likes, it’s a natural extension for them.
They don’t care that it cost a few bucks to send millions of dollars, it’s not their concern. And believe me they understand and know all of these BTC drawbacks. Their main investment thesis is a hedge against global inflation in an asset class which is truly finite, more finite than gold, just 21 million Bitcoin.
These guys don’t make investment decisions randomly, they do their research, they are very calculating people, especially Druckenmiller, he’s The Godfather of macro investing. Of course they can be wrong and they do make mistakes but their investment results are hard to argue against. Don’t believe me? Just google the gentlemen I mentioned above and you’ll quickly learn how successful they are at investing.
I’m not giving investment advice and as a disclosure I own all 3 of the Bitcoin mentioned in the article. I’m simply pointing out how these guys operate and how they think when making investment decisions. Everyday on Twitter I read how BitcoinSV is better than Bitcoin or why Bitcoin Cash is superior to Bitcoin, etc...that is all opinion, some of it based on absolute ignorance as well. I don’t know which one is superior, I have my own opinion based on the research I have done, but what I do know is that some of the brightest minds on Wall Street are pouring money into Bitcoin (BTC). Throughout my career I have learned that the easiest way to make money is to follow the wisest, smartest investors on the street.
Nice.