For years, really smart people sneered at Tesla and shorted its stock. Over the past 10 years, all Tesla has done is revolutionize the auto industry, deliver an 18,885 percent return for its shareholders, and make Elon Musk either the richest or second richest man in the world, depending on the day.
Bitcoin is kind of like Tesla. Here’s what Bill Gates said on 2/27/2018 when Bitcoin was $10,755:
“The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now, crypto currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.”
Then there is no less an investing legend than Warren Buffet on May 5, 2018, summing up Bitcoin as “probably rat poison squared.” Gotta admit that is funny. Bitcoin was $8,723.
As of this writing, Bitcoin is at $52,314 and is the best performing asset class over the last decade, rising over 9 million percent. We are seeing an increasing amount of buying by large financial institutions and billionaire investors who see it as a great hedge against our corrupt political class and profligate money printing by the Federal Reserve. Tesla just announced that it will convert $1.5 billion of the cash on its balance sheet to Bitcoin. That follows other big-time investors like Paul Tudor Jones, Stanley Druckenmiller, Bill Miller and publicly-listed companies Square and MicroStrategy to putting some of the company’s cash into Bitcoin as a reserve asset. Mexico’s second richest billionaire, Ricardo Salinas Pliego stated that he put 10% of his liquid net worth into Bitcoin. I expect Apple to announce this year that it will convert several billion dollars of its massive cash hoard to Bitcoin.
Don’t miss this episode as I dissect all things Bitcoin and Crypto with my guest, Putnam Kling of the exciting new digital asset fund, Stormborn Partners.
For years, really smart people sneered at Tesla and shorted its stock. Over the past 10 years, all Tesla has done is revolutionize the auto industry, deliver an 18,885 percent return for its shareholders, and make Elon Musk either the richest or second richest man in the world, depending on the day.
Bitcoin is kind of like Tesla. Here’s what Bill Gates said on 2/27/2018 when Bitcoin was $10,755:
“The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now, crypto currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.”
Then there is no less an investing legend than Warren Buffet on May 5, 2018, summing up Bitcoin as “probably rat poison squared.” Gotta admit that is funny. Bitcoin was $8,723.
As of this writing, Bitcoin is at $52,314 and is the best performing asset class over the last decade, rising over 9 million percent. We are seeing an increasing amount of buying by large financial institutions and billionaire investors who see it as a great hedge against our corrupt political class and profligate money printing by the Federal Reserve. Tesla just announced that it will convert $1.5 billion of the cash on its balance sheet to Bitcoin. That follows other big-time investors like Paul Tudor Jones, Stanley Druckenmiller, Bill Miller and publicly-listed companies Square and MicroStrategy to putting some of the company’s cash into Bitcoin as a reserve asset. Mexico’s second richest billionaire, Ricardo Salinas Pliego stated that he put 10% of his liquid net worth into Bitcoin. I expect Apple to announce this year that it will convert several billion dollars of its massive cash hoard to Bitcoin.
Don’t miss this episode as I dissect all things Bitcoin and Crypto with my guest, Putnam Kling of the exciting new digital asset fund, Stormborn Partners.