USD?
18 months up, and then down down down, according to Martin Armstrong, and
NYSE up until 2025-26, then into 2032 when ...
In the meantime I must say it feels good to be able to report BTC reports w/o trepidation, as Julius cited M Saylor, <<Tesla has 'de-risked' purchase of Bitcoin by public companies - Microstrategy's Saylor>> Message 33187893
So I do not think of my re-entering GBTC as a correction of an earlier mistake, because BTC today is very different from BTC last Friday.
So, in that spirit, I cite a dated but well written report I should have read earlier but didn't - a free report follow link
Should Apple buy in, then all must do same. I remember when first reading about the internet 1999, and I remind self that 80% of the gains are made in the last 20% of any bubble.
In any case, the author is obviously having fun.
nydig.com
CLOSING PERSONAL THOUGHTS
Purely from an investment perspective, I can analogize this research piece in six words: Bitcoin is like Google without antitrust.
Consider the following thought experiment: imagine 15 years ago that you knew with certainty Google would never be subject to antitrust, ever. How would you have scaled your Google position at the time? Imagine you knew that today. How would you scale Google in your portfolio right now?
Enter Bitcoin. The standard institutional investor approach in evaluating a bitcoin allocation will likely focus on its asymmetric upside potential and lack of correlation. Bitcoin will be run through an industry- standard portfolio optimization framework and, though the optimizer will want an irresponsibly large position, most allocators will end up with an initial 1-5% position.
While I understand the institutional constraints necessitating this approach, it misses the real story and power of Bitcoin, which has everything to do with the nature and importance of sound money.
Money is, and has always been, technology. Specifically, money is technology for making our wealth today available for consumption tomorrow. Sound money – along with language – were the first, and have forever been, the most important human networks responsible for human flourishing. The real Bitcoin story is that Bitcoin is the best technology for money the world has ever seen. Extrapolating the implications of Satoshi’s profoundly original insights, I believe Bitcoin’s long-term impact on humanity and civilization will be on par with inventions like fire, the wheel, penicillin, the printing press, aqueducts, and the internet.
In future correspondence, NYDIG’s research will expand on Bitcoin’s long-term, world-changing features – and why they matter – including its:
¦ Supply being impervious to its demand, the first-ever money, or commodity of any kind, for which this is true
¦ Guaranteed digital scarcity, a groundbreaking invention which means, among other things, that when a digital good (i.e., bitcoin) is sent, the sender does not retain a copy (compare that to, say, when an email, or any other digital good, is sent). Guaranteed digital scarcity is what makes bitcoin’s fixed supply,its most important feature, actually fixed.
¦ Difficulty adjustment, Bitcoin’s most underappreciated breakthrough, a genius application of game theory, and the fundamental reason why its network will always be secure
At the most superficial level, buying bitcoin as a portfolio diversifier, or as a hedge against inflation, makes good sense, and I strongly believe a 0% allocation is the wrong number for every investor.
However, Bitcoin is anything but superficial. In a world replete with unfairness, injustice, the institutionalization of moral hazard, and the State’s increasing domestication of our individuality, Bitcoin’s incorruptible fairness, justice, truth, and beauty represent a beacon for all optimists who seek personal sovereignty, personal improvement, and peace.
Bitcoin is far more important than a non-zero portfolio allocation.
Ross Stevens, Ph.D.
Founder and CEO, Stone Ridge Holdings Group Founder and Executive Chairman, NYDIG
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