Good morning everyone. I want to catch some people up and focus on why bitcoin is going up in price and becoming more limited in scarcity as the days go on. Bitcoin halved may 11th 2020. The corona virus had all markets plummet, all stocks and crypto took a beating.
During this pandemic the halving occurred which happens every 4 years. To further discuss this i should explain what halving is. Satoshi the creator of bitcoin created a code and every 4 years the number of bitcoin mined per day is cut in half. It started with 7200 bitcoin produced everyday, then it halved and went to 3600, halved again went to 1800 and halved again in may and now we are at 900 per day.
The price is catching up to where it should’ve been if corona didn’t occur. I have conducted a list of extreme power moves by people investing in the crypto space over this past year and why a bitcoin went from 10k in the summer to trading at 23.5k as im writing this. This list contains $1B+ money managers.
1.) Paul Tudor Jones the founder of Tudor investments, with his may macro update calling bitcoin the “fastest horse” to benefit from the post covid macro environment.
2.) Stanley Druckenmiller, who summed up prevailing sentiment on BTC and Gold on CNBC saying “frankly if the gold bet works, the bitcoin bet will probably work better”
3.) Blackrock, CIO of global fixed income, Rick Rieder, made headlines when he went on CNBC in November and said that bitcoin is durable and would eat into gold’s flows.
4.) Bill Miller longtime Bitcoin bull and value investor reiterated his bullishness, noting that bitcoin has been de-risked on a number of fronts, and that adoption is growing, while bitcoins supply is fixed.
5.) Mass Mutual perhaps the most unexpected investment announced in Q4 allocated $100MM BTC to their general account. While a tiny % of the portfolio, the signal this sent in terms of the investability of BTC is enormous.
6.) On Dec 1st, Co-head of portfolio strategy at Alliance Bernstein said that bitcoin has a role in long-term asset allocation.
7.) Scott Minerd - CIO of Guggenheim Capital, made headlines saying their fundamental analysis suggests a price of $400,000 bitcoin. This followed news that Guggenheim filed with the SEC to invest 10% of their macro fund into Grayscales $GBTC
8.) News broke this weekend that Jefferies head of equity strategy is trimming his gold position and adding BTC.
9.) Vimal Gor - Head of bond, income and defensive strategies at Australian firm pendal group is now using bitcoin for positioning alongside gold.
10.) UK firm Ruffer investments added $550M in Bitcoin to their portfolio after reducing gold exposure.
11.) One River Asset Management has completed a $600MM purchase of BTC and ETH. Which plans to upside to $1B over 2021.
12.) Finally JP Morgan while just a few years ago expressing very negative views on BTC< has noted on multiple occasions in recent weeks that BTC is now being viewed as an institutional alternative to gold, and “adoption of bitcoin by institutional investors has only begun”
These macro investors are driving the price and its only starting. If you enjoyed please like and share so the next person can learn. Re listen and learn twice as much as the first time. Repetition is key. Talk to you guys tomorrow.
**sorry for bino crying in back he couldn’t reach his ball under my desk**
