I’ve been reading Kuppy’s AdventruesInCapitalism for years and he recently posted two article you may want to read if you are interested in Bitcoin or any of the Alt Coins –
While I’m not sure if I think Bitcoin is a “Ponzi Scheme” I do think his arguments that Bitcoin has a long, long way to run are sound. The idea that Fidelity is launching a Bitcoin fund boggles the mind, see: https://www.bloomberg.com/news/articles/2020-08-26/fidelity-launches-inaugural-bitcoin-fund-for-wealthy-investors
The image of Fidelity out there “Hoovering up” bitcoins is something to consider – if the Bloomberg article is correct, each investor would start off by buying 5+ Bitcoins at today’s prices. As Kuppy says – that fund will have to have Billions of dollars in it to be a success. Consider this – at about 20K$ a bitcoin that is 50 Bitcoins per million or 50,000 per billion. Is this nuts or what?
I see this site as a fairly level headed group of folks so I’m wondering what others think.
long – Grayscale Bitcoin Trust (GBTC)
long – Bitcoin via direct purchase
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