Over thousands of years, money has taken the form of barter, items (i.e. shells, beads), metal, coins, paper, digital payments, and recently, natively digital money (i.e. bitcoin).
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This Is Why I Invest in Bitcoin Part 1 – Introduction 1) In college I studied history, and I am interested in the evolution of money. When I was introduced to bitcoin in 2015, I viewed it as the next logical version of money.
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Over time, I believe that people will adopt natively digital money. Further, I believe that investing in bitcoin is a way to express (and profit from) this view. https://en.wikipedia.org/wiki/History_of_money …
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2) When I was introduced to bitcoin, I was becoming interested in venture capital investments in fintech companies. However, many VC investments are only available to accredited investors, and I wasn’t one. But anyone can invest in bitcoin.
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I viewed bitcoin as a VC-like investment in a new, financial technology, one that might produce returns beyond what was possible in public markets.https://www.wsj.com/articles/bitcoin-rebounded-in-2019-but-challenges-loom-11577828486 …
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Part 2 – Why Bitcoin Has Value When I speak with investors, we have to answer the following question: “Why does bitcoin have value?” I believe in the following five arguments:
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1) Bitcoin is an invention (i.e. like the light bulb, automobile, or internet) that moves society forward. It is a new, peer-to-peer money transfer system that does not rely on banks or governments.
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2) Bitcoin adoption is accelerating. The website below shows bitcoin daily transaction values of over $3 billion. The chart below shows annual growth in the number of bitcoin wallets. https://coinmetrics.io/charts/#assets=btc_log=false_roll=7_left=TxTfrValUSD_zoom=1546473600000,1578009600000 …pic.twitter.com/HA0OKPSA0a
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3) Bitcoin has a predetermined, mathematically fixed supply. I can look at this website and know that over 18.1 million bitcoin have already been created.https://coinmetrics.io/charts/#assets=btc_left=SplyCur_zoom=1279411200000,1578009600000 …
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Every ~10 minutes, an additional 12.5 bitcoin are created. In total, there will ever only be 21 million bitcoin. Bitcoin demand is hard to measure, but bitcoin supply is certain.
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4) Bitcoin is digital gold. Bitcoin and gold are borderless, decentralized, and verifiable. Both are worth something; they store value. But bitcoin is easier to transfer, divide, and harder to counterfeit.
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In other words, bitcoin might be better equipped than gold to meet the challenges of our tech-driven, modern world.https://grayscale.co/insights/bitcoin-the-rise-of-digital-gold/ …
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5) In the next 25 years, baby boomers will transfer $68 trillion in wealth to millennials. Millennials are already buying bitcoin, and they will continue to buy bitcoin. In this survey of adults familiar with cryptocurrency, 20% of millennials purchased bitcoin in the past year.pic.twitter.com/n3hRR6ueH3
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Part 3 – Bitcoin & Portfolio Management 1) Bitcoin is uncorrelated to traditional asset classes, and it deserves a place in diversified portfolios. The chart below tracks the performance of bitcoin and traditional asset classes from 2013-2019.
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The data shows that bitcoin returns were uncorrelated (or quite weakly correlated) to the returns of all major asset classes over the past six years. https://grayscale.co/wp-content/uploads/2019/10/Grayscale-A-New-Frontier-September-2019.pdf …pic.twitter.com/wqGYbuxsn2
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2) Adding a 1% allocation to bitcoin in a 60/40 portfolio improves the Sharpe ratio. The table below shows that a generic portfolio of global stocks (60%) and global bonds (40%) generated an annualized total return of 6.1% from Sept 2013 – August 2019.pic.twitter.com/exHWEqZQe0
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When a 1% allocation to bitcoin was added to the portfolio, the annualized total return increased to 7.1%. You might think that the 1% allocation to bitcoin would have increased the volatility of the portfolio. In fact, volatility decreased by 0.04%. https://grayscale.co/wp-content/uploads/2019/10/Grayscale-A-New-Frontier-September-2019.pdf …
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The
@CMEGroup is offering similar products.@Fidelity is building bitcoin custody services for institutional clients.@etrade and@TDAmeritrade reportedly considered bitcoin trading services for customers.@RobinhoodApp and@SoFi already offer them.https://www.wsj.com/articles/fidelitys-digital-currency-business-gets-green-light-from-new-york-state-11574186487 …Prikaži ovu nit -
2) Facebook’s Libra (very different from bitcoin) showed us that corporations and countries are already developing digital currencies. The People’s Bank of China is developing a digital yuan. Do you think the U.S. will want to be left behind?
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As billions of people globally begin to use digital currency, I believe that investors will increasingly view bitcoin as an investment they want to buy, own, and hold.https://www.wsj.com/articles/the-coming-currency-war-digital-money-vs-the-dollar-11569204540 …
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3) The cryptocurrency bubble from 2017 – 2018 is over, and bitcoin survived. Bitcoin has overcome tremendous adversity and negative press over the past 11 years since its origin.
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In its brief history, it has evolved from a niche currency for computer programmers to an investment used by the largest financial institutions in the world. Imagine what bitcoin will become over the next 11 years.
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Just as the automobile, internet, and cell phones were once new and now are everywhere, digital currency is new today but will one day be everywhere. I invest in bitcoin as a way to invest in that future.
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