To investors, There is an article in the Wall Street Journal titled “Bitcoin Is Soaring This Year. Goldman’s Crypto Skeptic Isn’t Biting.” The piece profiles Goldman Sachs’ Wealth Management Chief Investment Officer Sharmin Mossavar-Rahmani, who happens to be the firm’s second-longest tenured partner.
You are absolutely correct. It is sad to see when people do not accept new realities. Because when they put their head in the sand they won't be able to deal with the major shifts that are coming.
Nailed it! I stopped allowing the use of "believe" in the same sentence as Bitcoin last year. I, also, am 100% in Bitcoin, even sold my house last year to rent. When people ask at what price I'll get out, my response is, "And buy what? Dollars?"
This part is important. People are so used to pricing everything in dollars that they fail to see that the USD won't necessarily always be the preferred currency of the world.
So the "volatility" of the exchange rate could eventually be seen as the USD being volatile relative to BTC.
> The idea of bitcoin being too volatile is really a comment on the exchange price between bitcoin and US dollars. One bitcoin continues to equal one bitcoin, just as one dollar equals one dollar. But since 2020, the US dollar has lost 25% of its purchasing power and bitcoin has gained 800% of its purchasing power — I will leave it to you all to decide which one of those scenarios is better for holders of the respective assets.
But I haven't looked at the data about the volatility of purchasing power.
I imagine BTC is still quite volatile in that sense.
Yesterday I read a story of Bitcoin as the world’s most under acknowledged asset and it really helped that I read this article after that.
Everyone in the finance especially crypto space have their major stake on bitcoin and every other place are floating assets, why because Bitcoin has moved from an IDEA to a REALITY. I write a lot about low cap tokens( https://cryptofada.substack.com/) but one thing is certain, almost every VC or asset manager reading what I write just use 10-30% of their cash flow to play around the risky altcoins, yet Bitcoin is not fully acknowledged.
Simply brilliant letter today Anthony!
Bang bang? ‼️ I miss the trillionaire energy
You are absolutely correct. It is sad to see when people do not accept new realities. Because when they put their head in the sand they won't be able to deal with the major shifts that are coming.
Nailed it! I stopped allowing the use of "believe" in the same sentence as Bitcoin last year. I, also, am 100% in Bitcoin, even sold my house last year to rent. When people ask at what price I'll get out, my response is, "And buy what? Dollars?"
thanks
Awesome letter today Pomp.
We are watching both the last gasp for the traditional financial system and traditional mass media simultaneously
This part is important. People are so used to pricing everything in dollars that they fail to see that the USD won't necessarily always be the preferred currency of the world.
So the "volatility" of the exchange rate could eventually be seen as the USD being volatile relative to BTC.
> The idea of bitcoin being too volatile is really a comment on the exchange price between bitcoin and US dollars. One bitcoin continues to equal one bitcoin, just as one dollar equals one dollar. But since 2020, the US dollar has lost 25% of its purchasing power and bitcoin has gained 800% of its purchasing power — I will leave it to you all to decide which one of those scenarios is better for holders of the respective assets.
But I haven't looked at the data about the volatility of purchasing power.
I imagine BTC is still quite volatile in that sense.
She laid out her case for the problems of bitcoin, but what's her proposed solution?
Yesterday I read a story of Bitcoin as the world’s most under acknowledged asset and it really helped that I read this article after that.
Everyone in the finance especially crypto space have their major stake on bitcoin and every other place are floating assets, why because Bitcoin has moved from an IDEA to a REALITY. I write a lot about low cap tokens( https://cryptofada.substack.com/) but one thing is certain, almost every VC or asset manager reading what I write just use 10-30% of their cash flow to play around the risky altcoins, yet Bitcoin is not fully acknowledged.