Plant Profile picture
20 Feb, 7 tweets, 2 min read
After some thought, my mistake with #Bitcoin was taking its stated purpose(s) at face value.

Some $BTC proponents say it will be a global currency alternative to the dollar.

Some say its is simply an alternative to gold, aka an inflation hedge.
I accepted that it could be both. A currency and a "gold" / inflation hedge.

Neither of those make $BTC interesting to me as a growth investor.

I have no interest in hedging inflation as I don't carry any cash. Stocks themselves are a hedge against inflation.
I've never bought TIPS, gold, or REITS.

Likewise for other currencies.

I've never owned other currencies to hedge against the devaluing of the dollar. I simply own a few international growth companies to take advantage of it.

I don't think many others have either.
To be honest, I have no idea why young growth investors are interested in either of the two theses above. Which is irrelevant.

The actual thesis is supply & demand and the fact that $BTC is a Velben good.
As the price of $BTC goes up, a circular event happens:
1) People see price going up and FOMO kicks in,
2) Higher prices create the sense of safety & legitimacy making it more desirable.

Virality makes (1) explode faster than ever and new supply is not enough.
Corporations, especially large ones like $TSLA, carry a lot of cash and therefore need something to hedge inflation as well as the dollar. It makes sense.

Even though the average investor doesn't have that need, corporations buying $BTC increases sense of legitimacy (2).
My reasoning for not selling stocks for $BTC was well reasoned but it was a mistake as it will continue to rise for above reasons.

There are no metrics so $10k a unit is equal to $1M.

At this point, I don't see a reason for a major panic selling event like 2018.


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