Pragmatism Takes Over for Bitcoin
The next Bull Run is almost there...
|Aug 17, 2020|
It seems a long time ago when Jamie Dimon, the CEO of JPMorgan, called Bitcoin a fraud and a scam. However, this happened in late 2017, and Jamie Dimon continued to be a staunch opponent of Bitcoin for many months after that.
Jamie Dimon is far from being a unique case in this regard, as many other bank and corporate executives had all chosen to adopt a fiercely anti-Bitcoin stance.
This very special year 2020 is challenging all the certainties of most people. Bitcoin is going through the economic crisis of 2020 by acting as a tremendous store of value must act: by posting a +65% increase in its price since the beginning of the year.
Gold is celebrating and making headlines, but the real revolution for the future is on the side of Bitcoin.
On August 11, 2020, Nasdaq-listed MicroStrategy chose Bitcoin as its primary treasury reserve asset. MicroStrategy purchased BTC 21,454 in an aggregate purchase of $250 million.
This total change in strategy will be seen as a great decision in the next few years.
Above all, it shows that attitudes have been changing extremely rapidly in the Bitcoin world for several weeks now. As a reminder, MicroStrategy was a former Bitcoin hater whose death was predicted by CEO Michael J. Saylor in late 2013.
Also joining the ranks of the new Bitcoin advocates this weekend was billionaire investor George Ball:
“I’ve always been a Bitcoin opponent… but we need something that can’t be corrupted by government, and that’s Bitcoin.”
In the year 2020, pragmatism finally seems to be the order of the day. Whether you’re a Bitcoin fan or not, you need to be pragmatic and see that Bitcoin is the fastest horse in the race for profits right now.
It’s not me saying this, but it was Paul Tudor Jones who explained this in early May 2020.
Even Warren Buffett is starting to wonder, as his decision shows. While the Oracle of Omaha has always been an opponent of gold, just as he is with Bitcoin, he has just explained in a letter to his investors that he had sold a majority of the shares of Berkshire Hathaway in the banking world.
Warren Buffett’s company, for example, no longer has any position in Goldman Sachs.
Instead, Warren Buffett decided to bet massively on the company Barrick Gold. This is a Canadian-based mining company whose share price is trading loosely in tandem with the price of gold.
While Warren Buffett has not directly bought gold, which recently broke an all-time record price per ounce close to $2,100, he is finally beginning to understand that betting on stores of value is essential in the face of the great monetary inflation we are experiencing.
Who knows if Warren Buffett won’t end up regretting calling Bitcoin a “Rat poison squared” in the coming months at the end of the next Bull Run which is expected in 2021.
At the time of writing, Bitcoin has just surpassed $12K. This is something extremely Bullish as confirmed by a tweet from Binance's CEO who explains that the level of activity on his platform is reaching historical records.
Bitcoin's Bull Run seems more than ever to be about to begin. The next few days promise to be extremely exciting in the world of Bitcoin.
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