Submitted by QTR's Fringe Finance
I'm a reformed Bitcoin skeptic. I spent years bashing the protocol without understanding fully how it worked, despite understanding the need for sound money and, only a couple weeks ago, wrote about why I had a change of heart.
With Bitcoin raging through $60,000, up nearly 20% over the last couple weeks, I thought it would be a good time to share my thoughts on why I changed my tune, including some resources I used to help me understand the crypto better.
Why I Bitcoin - includes several YouTube videos I watched that helped me understand and wrap my head around the crypto in a way I hadn't in the past, and includes my thoughts on the network, ecosystem and ideology
The Catalyst That Could 'Standardize' Bitcoin - is an article I wrote explaining the one catalyst - other than adoption by the global elite - that I think could make bitcoin go 'mainstream' in very short order
No Soft Landing Means Own Hard Assets - is a podcast I did with Palisades Gold Radio, explaining a bit more about why I turned to bitcoin (in addition to my long held position in gold)
Finally, all of this culminated in my nearly 2 hour long interview with "What Bitcoin Did", where I talked at length about bitcoin, the future of monetary policy and why, no matter how bullish I am, I'm not part of the bitcoin 'cult'.
In the interview, I talked about why I thought bitcoin could finally become standardized after the next financial crisis, something I have written about: "If you're out there putting in the work, and the only thing you want to do is preserve your wealth, you have a legit beef with monetary policy. You have a legit beef with running $2 trillion deficits. So, if you want to opt-out of that system and you want to get pissed off, the next time there is an Occupy Wall Street, the exit ramp could very well be Bitcoin for a number of reasons."
I also talked about adoption accelerating from the bitcoin ETFs: "The ETFs are essentially a tacit blessing from regulators. There's no turning back. You know, it's not like the next administration is going to come in and say, 'Wait a second, we f*****d up. We got to take the ETFs off the exchanges.' It's just never going to happen. So now, the question is, okay, you've opened up the RIA funnel, which will be a couple of trillions of dollars into Bitcoin. Bitcoin's market cap is still only whatever, a trillion dollars or 900 billion dollars. So, open up that funnel, right?"
I added my predictions about foreign money and other nation states pouring into bitcoin: "You got this conference that just happened in Dubai last week where you see like all these ultra-rich people, and I don't mean like, 'Hey, I live in a nice mansion in New Jersey, and I drive a Mercedes-Benz.' Like, I have four Bugattis and a pet tiger."
QTR’s Disclaimer: I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. I didn’t double check any numbers or figures in this piece and am generally lazy with my research. Contributor posts and aggregated posts have not been fact checked and are the opinions of their authors. Contributor posts and curated content are posted either with the author’s permission or under a Creative Commons license. This is not a recommendation or solicitation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. Sometimes I just lose money by misplacing it. I’m generally irresponsible. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. These positions can change immediately as soon as I publish this, with or without notice. You are on your own. Do not make decisions based on my blog. Do your research elsewhere. I exist on the fringe. The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. Also, I just straight up get shit wrong a lot. I mention it numerous times because it’s that important that you understand.
