Hi, I look forward to your blog. Please update on the miners you have recommended frequently if you can. Eg MTL dropped from 16.5p to 12.3 ish now up again. So your opinion would have been good.
Re Bitcoin I cannot understand why you cannot purchase through Coinbase, and Blockchain. I’ve also bought through Bitapanda for MIOTA ( don’t bother)
I actually think Crypto is a South Sea bubble, to happen.
But I bought £200 bitcoin etheruem and miota in 2017 for £200 now worth about £4800.
Just saying!
I’m heavy in gold and silver, many days over the last 6 months have been a joy!
I think the future should be in stablecoin, a good hedge?
Hiya, thanks for the nice comment. I blog twice a week so there just isn’t space to constantly comment on everything I’ve previously mentioned. The problem is not Coinbase, it’s sending money to Coinbase. Many Banks won’t do it. I’m glad you Ethereum trade worked out.!
The day you can collateralise your bitcoin to buy a house will be a game-changer. At the moment Ledn is too 'small', interest rates are too high (12%+), and the Celsius debacle has given the space a bad taste in the mouth. We need a Saylor or a Mallers to start a major global bitcoin bank!
Great article! As a Bitcoiner since 2017 (orange pilled in 2015 by Dominic's excellent book on Bitcoin) and a career on the investment portfolio side of traditional finance, I have been waiting with interest to see what happens when the 60/40 modern (although old!) portfolio theory tries to fit Bitcoin in one of their risk = volatility boxes. Of particular interest is how (honest) statistical analysts will deal with the fact that the logical conclusion to draw is that a BTC allocation should not be top-sliced and rebalanced to a fixed allocation if the true potential of the bitcoin allocation is to be enjoyed. That conclusion flies in the face of MPT (even the more nuanced versions of late).
Clearly, as you point out in your article, bitcoin's gradual encroachment on the proportional allocations to equities, bond and real estate will not be welcomed by traditional investment houses (or governments looking for buyers of their risk-free (yeah, right!) debt) but is likely inenvitable as investors work these things out in the end.
It will be amusing to watch it unfold as, in my experience, opinions are deeply embedded and on the current trajectory the UK appears to be well behind the curve on Bitcoin. That is deeply disappointing as the impact of that myopia could have an extreme negative impact on the UK's standing (or what's left of it) on the international stage.
I wholeheartedly agree that bitcoin is the best savings vehicle there is and a lot of individual future financial pain could be avoided if the investment community and its hapless regulatory focused on actively encouraging young, would-be investors to develop Dollar/Pound cost averaging style savings plan into bitcoin. I will be doing whatever I can to promote that practice. Apart from anything else, it encourages an attitude of taking personal responsibility and self-sovereignty of one's financial future, rather than expecting the nanny state to look after you.
So true, the FT is complicit. It's 'crypto correspondent' said today that she has not yet heard a case for it's use other than speculation and crime. Both are evils unique to crypto it would seem. No mention of the failure of fiat money as the root cause of the rise of Bitcoin and other scarce assets. These are not stupid people, these are muted people.
Hi Dominic, while I'm a long term bitcoin bull I'm slightly concerned about the dynamic we are seeing in bitcoin treasury companies. It feels like classic end of cycle frothiness / borderline ponzi scheme.
Do you just take the view that if they are wiped out / become forced sellers of BTC in a bear market then that just means more opportunities for retail buyers to acquire BTC at lower prices? Or do you see any more serious risks around this area?
Could it be that Bitcoin is merely the manifestation of Blockchain technology? It is the latter which is the threat to established banks, their patrons, and governments/tax authorities?
The Establishments can see an opportunity to profit by joining the excitement, and in so doing, sow the seeds of crypto - and possibly Blockchain - destruction? As we all know, BTC et al have little/no intrinsic value; they are worth what someone will pay. The finite supply is a good excuse to bid up the price. However, with (smaller countries') governments buying, the potential for catastrophic loss of capital value is enormous. Institutions which launch ETFs etc stand to lose little should the Emperor have no clothes.
Can Blockchain technology survive to play a continuing role, even if BTC 'goes for a ball of chalk'?
"As we all know, BTC et al ..." - incorrect. It isn't Bitcoin and all other cryptocurrencies. Wrong wrong wrong. Bitcoin is the ONLY "cryptocurrency" which is fully decentralized, completely untethered to any other form of monetary value (other than what fiat money we're willing to part with at any point in time to obtain some BTC), and blockchain "technology" predated Bitcoin. https://worldhistoryjournal.com/2024/11/26/history-blockchain-technology/ The innovation was using the cryptographically secure blockchain idea, plus proof of work, plus open source software code approach, plus a finite limit on the number of Bitcoins to be mined, plus having no restriction whatsoever on who could mine or who could buy, hold, and trade Bitcoin that made it what it is. All other cryptocurrencies (especially Ethereum) violate at least one if not multiple of such predicates in their creation and/or their ongoing management (usually both).
Bitcoin was built to EXPECT the ongoing attempts to hack it, centralize it, and break it by every possible kind of malicious actor. Not just withstand the attacks; to actively expect and reinforce the protocol and network before, during, and after the attacks. The Establishments, as you put it, may hate Bitcoin (Jamie Dimon sure pretends to!), but Dominic is right that they pretend to ignore it so that the general public doesn't acquire more of it. THEY want to own more of it. Otherwise, JP Morgan wouldn't be backing the Blackrock BTC ETF https://www.thestreet.com/crypto/markets/jpmorgan-set-to-push-bitcoin-through-key-role-in-blackrock-etf, the biggest seller of a BTC ETF, while having Jamie Dimon go to Davos and call Bitcoin stupid. https://fortune.com/2024/01/17/jamie-dimon-bitcoin-davos-pet-rock-jpmorgan-blackrock-larry-fink-crypto/
Dominic is right to use the term "shadowbanning" here. That is exactly what's happening to Bitcoin right now, and it's hilarious to watch after the past five years of lies and nonsense from governments and large corporations around the world; as if it will work this time around. How does that definition of insanity go again? ;)
My pension is through James Hay, not a single BTC fund is available. I will keep nagging them.
Yup. You know it
In the UK many of us have no choice but to buy MSTR because of their moronic blocking of ETFs.
Yes. Precidely. A muvh more volatile option with far greater risk
I am told by a crypto broker that FCA is saying ban will be lifted 'as soon as September'. Anyone else heard similar?
I heard July …
Hi, I look forward to your blog. Please update on the miners you have recommended frequently if you can. Eg MTL dropped from 16.5p to 12.3 ish now up again. So your opinion would have been good.
Re Bitcoin I cannot understand why you cannot purchase through Coinbase, and Blockchain. I’ve also bought through Bitapanda for MIOTA ( don’t bother)
I actually think Crypto is a South Sea bubble, to happen.
But I bought £200 bitcoin etheruem and miota in 2017 for £200 now worth about £4800.
Just saying!
I’m heavy in gold and silver, many days over the last 6 months have been a joy!
I think the future should be in stablecoin, a good hedge?
S
Hiya, thanks for the nice comment. I blog twice a week so there just isn’t space to constantly comment on everything I’ve previously mentioned. The problem is not Coinbase, it’s sending money to Coinbase. Many Banks won’t do it. I’m glad you Ethereum trade worked out.!
How do you see HMRC capital gains on crypto panning out and is there a way to navigate through this without too much financial impact?
Borrow against it rather than sell ... they will tax it to high heaven
The day you can collateralise your bitcoin to buy a house will be a game-changer. At the moment Ledn is too 'small', interest rates are too high (12%+), and the Celsius debacle has given the space a bad taste in the mouth. We need a Saylor or a Mallers to start a major global bitcoin bank!
I think Mann is already doing it, but only in the statesS
Great article Dom. I do worry when you say they cannot control it or they cannot manipulate it.
Surely governments can control and manipulate it through laws and taxation if they decide too?
Great article! As a Bitcoiner since 2017 (orange pilled in 2015 by Dominic's excellent book on Bitcoin) and a career on the investment portfolio side of traditional finance, I have been waiting with interest to see what happens when the 60/40 modern (although old!) portfolio theory tries to fit Bitcoin in one of their risk = volatility boxes. Of particular interest is how (honest) statistical analysts will deal with the fact that the logical conclusion to draw is that a BTC allocation should not be top-sliced and rebalanced to a fixed allocation if the true potential of the bitcoin allocation is to be enjoyed. That conclusion flies in the face of MPT (even the more nuanced versions of late).
Clearly, as you point out in your article, bitcoin's gradual encroachment on the proportional allocations to equities, bond and real estate will not be welcomed by traditional investment houses (or governments looking for buyers of their risk-free (yeah, right!) debt) but is likely inenvitable as investors work these things out in the end.
It will be amusing to watch it unfold as, in my experience, opinions are deeply embedded and on the current trajectory the UK appears to be well behind the curve on Bitcoin. That is deeply disappointing as the impact of that myopia could have an extreme negative impact on the UK's standing (or what's left of it) on the international stage.
I wholeheartedly agree that bitcoin is the best savings vehicle there is and a lot of individual future financial pain could be avoided if the investment community and its hapless regulatory focused on actively encouraging young, would-be investors to develop Dollar/Pound cost averaging style savings plan into bitcoin. I will be doing whatever I can to promote that practice. Apart from anything else, it encourages an attitude of taking personal responsibility and self-sovereignty of one's financial future, rather than expecting the nanny state to look after you.
So true, the FT is complicit. It's 'crypto correspondent' said today that she has not yet heard a case for it's use other than speculation and crime. Both are evils unique to crypto it would seem. No mention of the failure of fiat money as the root cause of the rise of Bitcoin and other scarce assets. These are not stupid people, these are muted people.
Hi Dominic, while I'm a long term bitcoin bull I'm slightly concerned about the dynamic we are seeing in bitcoin treasury companies. It feels like classic end of cycle frothiness / borderline ponzi scheme.
Do you just take the view that if they are wiped out / become forced sellers of BTC in a bear market then that just means more opportunities for retail buyers to acquire BTC at lower prices? Or do you see any more serious risks around this area?
Thanks
Could it be that Bitcoin is merely the manifestation of Blockchain technology? It is the latter which is the threat to established banks, their patrons, and governments/tax authorities?
The Establishments can see an opportunity to profit by joining the excitement, and in so doing, sow the seeds of crypto - and possibly Blockchain - destruction? As we all know, BTC et al have little/no intrinsic value; they are worth what someone will pay. The finite supply is a good excuse to bid up the price. However, with (smaller countries') governments buying, the potential for catastrophic loss of capital value is enormous. Institutions which launch ETFs etc stand to lose little should the Emperor have no clothes.
Can Blockchain technology survive to play a continuing role, even if BTC 'goes for a ball of chalk'?
"As we all know, BTC et al ..." - incorrect. It isn't Bitcoin and all other cryptocurrencies. Wrong wrong wrong. Bitcoin is the ONLY "cryptocurrency" which is fully decentralized, completely untethered to any other form of monetary value (other than what fiat money we're willing to part with at any point in time to obtain some BTC), and blockchain "technology" predated Bitcoin. https://worldhistoryjournal.com/2024/11/26/history-blockchain-technology/ The innovation was using the cryptographically secure blockchain idea, plus proof of work, plus open source software code approach, plus a finite limit on the number of Bitcoins to be mined, plus having no restriction whatsoever on who could mine or who could buy, hold, and trade Bitcoin that made it what it is. All other cryptocurrencies (especially Ethereum) violate at least one if not multiple of such predicates in their creation and/or their ongoing management (usually both).
Bitcoin was built to EXPECT the ongoing attempts to hack it, centralize it, and break it by every possible kind of malicious actor. Not just withstand the attacks; to actively expect and reinforce the protocol and network before, during, and after the attacks. The Establishments, as you put it, may hate Bitcoin (Jamie Dimon sure pretends to!), but Dominic is right that they pretend to ignore it so that the general public doesn't acquire more of it. THEY want to own more of it. Otherwise, JP Morgan wouldn't be backing the Blackrock BTC ETF https://www.thestreet.com/crypto/markets/jpmorgan-set-to-push-bitcoin-through-key-role-in-blackrock-etf, the biggest seller of a BTC ETF, while having Jamie Dimon go to Davos and call Bitcoin stupid. https://fortune.com/2024/01/17/jamie-dimon-bitcoin-davos-pet-rock-jpmorgan-blackrock-larry-fink-crypto/
Dominic is right to use the term "shadowbanning" here. That is exactly what's happening to Bitcoin right now, and it's hilarious to watch after the past five years of lies and nonsense from governments and large corporations around the world; as if it will work this time around. How does that definition of insanity go again? ;)
I guess it’s possible, but I don’t see things like that
bitcon isn't an asset. And all the shadowcast images dancing on the cave wall will never alchhemize that backlit puppetry into asset.
But I do see this:
Sit your ass/et tu brutus down, enjoy the show while you can, because the knaves' knives are coming ... again ... the again that never ends.