We Got Druckenmiller, But Dalio Is Holding Out
Plus the world's second biggest bank issues $3B in bitcoin-tradable bonds
Happy Wednesday, Blockfolians
Yesterday we discussed how famed billionaire Stan Druckenmiller had come around on bitcoin. Over the weekend, legendary value investor Bill Miller also sang bitcoin’s praises.
Ray Dalio - founder of the world’s largest hedge fund - remains skeptical. In an interview with Yahoo Finance, he gave three reasons why:
1. Lack of places that accept crypto
2. Too much volatility - especially for vendors to accept
3. Sovereign level threats
This summed up pretty much exactly how we feel about the critique. Even if #3 is worthy of more consideration, it’s hard to get past 1 & 2.
At the risk of defending our own bags, it’s hard not to look at comments like these from Dalio, vs. those from Druckenmiller and Paul Tudor Jones, and not think it’s the critic who is behind the times.
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Highly Relevant Reading
A battle is brewing between the Comptroller of the Currency and Congressional Dems on digital assets
Gary Gensler, who taught a course on bitcoin and blockchain at MIT, added to Biden Transition Team
Total number of bitcoin ATMs up 85%, buoyed by the pandemic
$360M in BTC moved to Ethereum in October
So we’re a little excited about encroaching on BTC $16,000. Forgive us.
On the upside, more scammers means more people are paying attention.
SugarClub.eth @SugarClub_I’m so sorry to find out I have been scammed by an fake artist impersonator. This account is impersonating a real artist : @SoYounLee3 The real SoYoun lee with more than 66k followers on IG just posted this on her feed https://t.co/DvvbPtpSsS @Opensea @rarible contacted https://t.co/5yfahdaHSt
A Really Big Number We Should Be Paying Attention To
That’s the amount of bitcoin-tradable bonds just issued by the world’s second largest bank