Welcome back for another episode of bullish billionaires and Bitcoin.
Famous billionaire and renowned money manager,
Stan Druckenmiller is long Bitcoin and believes that it will outperform gold.
PayPal has officially rolled out their crypto service and what type of car would you buy
for $110,000?
Car
We’ll start off this week’s news roundup by revealing this year’s best performing
asset.
Any guesses as to what it is?
You won’t have to wait long as we unpack the highlights on this week’s Exodus Crypto
News.
Name your favorite asset class.
Stocks, bonds, commodities, gold, collectible trading cards?
Whatever it is, Bitcoin has done better.
Bitcoin is the best performing asset of 2020, having gone up about 125% since the start
of the year.
In fact, Messari has even run the numbers on a larger time frame and Bitcoin is the
best performing asset not just this year, but over the last four years as well.
Real estate, gold, the stock market…
Nothing can beat the orange coin.
At this point there seems to be a feeling in the Bitcoin community that hitting the
all time high is just a matter of time.
In fact, at the rate that Bitcoin is going up we could be at $20,000 in the next week
or two!
Or maybe sometime in December or January?
That seems totally doable.
Already we’ve had more daily closes above $15k than any other time in Bitcoin’s history.
Something big is definitely happening here.
When do you think we’ll see the bitcoin price at $20,000 again?
Or what about $100,000?
Let us know your bitcoin price prediction in the comments.
It’s official!
The billionaire Stan Druckenmiller, one of the world’s most prominent fund managers,
is long on Bitcoin.
In a recent CNBC interview Druckenmiller explained his reasoning for going long BTC.
“Bitcoin could be an asset class that has a lot of attraction as a store of value for
both millennials and new West Coast money, which, as you know, they’ve got a lot of
it.
It’s been around for 13 years and each passing day it picks up more of its stabilization
as a brand”
So this isn’t another MicroStrategy moment where someone is betting the house on one
asset.
Nonetheless, it’s still really big news.
Druckenmiller backing Bitcoin matters because it further legitimizes the cryptocurrency
space.
In a recent Tweet, Raoul Pal said essentially the same thing.
Quote,
“The significance of the worlds greatest and most respected money manager - Stan Druckenmiller
saying just now that he is long bitcoin can not be overstated.
That has removed every obstacle for any hedge fund or endowment to invest…”
And of course Druckenmiller isn’t alone, he’s just the latest in a long line of companies
and wealthy investors to announce that they’re long BTC.
There are several dozen companies which have announced their Bitcoin holdings.
From the half billion purchase by MicroStrategy all the way down to some other companies holding
just a few dozen BTC.
The macro environment for Bitcoin has literally never looked better.
Paul Tudor Jones, PayPal, Fidelity, Raoul Pal, Stan Druckenmiller, MicroStrategy, Square,
and the list just goes own and on.
The institutional interest in BTC as a hedge against the dollar grows by the month.
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PayPal users across the United States can now use the application to buy Crypto.
Bitcoin, Ethereum, Bitcoin Cash and Litecoin, it’s all there.
Even those poor souls who live in New York state, who are so often denied crypto services
due to onerous regulations, can buy crypto with PayPal.
That’s really big news, but here is something we think could be even bigger.
PayPal has announced that they’re also going to make it possible to pay with crypto at
any of the 26 million merchants who are integrated with PayPal payments.
All crypto payments will be converted into fiat at the time of the sale, so that the
seller isn’t exposed to that notorious crypto volatility, they only get stuck with a perpetually
declining dollar.
As we mentioned last week, the downside of PayPal’s crypto service is that you can’t
take your crypto off the platform.
Not your keys, not your crypto!
This is really good argument, but it’s also important to recognize that not everyone wants
the trouble of custodying their own coins.
Here is a Tweet from the crypto luminary Scott Melker, which does a really nice job summarizing
the issue in just two sentences.
“It’s important to hold your own private keys and custody your Bitcoin.
It’s also important that people who don’t want to do that can buy it on PayPal and go
about their lives.”
So there you go.
Anyone who wants to take control of their crypto can do so, and for everyone else there
is PayPal.
With the increased exposure to new digital assets, how do you think this “Crypto”
in a box will change the ecosystem?
And for those who want to learn what this means for bitcoin investors, click the link
above to visit the Exodus blog and find out.
DeFi was born and raised on Ethereum, but that doesn’t mean it will stay there forever.
One of the key problems with DeFi on Ethereum, at least right now, is the lack of scalability.
When there is a lot of user activity it can cause transaction fees to go through the roof
and the wait time for transactions to get really out of hand.
Well one blockchain’s limitation is another’s opportunity, and Tezos is doing everything
it can to expand its own DeFi ecosystem.
Recently the Tezos chain introduced a new upgrade called Delphi, which should decrease
gas consumption by about 75% in most scenarios.
That would make it significantly cheaper for DeFi protocols to operate on Tezos, especially
sophisticated protocols which require a lot of computation.
In addition, storage costs are also anticipated to be four times cheaper, making it more feasible
to store data onchain.
Maybe, on the margin.
Protocols which don’t need to connect to other DeFi platforms will probably be the
first to jump ship to Tezos.
As BTC gets ready to moon, the chatter of expensive cars increases.
Lambo for you Lambo for you
And, Lambo for you What’s the most you would consider paying for a car?
How about one that doesn’t actually drive anywhere?
Well.
In 2019 an unknown investor bought a jewel encrusted F1 race car NFT for $110,000, it’s
the most expensive NFT sale ever.
For those who don’t know, NFT stands for non fungible token.
If you don’t know what an NFT is, click the link above for a quick explainer.
Digital trading cards and paintings are two of the most common NFT types, although as
we saw here, you too, can also have a race car NFT.
We’ll keep an eye on it and we’ll be sure to let you know once the first million dollar
NFT sale takes place.
If there is one key takeaway it’s that institutional adoption of Bitcoin is growing at an exponential
rate, and the price of BTC is really starting to reflect that.
Now that you can buy crypto with PayPal, even more people are going to be looking to buy
some BTC and it looks like at some point in the next 90 days we’ll be hitting $20k,
so that’s definitely something to look forward to.
If you agree, hit that like button, subscribe to the channel and keep stacking those sats.
Until next time, HODL on!