It would be nice if this actually opened and was accessible.

It opens, and God I hope you are right Raoul. "Irresponsibly long" were not the Words used by the Other Half... A bit rich given what the ponies cost- but that's probably her point, and might explain the knot between my shoulders.

Raoul, Do you really think BTC has the potential to increase 20X in the next 12-18 months? That would put the total value of the 21M coins at around $5 trillion. With the total value of all gold ever mined at say $13.5 T, does this seem logical in that time frame? And, what would drive that level of value acceleration in that short a time span? Don't get me wrong...I am also a fan of this asset class and I have RV to thank for really opening up my eyes to the potential. Just checking in on the assumptions. Thanks.

Hi Raoul, I am learning from you and making money following your lead. Earlier in the year, you said your portfolio was 25% gold, 25% Bitcoin, 25% cash, 25% trades. Have you changed your portfolio to be just Bitcoin and Ethereum? Or, How are you balancing it now?

CONVICTION

Thanks for this Raoul. What is your view on paper wallets as a means of storing bitcoin? How reliable and hack-proof are they? Question open to everyone here..

I feel this is the “buy and go to the beach“ trade many have been asking about. keep your coins in cold storage folks....

As well as owning Bitcoin I assume Galaxy Digital would continue to be a way to play it ?

Great piece Raoul, I think this is definitely the EuroDollar trade for 2020 and will balance the scales with Julian's book :-) Join the conversation in the RV Fans Pro Slack Channel - BTC is a hot topic in #crypto-btc and to convexity is even steeper in #crypto-alts http://bit.ly/rv-pro-slack

Hi Raoul, Are there other vehicles to be long bitcoin/ etherium apart from Galaxy Digital holdings which you recommend?

Please include the correlation watch in your work, that's likely to be the main trigger for your thesis. At the moment if I am not missing anything, nothing else "new" back you up. Good luck. https://www.nasdaq.com/articles/bitcoin-reaches-record-high-correlation-to-sp-500-2020-07-10

Dear Milton; I tried several times to open this article. I only got a 2 inch sliver every time. Something needs to be fixed. Good article though.

I’m long BTC and ETH. My biggest concern though is China banning BTC. The more wealth outflow via crypto, the chances go up imho.

is it a buy right here right now ?

Raoul, what is the best way to own bitcoin and ethereal? What are your thoughts on GBTC and ETHE?

Buy Bitcoin, Wear Diamonds?

Great read, I'm long BTC and held some ETH but it just gave me sleepless nights so I ditched it. I know ETH will perform well but just don't have the conviction in it - centralised nature of its origins, high ambitions and delays over 2.0 - just makes me nervous. Can still see it at 5,000 though.

"I’m 66% BTC and 33% ETH currently" of your whole portfolio?

My ‘fin-tech’ bank here in the UK tells me I can buy Bitcoin. What am I buying and what are they buying?

Good piece. Even as a punter, I enjoyed it.

Seem to be quite a few people around who are not sure how to invest, GBTC is ok but its not really how you do Bitcoin, might be a useful episode to do some training, buying from an exchange, transferring to wallet, I know, stuff around on youtube but just a thought.

Raoul, I agree Bitcoin looks good technically, and as a store of value crypto has potential. But two questions for you Raoul. 1. The energy consumption of Bitcoin rises roughly proportionally to its value as far as I understand it. Today Bitcoin consumes about 0,5% of the worlds electricity, and if the value goes up twenty times that would grow to 10% . Am I wrongly informed? If not, is that feasible?https://digiconomist.net/bitcoin-energy-consumption/ 2. If Bitcoin rises stellarly, is it acceptable for a functioning market that a few whales control such a big part of the currency? Grateful for any insights.

I've dabbled in BTC and wallets for a few years, more out of curiosity but never bought much or had much conviction until recently. Seems like the price of nearly all investible asset classes are now strongly manipulated by the Big Players (CBs, primary dealers, sovereign wealth funds, hedgies, etc). BTC seems like one of the few assets still directly outside the reach of the usual Big Players, (although I'm probably going to find out about the BTC big players the hard way). The only way for the usual Big Players to get control of BTC is to buy into it, so I might as well get there early. Also, listening to Lyn Alden helped convince me, as well as this most timely big picture perspective from Raoul.

I'm torn between adding more at these levels to transition into also being irresponsibly long vs keeping some ammo (cash) should we get another sell-off. Anybody have any thoughts? $ cost average probably the best way to go

In Europe there are some reasonable Crypto ETF's listed. I prefer those above the US listed Greyscale funds because of their low premiums. They trade on Nasdaq Sweden and trade about 10 hours a day. https://coinshares.com/etps/xbt-provider

I like your commitment - sure makes it easier for us to follow!

Is anyone using bitcoin futures? Seems like I can get exposure to the price that way, and trade in/out like I do commodities. Not the right way to hodl, but why not for trading?

@raoul / others - how far do we think this thing pulls back in the short term?

Before anyone invests in Ethereum I would recommend you listen to this podcast with its inventor. I will leave you to make your own mind up but please DYOR https://youtu.be/bTyV0yrsKjo

You say you add on pullbacks....how would you define a pullback?

"Bitwise is very close to getting approval on an ETF which will bring in every RIA into the space." As of January Bitwise withdrew their application and I don't see any public indication that the application has gained new traction. Does anyone have a line of sight to what has changed now compared to the many rejected/withdrawn ETF filings over the last 3 years?

BTC vs Gold: 1) Harder (truly limited supply) 2) More salable (no physical transport) 3) More divisible (1e-6 BTC) 4) Higher yielding (BlockFi pays 6%, but you have added counter-party risk) I love gold, but in my opinion BTC is superior in every way. When you consider the current market penetration... phenomenal. I am GenX. As a minority generation, our investment strategy needs to straddle the Boomers and Millennials (Gold and BTC). Boomers will buy gold due to fears of currency debasement but most probably wont live to see it. Millennials will buy BTC due to actual currency devaluation in their lifetimes. I've been long BTC since late 2016, and have the scars to prove it (HODL). For me it has always been clear where this is headed. The greatest unknowns have been timing and the exact path. Raoul, your assessment has been spot on, and your enthusiasm convinced me to increase my position substantially!

First of all, I believe you Raoul and am an absolute disciple of the digital currency revolution that has to take over from the fiat system in order for governments to sunset their fiat debt obligations amongst many, many other factors. My question though is this, in terms of appreciation from here, every time we have a halving and a material leap up in BTC price, it becomes psychologically more difficult for the retail punter on the margin to part ways with their fiat for crypto. At the last halving one could still hope to own a whole bitcoin, fully intact and ready for action for most of the retail investor community, but by no means all clearly. My point is this, as the price increases it becomes exponentially harder for the marginal retail investor to drive it higher in my opinion, fractional ownership takes a fundamental belief in the complete ownership first. Therefore, the next major (2x+) up from here requires the institutional investor to drive it there. I think they will, without question and to your point on market cap of BTC by necessity, but in the next 12-18 months? I want that to be true, but I’m not quite there yet.... Having said that I’m buying on the dips and diversifying across the crypto landscape, so I’m by no means disagreeing, just maybe questioning the timing aspect of your thesis.

Raoul, if PlanB's stock to flow price comes true, MicroStrategy's $250M BTC investment would match 80 years of company profit in 1 year enabling them to buy out all competitors (according to Preston Pysh). Are other tech companies (both public & private) aware of this possibility & considering taking sizeable positions based on that probable outcome alone?

If this analysis is right, you can consider my message here as an agreement to pre-pay ten years of RV Pro. After all, it will cost only 0.14 Bitcoin.