Bitcoin as a Global Macro Trade

Published on
October 21st, 2019
Duration
40 minutes

Bitcoin as a Global Macro Trade

The Interview ·
Featuring John Vincent and Sam Jernigan

Published on: October 21st, 2019 • Duration: 40 minutes

What role do digital assets play in a modern global macro portfolio? John Vincent and Sam Jernigan of Wakem Global Opportunity Fund discuss profiting from the bitcoin trade — including portfolio construction, inter-asset correlations, volatility, skew, and the role of covered calls. Vincent and Jernigan also explore more fundamental aspects of digital assets, such as the inherent conflict between the store of value and medium of exchange functions. Filmed on September 9, 2019 in New York.

Comments

Transcript

  • SP
    Stephen P.
    27 October 2019 @ 05:17
    “If you travel in Asia nobody is paying in fiat” True in China. Not here. I live in Thailand, people carry and use cash mostly. A lot of people don’t have credit cards. Go to a wedding and there will be a pile of cash in front of the bride, 1/2 million baht or more. There are cash deposit machines next to ATMs. I bought a nail salon for my wife, paid in cash. You can buy Bitcoin via ATM transfer or cash deposit at a 7-11 convenience store. Gold shops want cash. Thai baht up 8% vs USD this year, but that is a different topic.
  • DB
    Doug B.
    26 October 2019 @ 02:32
    I am paraphrasing here, but: Sam: A small allocation to Bitcoin should be in even conservative portfolios. Mike: assuming Bitcoin isn't reducing vol to allow more leverage, what are you taking out to make room for Bitcoin? Sam: wheat. Really? So if you're a retail investor without wheat in your portfolio, you're stuck? I know wheat is just an example, but I think it was an excellent question that didn't get an excellent answer.
  • CL
    Chris L.
    24 October 2019 @ 19:10
    A bit incorrect. In Nov 2017, I pointed out that bitcoin was merely a beneficiary of lax monetary policy. it had a .8 to .85 correlation with US equities.
  • SD
    Scott D.
    24 October 2019 @ 18:42
    Does Google's attainment of quantum supremacy create the potential for much faster crypto supply growth? I realize this technology is in its infancy, but seems to me that if it were ever aimed at crypto mining we would be awash overnight. Like 21M BTC in an instant.
    • LP
      Lauri P.
      25 October 2019 @ 20:24
      No, quantum computers are faster than traditional computers only in very narrow category of problems, and luckily enough, hash based cryptography (bitcoin mining) isn't one of them.
  • DW
    Denton W.
    24 October 2019 @ 15:59
    Superb interview as always Mike.
  • JP
    J P.
    23 October 2019 @ 20:44
    Based on the comments it appears bitcoin is the only asset in the world which still has a wall of worry. That used to matter. It will again.
  • TM
    The-First-James M.
    23 October 2019 @ 18:31
    Interesting to read the Bitcoin hate. Possibly indicates a lot of trialers using the site. Possibly indicates that today's sell-off ends up being the final capitulation low before the next big runup...
  • JF
    Joseph F.
    23 October 2019 @ 15:58
    BTC/USD -500.55 -6.29% Oct 23/19. HODL, LOL.
    • TM
      The-First-James M.
      23 October 2019 @ 18:56
      One day's price performance does not a lifetime make. As somebody who first purchased BTC in H2 2014 and has an investment time horizon longer longer than a gnat's lifespan, HODLing has served me well.
    • TM
      The-First-James M.
      26 October 2019 @ 13:48
      BTC/USD +1635.35 +21.39% Oct 25/19. HODL, Yes Please... You see, I too can cherry pick a single day of price performance to support my own search for confimation bias. P.S. LOL
  • NC
    N C.
    23 October 2019 @ 15:11
    RV *is* going to present the other side of the case for bitcoin, right?
  • JW
    Jianbo W.
    23 October 2019 @ 07:37
    Given how much bitcion is hated here, and how bitcoin has performed, im quite optimistic. Bitcoin is not necessary the whole solution, but it def has shown us what the modern financial system can NOT solve.
  • TS
    Tom S.
    23 October 2019 @ 03:30
    Boy, I am so glad I won't get that 1/2 hour of my life back: I was going to use it for snorting coke off a supermodel on my 105 yacht in the Caribbean with Raoul - but instead spent it listening to this ....yippee.
  • GB
    Gary B.
    23 October 2019 @ 00:46
    Weak sauce fellas. Superficial discussion.
  • AR
    Abishek R.
    22 October 2019 @ 20:10
    Who else cannot wait for this bitcoin series to get over?
    • JB
      Jean-Michel B.
      23 October 2019 @ 17:27
      With so many crosscurrents in markets right now, this BTC obsession is definitely misplaced. Let's talk about something else.
  • JM
    John M.
    22 October 2019 @ 16:10
    RV has sponsored many interviews on Bitcoin but no one has yet mentioned that people lose things....including Bitcoin. Given the fixed supply of Bitcoin, what is the long term prospect?
  • GC
    Gino C.
    22 October 2019 @ 14:07
    Enough with Bitcoin RV !!
  • RH
    ROBERT H.
    22 October 2019 @ 11:34
    ok. It's the greatest artificial trading vehicle the world has seen. Calling it an asset is a bit of a stretch.
  • TB
    Troy B.
    22 October 2019 @ 09:35
    Filmed on September 9, why does it take 1 and a half months to put out a video? This better have some epic CGI in it.
  • IR
    Ian R.
    22 October 2019 @ 04:34
    Not a crypto evangelist nor part of the sceptics society and can see the pros and cons but personally I found these gentlemen a bit too 'macro' in their thinking and communication. BTC is the ultimate disrupter (potentially) and it will create an element of chaos globally 'if' half of their portent of things to become do come to fruition. Lets look at the chaos and what it looks like, what is the plan to deal with it and how long it will take to come out the other side? Any thoughts maybe on doing a show looking into this crystal ball? Putting all this aside I found it was a bit of a wishful thinking thought bubble as opposed to trying to show how the mechanics of global macro trade will be enhanced using crypto and not fiat.
  • NI
    Nate I.
    22 October 2019 @ 03:53
    Regardless of what you think about BTC, RV would not be the premier financial media outlet if they didn't cover it. I would add that RV is doing a far better job than its competitors. Right or wrong, the RV contributors are thinking deeply about the pros/cons of BTC and helping all of us to make a better investment decision.
  • HM
    Heinz M.
    22 October 2019 @ 03:25
    Wow, wouldn’t trust one dollar investing with these guys. No commitment or conviction of anything they are doing. This interview is about a couple of people chasing each other’s tail; a lot of talk and nothing being said. Disappointing.
    • KK
      Kiwoong K.
      22 October 2019 @ 03:27
      Give a man a fish, he'll eat for a day. Teach a man how to fish and he'll eat for a life time.
    • AC
      Andrew C.
      22 October 2019 @ 05:24
      Build a man a fire, he will be warm for a night. Set a man on fire and he is warm for the rest of his life!
    • RS
      Ryan S.
      22 October 2019 @ 10:09
      Agree 100%. Lost interest in this discussion half way through. Sounds like a bunch of archaic investors trying to fit their model into crypto.
  • WG
    Wayne G.
    22 October 2019 @ 03:24
    Terrific discussion Gents, thank you so much for your time and knowledge. If possible I would love to get thoughts/feedback from Mike's giant Quant brain on Plan B's stock to flow model of Bitcoin.
  • JS
    John S.
    22 October 2019 @ 01:25
    Excellent discussion
    • CB
      C B.
      22 October 2019 @ 02:27
      It would have been even better with a discussion of why the US government should print currency to buy BTC
  • VS
    Victor S. | Contributor
    21 October 2019 @ 23:14
    Gents one point -bitcoin is not a storer of value -it is a tulip bulb. A storer of value does not need a computer and electricity to make it work .
    • KK
      Kiwoong K.
      22 October 2019 @ 03:25
      I keep asking the same question. What will crypto currency world do when the towers are disrupted? I haven't seen a single discussion around electricity-proof way of using bitcoin as currency. (Ofcourse if it's currency, it's not necessarily the same as gold in nature because currencies tend to fluctuate in its value). We still can't do any transaction without cash when our debit/credit system is down and we know it goes down every now and then. It seems to me that nobody really wants to discuss this issue and as long as there isn't a clear answer to this problem, I think bitcoin holders are the bag holders and bitcoin is a glorified tradeable vix index at best. Roses at least you can touch them, bitcoin spends massive amount of energy to create something that cannot be sensed with the five senses. It's incredible what value our imaginations and beliefs can hold in my view.
    • rc
      ryan c.
      22 October 2019 @ 03:48
      Educate us, what then is a store of value under your eternal electric blackout scenario, cause that’s what you’re implying, no?
    • KK
      Kiwoong K.
      22 October 2019 @ 05:27
      I don't think so Just a few cell towers being knocked over wouldn't necessarily translate to a global market meltdown, but I'm sure it'll cause many people to suffer. Which makes me beg the question, will the banks own the cell tower or will the cell towers control how banks work? California intentionally planned a power outage. I find it troublesome that someone can intentionally cause an economic blackout. Also, in an eternal blackout scenario, the store value of money would still be gold. It's indestructible and its finite. Currency on the other hand can change many times and the value it holds can also vary.
    • JP
      J P.
      23 October 2019 @ 20:45
      And you never use computers for anything, right?
  • JJ
    Jesse J.
    21 October 2019 @ 23:05
    Oh man this debate is a fun one. I’m buying a little bit of bitcoin as I go along. I’m also accumulating some gold, stocks, bonds, some property, a bit of ammo, and as much knowledge as I can put in about 2 hours per night. I like the BTC but only really because others keep buying, hoarding, and seemed convinced something will come of it.
    • CB
      C B.
      22 October 2019 @ 02:36
      The very last exchange in the video highlights why BTC cannot be dismissed altogether. When the current, unsustainable system unravels, everything is up for debate
    • RS
      R S.
      22 October 2019 @ 06:30
      The marketing chants are pretty fun. 'Digital gold,' 'scarcity,' over and over and over. And guess who has a bigger budget, say, 100 times larger than all of the organic marketing budget of bitcoin? The Government of Canada. Facebook. Alibaba. The Kremlin. The U.S. Federal Reserve. Real digital currencies are coming, backed by armies and billions of users and trillions of dollars. Bitcoin's circular mantra party is ending soon.
  • JG
    Josh G.
    21 October 2019 @ 21:30
    Btc skew has a v high spot/vol correlation ex at the v back of the curve where it’s pinned positive (but not always extreme, eg 2-3v). Having said that, skew curves often get out of whack on a more micro lvl (calendars etc)
    • JG
      Josh G.
      21 October 2019 @ 21:33
      Spot/skew I shld say sorry.
    • JG
      Josh G.
      21 October 2019 @ 21:37
      One other comment I’d add is, yes miners r biased to sell the risky (v logical) having said that - there is plenty of put selling OTC & Deribit where it isn’t 100% collateralised
    • JG
      Josh G.
      21 October 2019 @ 21:38
      Xlnt interview! Enjoyed this one
  • MS
    Mark S.
    21 October 2019 @ 20:40
    Non of the BTC skeptics here when referring to BTC as a ponzi scheme mean it in a literal sense. Nor would most suggest that blockchain is not a valuable or revolutionary technology or that is likely here to stay. But that does not imply BTC is somehow the winner. The narrative around BTC continues to change to suit the needs of supporters which in of itself suggest a lack of clarity around exactly what and how this 'asset' might or could be used. Do BTC supporters believe CBs will print trillions simply to buy coins for 1M+ each hodlers in order to get their hands on this new reserve or will the World Bank simply produce a blockchain, quantity limit, digital version of the SDR? Certainly there is an attractiveness to the speed and efficiency with which a digital currency could be used as CB reserve for international settlement of accounts, at least when compared to moving tons of gold around. There are so many unresolved (risk) issues remaining with crypto (even with the King of crypto BTC), not the least of which is speed of transacting (say versus VISA and MC capabilities), cost of production (ridiculous amounts of electricity), risk of technological obsolescence, permanent loss, electro magnetic interference, etc., etc. That at this juncture and as several have put it, it is nothing more than a punt. It will take decades to prove itself if all goes well. Meanwhile many of us need to deal with the short run, next 2-5 years, and gold has proved itself over and over, for more than 5000 years. So for me better the devil I know...
    • RV
      Ryan V.
      21 October 2019 @ 22:32
      This is exactly it. If I hodlers think central banks(and the population at large) will stand by and let the biggest wealth transfer in human history happen from the global populace to crypto evangelists they are in for a surprise. The central banks will create a chain and stomp out the rest. Full stop.
    • MC
      Margarine C.
      22 October 2019 @ 17:07
      Well said. Another unresolved risk: transactions on the network can be bigger than the cost of a 51% attack. So a very, very wealthy & connected individual/organization could send a large transaction and profitably rewrite it. Only thing stopping this is that large holders of bitcoin don't want disrupt the security of the network, because that'd make their investment worthless. This will not always be the case!--A massive foreign bank/ government could profitably attack the network, say, if they needed cash for an emergency or didn't want to compete with bitcoin. USD settled futures/options only make this scenario more plausible...
    • JP
      J P.
      23 October 2019 @ 20:33
      Understanding the value of both scarcity and liquidity is very hard for most to get. The world does not have anything which is both the most scarce thing ever produced and at the same time liquid, with increasingly growing liquidity as the asset grows. Neither has the world ever seen an asset which is near perfect in being inelastic. Money ought to be the riskless asset, and eventually bitcoin will be most wildly held money which is scarce, liquid and riskless. Regarding payments, as the tech develops more scaling layers and tech will be developed to handle this but the asset can be held for years with making only periodic sales and using the existing system. There is much for many to learn as as with technology and the internet we will see many skeptic who miss out on what is still very early stage development.
  • BS
    Bill S.
    21 October 2019 @ 19:31
    I have enjoyed the BTC v AU series, but as usual, not half as much as I have enjoyed the Comments section. It appears you are an idiot if you reject BTC and still an idiot if you embrace BTC. What I wasn't expecting was the intellectual honesty of most guests in stating that the investment case for BTC is basically, ...because you never know.
  • Av
    Ad v.
    21 October 2019 @ 17:25
    One of best interviews of this BTC series. Thanks.
  • SL
    Scott L.
    21 October 2019 @ 14:43
    Have they covered Tether at all in these videos? I don't feel like checking every transcript, thanks!
    • as
      andrew s.
      21 October 2019 @ 18:06
      No they haven't. Ostrich Vision
    • SS
      Steven S.
      21 October 2019 @ 18:56
      The last section mentions Tether in passing in the context of Dollar Settlement and the China angle.
    • SL
      Scott L.
      23 October 2019 @ 12:23
      Thanks andrew!
  • JH
    Jesse H.
    21 October 2019 @ 14:25
    Mike does a great job, as usual. Found this one relatively obscure and unhelpful. Did learn a few interesting things, but was afraid this one was a thumbs down. Thanks, guys.
  • SS
    Steve S.
    21 October 2019 @ 12:20
    To me, its so simple. As a millennial, what trade right now is going to make a significant asymmetric return that will make a major difference to your life? Bitcoin. If you're wrong, you can make it back over your working life. Losing 8000USD buying a single bitcoin is worth the risk. Seeing it go 10x+ in the future will hurt a lot more than losing 8000USD. As a retiree, I understand the skepticism and would understand a larger allocation to Gold over bitcoin.
    • dd
      david d.
      21 October 2019 @ 12:41
      there are better lottery tickets out there
    • MT
      Mike T.
      21 October 2019 @ 13:44
      With any trade or investment if it's not possible to apply a math based model to know in advance if statistics and probabilities are in your favour it's a no better than a 'punt'.
    • TH
      Timo H.
      21 October 2019 @ 14:14
      Apart from illusory scarcity, another serious issue with bitcoin is the same thing that created it: innovation. Cryptocurrencies (not to be confused with digital currencies) in general will be obsolete in maybe 5 years. That's how long it probably takes to have the first significant digital transaction networks into production. Those networks will operate on debt instruments backed by hard assets.
    • IS
      Ionel S.
      21 October 2019 @ 15:38
      bullshit
    • JA
      Jeff A.
      22 October 2019 @ 02:04
      I'm a retiree and I would rather have my excess fund in Bitcoin that anything else. I want to leave my heirs something of value. The end of CB controlled fiat is near...it will not end well.
    • RO
      Robert O.
      23 October 2019 @ 04:31
      Maybe if you bought Bitcoin for $1000 and you waited for your central bank or IMF to buy you out. But what if your local government believes that you should share your windfall profit with the rest of us, minus your initial investment and maybe 5% for you? I suspect that the glory days of Bitcoin profits are over and any remaining significant profits will be on paper only. Unfortunately, gold and silver held as securities may also suffer a similar fate.
    • JP
      J P.
      23 October 2019 @ 20:22
      1
  • dd
    david d.
    21 October 2019 @ 11:45
    these two horrible weeks were meant to attract new subscribers to RV at the expense of paying subscribers, zero diversity of opinion on bitcoin when we very well know most good investors dont touch it with a 100 foot pole
    • JP
      Joao P.
      21 October 2019 @ 12:10
      Right, David. You're God, you know it all. You're entitled to your opinion but to say "we all know most good investors don't touch it..." is being narrow-minded and arrogant. Maybe in 5-10 years you will finally understand where the world is heading and see that actually most good investors were getting in way before you. Who knows.. we'll see. One thing I know for sure, you do not understand Bitcoin.
    • dd
      david d.
      21 October 2019 @ 12:38
      I am requesting a more balanced view of bitcoin with diversity of opinions. But I guess the crypto religion you belong wants none of that.. the ponzi must live right?
    • AK
      Ado K.
      21 October 2019 @ 13:29
      Bitcoin is not a ponzi, if you do not realize this I genuinely feel bad that you so openly are displaying your shear stupidity. In a ponzi there is a promise of guaranteed returns, does this exist in Bitcoin-No In a ponzi someone is in charge, is someone in charge in Bitcoin-No In a ponzi scheme you are directly rewarded by the person/group in charge if you bring in new members- does this happen in Bitcoin-No I wish you the best in your journey David, you are really really going to need it. There are several books I could recommend you in order to exit the state of cognitive dissidence, but I am not curtain you posses the ability to read.
    • MT
      Mike T.
      21 October 2019 @ 14:04
      Other than a lottery ticket punt which is fine btw, but evidence that multiple usd Trillions of global money seeking a return are not interested as yet is simple to find. The amount of bitcoin traded in USD terms everyday is tiny in the extreme compared with the totality of other markets.
    • RC
      Ryan C.
      21 October 2019 @ 17:18
      These videos of BTC support RV's thesis as Macro investors see a global debt problem, there is a need for a hedge. You can feed your own fire of whatever you want to believe, but the people that are invested in a decentralized crypto will continue to make money. If you can't see the need for a currency other than printed paper that isn't backed by anything, then clearly you need to take a step back and do some research of what's going on in the world. Whether it's gold or crypto, there will be a need to fall back on something other than a worthless piece of paper which is proclaimed as something of worth by government who controls it. I suggest you read "The Bitcoin Standard" to learn more about blockchain technology.
    • JL
      J L.
      21 October 2019 @ 17:26
      wouldng put it past them but it wasnt too bad
    • CB
      C B.
      22 October 2019 @ 02:21
      Ado feels bad for david
    • CB
      C B.
      22 October 2019 @ 02:22
      I would pay anything just to feel something for a single moment 🙃
  • dd
    david d.
    21 October 2019 @ 11:39
    wheres the diversity of opinion about this ponzi called bitcoin RV ????
    • CB
      C B.
      22 October 2019 @ 02:25
      You will need to engage your imagination david. Try this; when the interviewee makes a statement of opinion, imagine the opposite perspective. See if the opinion resonates with you in a superior fashion
  • MS
    Michael S.
    21 October 2019 @ 11:12
    Amazing how many smart people are falling for this Ponzi
    • GN
      Griffin N.
      21 October 2019 @ 12:25
      Please explain how it is a Ponzi?
    • JL
      J L.
      21 October 2019 @ 12:54
      It is no Ponzi as no one actor is deceiving investors with new investments into the product, but I suspect a lot of people own it right now to sell for more in the future, while at the same time they believe it will be worth exactly zero in 50 years, whether consciously or subconsciously...
    • GN
      Griffin N.
      21 October 2019 @ 13:49
      Yea, I was looking for an explanation for how an asset could be a ponzi scheme. It's like saying a stone, a tree or some other asset people, for some reason value, on the free market is a ponzi, But people never explain this "argument".
    • TH
      Timo H.
      21 October 2019 @ 14:17
      Bitcoin combines things you don't understand about money with things you don't understand about technology. Most people here seem to have some serious gaps in their technology understanding.
    • IS
      Ionel S.
      21 October 2019 @ 15:40
      It's a Ponzi scheme and an ecological disaster!!!
    • GN
      Griffin N.
      21 October 2019 @ 17:35
      Way to make an argument "IS". - It's a Ponzi - Please explain, how is it a Ponzi? - It's a Ponzi scheme and an ecological disaster!!! Well, I guess the 3 exclamation marks settled that discussion.
    • SS
      Steven S.
      21 October 2019 @ 18:52
      It's awesome how many smart people can't stand Bitcoin. More sats for us. Calling it a Ponzi is not an argument. It's like calling someone a racist.
    • TH
      Timo H.
      21 October 2019 @ 18:57
      It is not a ponzi as all necessary information is available for proper decision making. The problem is, that the vast majority of the crowd just follows some very loud leaders without questioning some essential fundamentals, especially on the technology side.
  • GN
    Griffin N.
    21 October 2019 @ 10:18
    Decent vid. The boys understand the most important thing (#getoffzero), but probably shouldn't listen to advice from Joe Lubin, lol. The development of the futures market for Bitcoin is very interesting. Will we see contracts 4-5 years into the future? How will they be priced? Another thing, people need to understand the difference between medium of exchange and method of payment. Something that is a store of value will automatically be a medium of exchange as well. You buy it to exchange it for something else, later. A credit system will always be more effective as a method of payment as you donät have to settle as often. No reason why that can't be used with bitcoin as a base. I would say that the lightning network is a sort of credit system. You keep tab of chain and settle only if necessary.
  • AT
    Aaron T.
    21 October 2019 @ 10:17
    The comments here tells me how early we really are in this asset class.
    • dd
      david d.
      21 October 2019 @ 11:46
      or how wrong you are
  • RW
    Richard W.
    21 October 2019 @ 10:12
    Really interesting interview. Thanks and well done!
  • PU
    Peter U.
    21 October 2019 @ 10:08
    Mike missed the mark agreeing to interview John and Sam.
  • TR
    Travis R.
    21 October 2019 @ 10:06
    Any arguments for or against Hedera Hashgraph HBAR? Some heavy hitters involved there.
    • SA
      Sanne A.
      21 October 2019 @ 11:23
      Hashgraph certainly is an eye opening project. Unfortunately, they opted to protect their source code and patent their consensus mechanism. Code creation is centralized and we cannot view the code as it evolves over time even though they (claim to) have been audited that is no guarantee they will continue to be audited. They have a council/cabal as a way to govern future changes. Obviously, this is an exclusive club. When it comes to open and equally accessible Hedere Hashgraph is a far cry from Bitcoin. The transaction speed is impressive and Hashgraph certainly speaks to the imagination. Avalanche by AVA Labs is project with similar transaction speeds as Hashgraph, even faster finality, and is a more open network as anyone can join and be part of governance. Avalache is still very much in a testing phase though and they haven't released the source code (yet).
    • MC
      Margarine C.
      21 October 2019 @ 14:41
      Red flag #1: They promised the equivalent of cryptographic nuclear fusion/flying cars Red Flag #2: have since cut their performance projections orders of magnitude. Red flag #3: Everything is closed source, nobody can verify their audacious claims
    • TH
      Timo H.
      21 October 2019 @ 17:11
      Interesting technology, that is unfortunately accompanied with questionable IPR policy, governance model and cryptocurrency.
  • dd
    david d.
    21 October 2019 @ 09:38
    wheres roubini to put some reason into this silly bitcoin propaganda weeks
    • FS
      Fagundes S.
      21 October 2019 @ 22:54
      Roubini has been wrong about BTC since it was $56. Every single year, every year wrong. I'm amazed anyone finds him a good example. He has been wrong on BTC for almost 11 years. From $56 to $20000 and now at $8000 ready to launch once more. Status quo parasitic economists.
  • CA
    Craig A.
    21 October 2019 @ 07:18
    None of these guys are given any credible reasoning as to why to buy or sell bitcoin. Nonsense about portfolio construction and weighting mean nothing when they aren't looking at what functionality it provides and the infrastructure in place, which for now is mostly dodgy chinese exchanges. They might have learnt what blockchain technology does, but they have no clue what applications it has, and have even less clue as to what the instrument accomplishes within a portfolio (just that it is 0 correlation). One of the guys was arguing that macro funds buy wheat so why not buy bitcoin. Wheat has an application, and its pretty easy to understahdn what its role as an instrument is within a portfolio. Honestly this interview was disappointing and a waste of my time. P.S the BS narrative about a store of value vs medium of exchange is just stupid. Bitcoin is not a store of value - its not been time tested and its not a medium of exchange when the maximum amount of transactions you can do is a few thousand per 10 minutes. All of these guys need to go back to the drawing board and need to analyse really what bitcoin actually is.
    • AW
      Andrew W.
      21 October 2019 @ 09:31
      Other videos explain the credible reasoning for owning BTC. The purpose of this video is to hear from some of the few institutions that are in it early before the rest of the field.
    • JL
      J L.
      21 October 2019 @ 09:33
      what is it then
    • TH
      Timo H.
      21 October 2019 @ 14:19
      A demo of the greatest IT innovation ever. Just a demo.
    • FS
      Fagundes S.
      21 October 2019 @ 22:57
      If you don't like it don't buy it. 18 million out there, with 5 or 6 lost. More for us. The market wants it, that's why the price long term keeps rising. Next year won't be any different. Next decade won't be any different. Au had its centuries. Value will now be secured by its simplest form, raw energy.
  • RS
    R S.
    21 October 2019 @ 05:50
    Central bank digital currencies (already publicly announced by central bank members in Canada, USA, China, Japan, and many smaller countries) will be Fungible, Legal, Ubiquitous, Portable, Fast, Cheap, Compliant, Stable, Safeguarded, Insured, and almost every other characteristic of bitcoin.
    • GN
      Griffin N.
      21 October 2019 @ 09:30
      + you'll need permission to transact and they'll control the supply. You seem really obsessed with this subject (and convinced that bitcoin will fail). I hope you put your money where your mouth is and short the market..
    • MP
      M P.
      21 October 2019 @ 09:32
      After a week of you repeating the same misconceptions or even outright lies under every single Bitcoin video, ignoring all the retorts and clarifications made by others, one can clearly see you are not an intellectually honest actor, but a salty nocoiner exhibiting severe case of Bitcoin Derangement Syndrome. Because normal people do not spend so much time falsely disparaging assets they do not own, while making sure they are the first to comment under every video.
    • AW
      Andrew W.
      21 October 2019 @ 09:33
      Central bank digital currencies are fiat and centrally controlled. The entire point of BTC is that it's a monetary policy and money supply that is non-fiat and scarcer than gold. You are literally missing the entire point.
    • TH
      Timo H.
      21 October 2019 @ 14:28
      That applies to a bunch of cryptos.
    • AG
      Andrew G.
      21 October 2019 @ 19:32
      Stable? Like fiat currency? I think you have missed one of the essential points...of #BTC
    • JP
      J P.
      23 October 2019 @ 20:41
      And yet none are scarce. How uninteresting.