Beacon of Stability
“Beacon of Stability” – a cartoon that illustrates how the perceptions of bitcoin have changed.
Infamously, Charlie Munger, Vice Chairman of Berkshire Hathaway fame, referred to bitcoin in the same sentence as child prostitution – “This is a very, very bad thing. The country did not need a currency that was good for kidnappers. There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.”
Today, the market is very different – last week the CEO of Blackrock, which has $9.4TN dollars under management, referred to client interest in bitcoin as part of a “flight to quality.”
Part of the reason for this is that over the last 12 months Bitcoin is less volatile than US Treasuries.
As an example of these more straight-up times, the ticker symbol of Blackrock’s soon to be announced ETF is $IBTC, which is a lot less splashy that something like $HODL, but more likely to avoid scaring wealth managers who are allocating the pension funds of rich boomers.
