Digital gold, speculative tool, currency… we have been waiting for the killer app for Bitcoin for some time, the application that will propel Bitcoin into the mainstream for wider use.
So far, digital gold has been one of the most popular contenders for Bitcoin’s killer app. It is scarce, divisible, easily storable — frankly, Bitcoin outperforms gold on all attributes that make gold what it is. For example, Bitcoin is not only scarce, it is finite. It is not only divisible, but infinitely so (assuming consensus). A lot has been written about this, no need to rehash it.
Similarly, Bitcoin is ideal for speculation! For example, you can buy and sell Bitcoin on the Robinhood app, but you can not transfer it out or in. It is there for pure speculation… even if you wanted to use it for something, you can’t. While most exchanges will allow you to withdraw your Bitcoin, the very fact that there are mainstream brokers that only offer trading functionality is a clear indicator of the demand for Bitcoin as a speculative instrument.. And yes, it is a great tool for speculation or if you are looking for a crash course in day trading! …
If not now, when. If not Bitcoin, what?
If there was ever a time for Bitcoin to “shine” (no gold pun intended), it is now. Below we make a prediction of where it will trade in twelve months. And here we need to insert the necessary disclaimer: this is not financial advice, simply the ramblings of an editor who is self-isolating and has had too many glasses of Lagavulin at midnight.
Rentech (Renaissance Technologies), one of the most prominent hedge funds out there, recently added bitcoin futures to their list of potential investments.
People who know Renaissance also know that they often invest in long-short strategies… meaning, the fact that they have announced that they may be holding bitcoin futures doesn’t mean they will necessarily go long. Nevertheless, the announcement is a piece of the bigger puzzle that investors are putting together around the future of bitcoin. …
It has been a great run! Andrew Yang and his campaign truly brought Universal Basic Income and the concept of Humanity First into the zeitgeist. And the timing could not have been more appropriate. With everything going on in the world, we can all use more humanity, pragmatism and yes, a Freedom Dividend.
Few months ago it was inconceivable that UBI will gain so much traction and enter the mainstream… but we did it. And while unfortunately Andrew Yang did not win the nomination, let’s be honest his candidacy was a long shot. …