The Shapeshift CEO, Erik Voorhees drew a metaphorical line in finance, stating that every asset manager should already understand Bitcoin because of its amazing returns.
Voorhees did that Remarks Retweeted data shared by Messari Analytics platform co-founder Dan McArdle shows this Bitcoin has surpassed everything in the past decade. While gold was up 32% and the SP 500 tripled investor money, Bitcoin posted an incredible 7,837,884% gain in ten years.
Look through his 10 years of life Voorhees believes that Bitcoin is “far superior to any other investment”. He said:
“Anyone could be forgiven for not getting it eight years ago … but any asset manager who continues to ignore this phenomenon must seriously examine their premises.”
Voorhees isn’t the only one talking about the recent adoption of Bitcoin by traditional financial institutions believed to be supporting the recent rally. This week alone, half a dozen well-versed personalities from the traditional financial world expressed similar optimism. On December 2, the CEO of the trading company Genesis, Michael Moro predicted that 250 publicly traded companies will invest in Bitcoin by the end of 2021.
On December 4th, the former commodity trader was with JP Morgan Danny Masters told CNBC that not having Bitcoin in their holdings will soon be a “career risk (for investors).”
Also this week, BlackRocks Chief Investment Officer, Larry Fink warned that Bitcoin’s success could have a real impact on the US dollar and even “will largely take the place of gold”. This fits in with the latest statement from the Co-Founder of Gold Bullion International, Dan Tapiero that it is only a matter of time before the price of Bitcoin climbs to the six-digit threshold.
Naturally, No matter how many experts support Bitcoin or how much money the institutes put into Bitcoin, the gold bull Peter Schiff will remain unmoved::
Some have postulated that investors are selling gold and buying bitcoin. Since they have nothing in common, I doubt this will happen. However, some speculators may sell gold stocks and buy GBTC. Gold stocks fall when gold rises, and the GBTC trades at a premium of up to 25%.
– Peter Schiff (@PeterSchiff) 3rd December 2020
Don’t stop reading: