Betting on future value

By belemo | belemo | 21 Dec 2020

For many people in this space, crypto offers an opportunity to hold an immutable digital asset that is free from government control as depicted by @edicted in this fascinating post about circumventing taxes and isn't shackled by the fundamental as @chekohler always reminds me.

Outside of these fundamentals, of sorts, individuals and corporate bodies with a keen eye for spotting value have also seen the immense potential embedded in these cryptographic codes that run the blockchain. People like Michael Saylor, for example, have been in the spotlight lately, as the previous detractor of Bitcoin dramatically rescinded some of his statements in 2013 and has been stacking bitcoin in the droves.

For the CEO of Microstrategy, Bitcoin represents something beyond the current value, evident in the fact that the roughly 42k Bitcoin bought around $500million will be locked away for at least 100 years. In recent times, Michael can be found on Twitter, aggressively shilling Bitcoin to Elon Musk

While reading these tweets from these Billionaires might be a tad bit overwhelming, the main point to take from this is the fact that astute businessmen are considering moving such huge sums to Bitcoin.

From one rocket scientist to another, this sort of move is clearly about securing the future of their businesses and getting an edge over the competition. Despite being around for 12 years, Bitcoin and Blockchain technology is a relatively new concept. In the face of a recession, quite similar to the one that was in full swing when Bitcoin came into existence, big corporations are putting their weight behind the asset class, thus pushing it towards a glittering future.