저자: Documenting Bitcoin · 외국인
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guys look for good value I'd love to mention both of our favorite one of both of our favorite things here which is Bitcoin that is truly a new monetary technology what you've just seen with the FTX debacle you've seen all the leveraged hands and weak speculators that are operating on margin they've all been flushed out at this point and I think the word at the end of the year the Market's going to start looking towards 2024 when the Bitcoin miner rewards are halved right so Bitcoin becomes harder to produce at the margin and also people are going to start looking towards monetary stimulation which has been going on for hundreds of years in Fiat currencies so yeah that is a technology that we own heavily personally full disclosure and we are still very very optimistic about it over the coming decades so so yeah that is one in technology to be like a lot your confidence has not at all been shaken by clearly by FTX the fraud that the fact that Bitcoin was so inflated by fraud speculation monetary stimulus all or Bubblicious type of things you can frame it as speculation or you can frame it as volatility in a new asset class and I think it's the latter um and so if you just look at it's been volatile over long periods of time but it's a phenomenal store of value the network has never been stronger and more secure than it is today and so there's you know hundreds of millions of people around the world that own Bitcoin and growing and so we're still very optimistic about it as a technology and where it could go how much of the fund is Bitcoin or Bitcoin related at this point so in the income strategy we have a small portion of it and things tied to microstrategy which is the dominant leader in that technology um it's a small percentage but you know personally it's a lot bigger than a small percentage and and was in one of your in the competition that you guys do where you hold the hold stocks for the last year that that's a stock that tanked 43 percent yesterday after they gave an update of much bigger withdrawals tied to FDX then people were expecting layoffs and it was a terrible update are you still bullish on that stock yeah the reason it tanked was because I just I bought the stock personally the day before that so that's that's why it went down a lot that happens anytime I try and buy these sorts of things um we bought so we bought you know Amazon we bought Amazon at the at the open uh when they when it uh came public we sold it after it doubled a year later we bought it back around 90 and it went to six but we kept buying it I think with the with silvergate so my group silvergate together with coinbase because we own uh we own coinbase in the in the fund we own um uh and and I personally and then we also own it on silvergate so but they're completely different sorts of things coinbase is more of a more of a direct play on the crypto space and I want to emphasize something that bill 4 said which is that Bitcoin and there's there's no fraud in Bitcoin uh you go back to the pandemic when the FED had to come in and there's a Scramble for liquidity and treasuries were being bid through the roof and everything else mortgage-backed Securities were collapsing and the FED had to come in and clean those markets by just injecting massive amounts of liquidity Bitcoin trades 24 7 365.
there was no it wasn't even the hiccup in the Bitcoin in the Bitcoin Market that's the FTX collapse that was a centralized uh Enterprise as with Celsius and I think that it's very important to understand that Bitcoin is dramatically different from that somebody said to me the other day so Bitcoin has been really really terrible and uh and because it was 60 70 000 and now it's like seventeen thousand and I said well let's look at it here this way when on the market low in March of 2020 um a bit uh the market was around 2300 and Bitcoin was around five and a half thousand and so since the market low through last week the Market's up 70 and Bitcoins up 190 so as Bill three a bill four said it's it has been more volatile except for recently in the past month or so it's been less volatile than the market so you know I I I'm optimistic on all those things I mean a coinbase so coinbase has a seven billion dollar market cap it's got five billion dollars in cash this bond yields 15 and I think that I think that Brian Armstrong is an excellent CEO it's it's much broader than silvergate which is actually an FDIC insured bank and interestingly enough silvergate now trades has about an 18 tangible book the stock is 11.
um it was silvergate was I think around 130 a year ago and now it's 11. um they met all of their deposit uh withdrawals uh relatively easily they had a very liquid balance sheet their their tangible common equity ratio is higher than JP Morgan's uh they were too concentrated in the crypto space somebody came out today and said I think correctly that they were too concentrated in the deposit space they'll probably have to diversify that that's that's I think that's accurate but um I I would guess that you know a bank that trading below tangible book and with a with all the other uh that more more cash than they have deposits right now so I I would guess it in a year from now silvergate would likely be at least tangible book which would have it be up you know would be 60 70 um FTX was a 32 billion dollar company in in the second week in November and coinbase is a seven billion dollar company today and it's it's a dominant us-based company so I I like both those things so you're back in itself belt
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