The aim of this post is to help you understand why it makes sense to buy Bitcoin or a fraction of it, Stack Sats, and Hodl just like what the rich are doing. However, instead of me explaining why you should get on the right side of history, I’ll share with you why renowned investors, CEOs of multi-million and billion-dollar companies, and leaders of financial services and asset management companies are holding this cryptoasset and cryptocurrency.
Billionaire, venture capitalist, engineer, SPAC sponsor, and the founder and CEO of Social Capital
Founder, CEO, and CIO of ARK Investment Management LLC
Billionaire, co-founder and the CEO of Twitter, and the founder and CEO of Square
CEO of MicroStrategy
Investor and author of Rich Dad, Poor Dad
Billionaire, founder, CEO, CTO, and chief designer of SpaceX; CEO, and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI
Head of Client Solutions Strategy at Banco Bilbao Vizcaya Argentaria (BBVA)
Founder and partner at Morgan Creek Digital, a hedge fund which specializes in blockchain technology and digital assets
“When we print lots of money, normally, that leads to higher levels of inflation. When we start to print trillions and trillions of dollars, one of the fears that people have is that we will not only see 2% inflation, we will see something more than 2%. And if we see more than 2% in the official inflation numbers, that means that the poor are getting punished even more and the rich are getting richer and richer.
“So, what has happened over the last couple of months? The billionaires in the United States have made, collectively, almost half a trillion dollars over the last couple of months. How could that be when 50+ millions Americans have lost their jobs? And there’s a global pandemic. And tens of millions of small businesses in America are gonna get shut down. And we’re in a recession. Yet, the rich people made half a trillion dollars. It’s because majority of their net worth is in assets – not in cash. And those assets have continued to increase in price, because the dollar is being devalued by all the money we are printing. (…) They have positioned themselves to get wealthy over long period of time rather than hold cash and see their wealth constantly eroded away by inflation.
“Bitcoin protects people’s wealth. (…) If Bitcoin is the core unit of account, there is no inflation. There is no ability for somebody to go create tons more of bitcoin and erode away the value of Bitcoin. There’s no printing press when it comes to Bitcoin. So, rather than being financially incentivized to get out of the currency and have to go buy investment assets, you now can go from having to be an investor to simply being a saver. In the legacy finance system, investors win and savers lose. In the dollar-based system, investors win and savers lose. In the Bitcoin, or decentralized system, savers win because they’re saving in an asset that is deflationary.
“The same thing like in the US-dollar system, where buying land — they’re not making more land, so you can buy land and the dollar will devalue and your land will become more valuable as more people want land. The same thing here. They’re not making more bitcoins. There’s 21 million of them that will ever be available. And, the way people value Bitcoin, is in terms of US dollars. So, when you hold Bitcoin, as part of a portfolio, what happens is the dollar will continue to devalue over time, and as more people want Bitcoin, the value goes up.”Anthony Pompliano