What I Got Wrong About Bitcoin

I’ve spent over a decade telling you that bitcoin was built for people like us. Individuals who wanted to be in control of our own wealth.

I was right but I still missed half the story…

In the spring of 2016, I recommended bitcoin at $400-and-change. I believed Satoshi Nakamoto had built the most important monetary technology in history.

Bitcoin has a fixed supply of 21 million coins. It doesn't rely on a trusted third party. And if you held it securely, it was almost impossible to confiscate. It was infinitely divisible and the most portable liquid asset on earth.

So I pounded the table to buy bitcoin. Everyone called me crazy. And yet, exactly as I predicted, both Wall Street and Main Street adopted it… Driving the prices to over $126,000 per coin.

Here’s what I couldn’t have seen in 2016, and what makes me even more bullish about bitcoin’s future.

For 10 years, I’ve been asking the same question: Who buys bitcoin next? First, it was early adopters. Then the early retail investors. And then early institutional investors.

We’re still in the early innings of institutional adoption. After the institutions, I believed the final buyers to enter the market would be the global central banks.

Each new buyer pushed the price higher than anyone expected.

I always assumed the adoption story would end with global central banks adding bitcoin to their respective balance sheets. And that future is still in front of us. It will ultimately propel the price of bitcoin to many millions of dollars per bitcoin.

It strikes me now, I may have been thinking too small.

The most powerful buyers in bitcoin’s future aren’t going to read my newsletter. They’re not going to watch my briefings. They’re not going to feel the fear of missing out or the pain of a 50% crash.

They’re going to run the math. The math points to bitcoin. And there will be billions of them buying.

That’s how bitcoin becomes a multimillion-dollar asset without a central bank ever buying it.

Wall Street Makes the Right Call for the Wrong Reason