11/20/2023
Two of the greatest booms that ever were are bitcoin & tulip bulbs. I don't know where bitcoin will go in the short-term BUT I bet long-term it follows tulip bulbs.
I believe that bitcoin, art, collectibles & sports memorabilia are all a result of zero percent interest & quantitative easing.
In 1987, I started exporting jewelry & diamonds to Japan. In 1989, I remember one customer saying "Kenji, sales go up 15% every year and they will be up same next year and five years from now."
Even though i was young, i laughed to myself "that doesn't sound right, even i was sceptical!"
And unfortunately I was right, that was six months prior to the Japanese Crash and subsequent 20 year depression/deflation. Tokyo real estate fell 90% over 15 years & the 1989 Nikkei all-time close at 38,915.87 fell to 7,054.98 by 2009...35 years later Nikkei trades at 33,388.03 (about 1 pm today).
At one point, the Emperor's Palace (.41 sq. miles) was worth more than all of the land in California. That's impossible Kenji Inomata...NOT if you consider some land changed hands at US $139,000 per square foot!
I have no idea what will happen with bitcoin BUT I bet it finds it's way back down. Why? Because no investment ever rocketed up and stayed up for decades.
And people say BUT the bitcoin ETF from Black Rock and Fidelity getting in. Silly, these guys could care less where bitcoin goes...they're NOT making directional bets on BITCOIN. All they will do is take a toll/tax on everyone who trades.
Unless the market experiences a complete disruption or schism, they will BE 100% HEDGED!
History repeats repeatedly...time will tell BUT human nature is to be fearful or greedy when investing.
WE WILL NEVER DEFEAT FEAR & GREED, IT'S IN OUR DNA!
