Paul Tudor Jones says he likes bitcoin even more now, rally still in the ‘first inning’

Bitcoin is slowly being cornered if you haven't already worked it out.

PTJ is right, there's never been an 'asset' like BTC where we know 100% for sure what the TOTAL supply is and can ever be.
  • 21m coins in total

  • 18.5m already been mined

  • Estimates of 2m-4m been lost (easy to lose in the beginning because the tech was complex and nobody cares that much about a load of coins worth less than $100)

  • Not a lot of coins have been lost (compared to 2009-2012) over the last few years
So what's the present free-float?

18.5m - 3m (lost) = 15.5m

As an estimate, at least half are in cold storage and NOT coming out any time soon. That leaves about 8m coins and even that is probably a gross overstatement. I'd therefore put the amount at more like 5m.

5m coins and many have been saying for years that if people have over $1m in free cash/investments they'd be crazy not to own at least 1 Bitcoin, even if it's just a hedge against it being accepted and working.

Google suggests there are over 13m High net worth people in the world so it's impossible for every one of them to own 1 BTC, not that every one of them would want to own Bitcoin. Let's say 3m do over the coming years. That reduces the free float to just 2m. But we haven't taken into account any funds owning it, any corporates owning it, and any small buyers owning it.

As I said, Bitcoin is being slowly cornered via old and new buyers taking coins from the free-float. That free-float is getting smaller EVERY day.

As Satoshi once said - I'd get some if I were you in case it starts to take off...
 
Last edited:
AbbotAle said:
Google suggests there are over 13m High net worth people in the world so it's impossible for every one of them to own 1 BTC, not that every one of them would want to own Bitcoin. Let's say 3m do over the coming years. That reduces the free float to just 2m. But we haven't taken into account any funds owning it, any corporates owning it, and any small buyers owning it.
More...

Well, the below supports the wealthy wanting some diversification in Bitcoin...

GRAYSCALE Digital Asset Investment Report

Q3 2020 Investment Highlights2
  • Total Investment into Grayscale Products: $1.05 Billion
  • Average Weekly Investment – All Products: $80.5 million
  • Average Weekly Investment – Grayscale® Bitcoin Trust: $55.3 million
  • Average Weekly Investment – Grayscale® Ethereum Trust: $15.6 million
  • Average Weekly Investment – Grayscale® Digital Large Cap Fund: $3.5 million
  • Average Weekly Investment – Grayscale Products ex Bitcoin Trust3: $25.2 million
  • Majority of investment (84%) came from institutional investors, dominated by hedge funds.
Trailing 12-Month (“T12M”) Highlights4
  • Total Investment into Grayscale Products: $2.7 billion
  • Average Weekly Investment – All Products: $51.5 million
  • Average Weekly Investment – Grayscale Bitcoin Trust: $39.5 million5
  • Average Weekly Investment – Grayscale Ethereum Trust: $9.0 million
  • Average Weekly Investment – Grayscale Digital Large Cap Fund: $1.1 million
  • Average Weekly Investment – Grayscale Products ex Bitcoin Trust6: $12.1 million
  • Majority of investment (80%) came from institutional investors, dominated by hedge funds.
The Takeaway
Billion Dollar Quarter: Grayscale recorded its largest ever quarterly inflows, over $1.0 billion in 3Q20, making it the third consecutive record-breaking quarter. Year-to-date investment into the Grayscale family of products has surpassed $2.4 billion, more than double the $1.2 billion cumulative inflow into the products from 2013-2019. Cumulative investment across the Grayscale family of products since inception now totals $3.6 billion.7

Grayscale Bitcoin Trust Among Fastest Growing Investment Products: Grayscale Bitcoin Trust experienced $719.3 million in 3Q20 inflows. The Trust has seen its assets under management (“AUM”) surge from $1.9 billion to $4.7 billion YTD. Grayscale Bitcoin Trust does not operate a redemption program and its shares do not trade on a national securities exchange. The trust is therefore not an ETP or ETF. Still, if the Trust were compared to global ETPs and ETFs with over $1B AUM at the start of the year, it would rank as the third-fastest growing product YTD with an AUM increase of approximately 147%.

Alternatives Continue to Gain Momentum: While Bitcoin continues to be a major part of Grayscale investor allocations, the most notable uptick in growth comes from products that hold alternative assets. Products excluding Bitcoin accounted for 31% of inflows during 3Q20.

Unprecedented Demand for BCH, LTC, and DLC: Among alternative products, the most notable increase in appetite has emerged for Grayscale® Bitcoin Cash Trust, Grayscale® Litecoin Trust, and Grayscale® Digital Large Cap. On average, the aforementioned products saw inflows increase by more than 1400% quarter-over-quarter. These developments followed FINRA’s verification in July that the required diligence to begin quoting the Bitcoin Cash and Litecoin products pursuant to Rule 15c2-11 under the Securities Exchange Act of 1934, as amended, had been completed.

https://grayscale.co/insights/grayscale-q3-2020-digital-asset-investment-report/
 
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