It’s been reported that Marcelo Claure, the former chief executive of SoftBank, said that he now devotes 10% of his entire holdings to Bitcoin (BTC).
During a panel discussion at the Bitcoin 2022 Conference, Claure argues that governmental monetary policies have led to inflation across the globe.
He says fears over the potential for an upcoming recession drove him to increase his BTC holdings by 80-90%.
“Traditionally, capital allocators — the safe thing that was said to us was, ‘Hey, keep everything at 2%.’ So to us, we’re starting to see Bitcoin as one of the safest ways in order for us to maintain our wealth, but more importantly, also it’s probably the only investment that exists today where the potential of gains is so much larger than the potential of an asymmetry.”
Bitcoin is like Amazon and Tesla
The latest reports say that the ARK Invest founder Cathie Wood said that she views Bitcoin (BTC) as a disruptive innovation in line with corporate giants such as Tesla, Apple, and Amazon.
In a new YouTube video, Wood explains how recent history shows that disruptive tech eventually explodes in market capitalization despite doubts from investors.
“I can’t tell you how many times the sell-side and the buy-side said, ‘This thing’s going bankrupt. This was a figment of Jeff Bezos’s imagination, of Wall Street’s imagination.’ Now [Amazon has] a $1.6 trillion economy.”
She also said the following:
“[It’s] the same with Apple. Nobody thought Apple could win against Nokia, Motorola [and] Ericsson. How could they? Apple had no [market] share… Apple redefined the cellphone into smartphone.”
She highlighted the ways in which her investment management firm had to reckon with doubters when they first bought into BTC.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $42,493. Stay tuned for more news.
