BTCBitcoinNeutralBitcoin

5/11/2026 on

While Bitcoin gets a lot of attention, it hasn’t played the safe-haven role many expected. In my view, there are a few reasons why. First, Bitcoin lacks privacy. Transactions can be monitored and potentially controlled, which is why central banks aren’t looking to hold it. Second, it also has a high correlation with tech stocks. When investors get squeezed in other areas of their portfolio, they sell their Bitcoin to cover it. Third, it’s a relatively small and controllable market, whereas gold stands alone. There is only one gold. Ultimately, gold is more widely held, deeply established, and still plays a central role in the global system.

BTCBitcoinNeutralBitcoin

10/2/2025 on

I can’t say exactly how effective Bitcoin is as a money, but it’s being perceived by many as an alternative money and so is worth paying attention to. Money needs to be both a medium of exchange and a storehold of wealth — and the latter is more important. I doubt that any central bank will take it on as a reserve currency. That’s because all of the transactions are public, so there’s no privacy to it, and there’s a risk that in the future the code could be broken to make it less effective through government controls. My personal approach is that I do have some Bitcoin in my portfolio, but not much.

BTCBitcoinNeutralBitcoin

5/28/2021 on

Sometimes the media sensationalizes what I’m saying so it doesn’t come across clearly. I recently did an interview about bitcoin that produced a lot of attention, especially my comment that I’d rather have bitcoin than bonds. (1/2)

BTCBitcoinNeutralBitcoin

2/4/2021 on

Reports about what I said about Bitcoin have little to do with what I actually said - they are more characterizations of what I said that are shaped to suit the story that they want to pass along. (1/3)

BTCBitcoinNeutralBitcoin

1/29/2021 on

I am writing this to clarify what I think of Bitcoin. https://t.co/l1NHOlRgoM