BlockTime #12 – Bitcoin ETF & Cryptos Are A New Asset Class

Mike Casey: You’re a fundamental guy and you’re a technical guy. What do you think about the big news of the Bitcoin ETF? Do you think it’s going to work or not? Do you think it will die either way?

Tai Zen: I believe that it will get approved, but when it gets approved…

Leon Fu: I think you’re asking about March deadline.

Tai Zen: I’m very familiar with the March 11th or March 13 deadline but that’s not the end. If they say no, they always bring it back up later on 6 months from now or a year from now.

It’s only a matter of time. There’s no way that many people submit requests to get their ETF approved and the SEC just turn it down every time.

Leon Fu: I’ll give me my opinion on that. I think there is about a 30-33% chance that it will get passed, which means it’s 2 to 1 against getting passed.

I think that if it doesn’t get passed, we lose about $100 to $150 dollars from here. We’re sitting here around almost $1,300. I think if it does get passed, it runs to around $2,000.

Michael Tidwell: If you’re right, we’re going to call you back

Leon Fu: Well I don’t know. I don’t know. I don’t know.

I’m saying 2 to 1 is most likely won’t get passed. However, if it does, you’ll probably run to $2,000. If it doesn’t, we probably lose $100 or $150.

Mike Casey: I’m totally agreed because I don’t know about the chances of it. I give it 50 50 because I have absolutely known nothing.

Tai Zen: Days of Bitcoin being under $1,000 is shrinking. I mean you will see that if you have been in cryptocurrencies for a while and through the ups and downs of Bitcoin.

Mike Casey: It does feel a lot more solid this time.

Tai Zen: When Leon and I got into it, we had no clue how long this rollercoaster was going to last. However, when people get into now, one thing that you don’t have to worry about is Bitcoin a scam.

When you look at Ethereum, Litecoin, you don’t have to ask yourself if that’s a scam anymore. Whereas, when Leon and I first got into in 2013,…

Michael Tidwell: I thought that question myself too.

Tai Zen:  I mean there are people that still do. Even in 2013, when someone asked Leon or me if bitcoin was a scam or not,  we were still very cautious in how we answer that.  Nowadays if somebody asks Hey Tai is Bitcoin a scam, I’ll say absolutely not.

Now, investors can come into the world of cryptocurrencies with Bitcoin, Etherum or something like that and not have to deal with the issue of whether it’s a scam or not

Mike Casey: Let’s just say that Bitcoin ends up being the most powerful cryptocurrency on the Internet.

Tai Zen: According to Tone Vays, it is.

Mike Casey: How high do you think Bitcoin can actually climb if that were the case?

Leon Fu: You’re saying the assumption is that Bitcoin becomes the dominant cryptocurrency om the Internet. Is that correct?

Leon Fu: Therefore, it also implies that it is a major asset class. I think it goes into the hundreds of billions in that case.

Mike Casey: For total market cap?

Leon Fu: Not per coin.

Mike Casey: So you don’t think it’s a trillion.

Leon Fu: Possibly in decades.

Tai Zen: Not in the short term

Michael Tidwell: How about currency in general?

Leon Fu: If you just asked me about cryptocurrency, it might be Bitcoin or some other thing that doesn’t even exist yet.

I think we both agree that this will become a major asset class. We will think of cryptocurrencies in the same way we think of stocks, bonds, real estates, and precious metals. That’s our vision.

Mike Casey: Bitcoin market cap right now is $20 billion. You’re saying hundreds of billions of dollars. Is that like 10x over where we are now?

Leon Fu: In the short run, I would say 5 to 10 years. However, ultimately, let’s say 10 to 20 years from now, people will look at Bitcoin cryptocurrency allocation similar to the way to stocks or real estate allocation. We see it as a major asset class currency.

If you want to list out what are the major asset classes today, I can say currencies, stocks, bonds, gold, real estate. The value of each of these asset classes is in the trillions. All of them. I see cryptocurrencies eventually getting there.

Michael Tidwell: Near your time horizon is like 20 years?

Leon Fu: Yeah. It would be decades.

Tai Zen: I do see there. I know it’s going to tickle Tone Vays to hear this, but I can definitely see Bitcoin producing more millionaires than all of the fortune 500 companies combined.

For example, from where we come to Austin, Texas when Dell went public, they produced a bunch of Dell billionaires. It was massive amounts.

That will be palely comparison to the number of billionaires that Bitcoin will produce

Leon Fu: Or cryptocurrencies in general.

As we said, we don’t know for sure if it’s Bitcoin. However, we wouldn’t be doing this channel if we didn’t believe that it would evolve into a major asset class.

When we talk asset class, we’re talking trillions, not billions or hundreds of millions.

Learn more about Michael Tidwell and Mike Casey from BlockTime at:

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