Yesterday was Day 1 of MicroStrategy’s Bitcoin Summit and I think the guy who stole the show was Steven Ross. Steven started his career at Goldman Sachs working for Fischer black after earning his PhD in statistics and finance at the University of Chicago. Ross did his undergraduate studies at Wharton and Ross is the chairman of the Stevens Center for innovation in finance at Wharton. Ross Stevens, who's the founder and CEO of Stoneridge Holdings Group, manages more than 20 billion dollars in alternative Investments.
Ross talked about how our country saw the greatest reversal of monetary policy in our country's history based on the swiftness of the reversal and the impact of the reversal within the equity markets back in December 2018…known as the Powell Pivot.
Then he talked about the US Fed’s stance in March of last year. The new fed mandate is not priced ability or not full employment, but decoupling risk-taking from the consequences of risk taking when Jerome Powell goes out and he starts buying securities when he starts buying about a day's worth of US GDP.
He talks about everybody money is just a good like any other good, but what makes money as a good unique among all goods is that we value it not for its store of value. We hope money keeps its value long enough so we can trade it in the future for stuff. He stated nobody actually wants Bitcoin, but want Bitcoin so it can hopefully allow us to trade for things in the future.
He compared Bitcoin to gold. Gold still does grow through mining at about 2% a year, so it depreciates against Bitcoin. So Bitcoin will be worth far more than gold in the future. Bitcoin is truly unique among any money in history because it’s the first store of value ever in which its supplied is entirely unaffected by its demand.
Ross went on to say NYDIG currently manages $6 billion in bitcoin for 280 institutional clients with at least 96 more waiting and by the end of the year based on his order book, NYDIG will manage $25 billion in Bitcoin.
Video Source: https://www.youtube.com/user/TeigenLila/videos
