Gary Brode of Deep Knowledge Investing and Robb Fahrion of Flying V Group discuss the 5 Things to Know in Investing This Week: The Bitcoin to $100k Issue

-Bitcoin crosses $100k! Peter Schiff finds a new excuse for why he wasn’t wrong.

DKI Summary:

On November 8, 2019, with Bitcoin lounging at $7,000, Peter Schiff @PeterSchiff, the gold bug who never misses a chance to knock Bitcoin, scoffed on Twitter: "Keep dreaming. Bitcoin is never going to hit $100,000!" Fast forward to this week, and Bitcoin has shattered the $100,000 milestone, leaving Schiff’s tweet to age like unrefrigerated milk. Naturally, Schiff doubled down, tweeting: "It's ironic that #Bitcoin only hit $100k by buying off politicians and getting in bed with government. Without expected government intervention, this milestone never would have been hit. What couldn't be done in a free market was achieved through the coercive power of the state." Lyn Alden @LynAldenContact, sharp as ever, was quick to respond, pointing out the irony: governments hold a far larger percentage of the world’s refined gold than they do Bitcoin. Meanwhile, Bitcoin’s ascent is rewriting the financial landscape. With a $2 trillion market cap, it’s now the 12th largest currency globally, outranking the Taiwanese dollar and closing in on the Australian dollar. Even Federal Reserve Chair Jerome Powell admitted, “It’s just like gold, only it’s virtual... it’s not a competitor for the dollar; it’s really a competitor for gold.” We wonder if Powell accidentally maligned the dollar and all fiat. Either way, someone please check on Peter. I like his work on gold.

DKI Takeaway:

The timing couldn’t be more fitting. President-Elect Trump has appointed Paul Atkins, a pro-crypto advocate and blockchain lobbyist, to replace Gary Gensler at the SEC. With Gensler out, the crypto space might catch a regulatory break. Gold’s market cap still stands tall at $18 trillion, but Bitcoiners are eyeing that gap with laser-focused ambition. (Alex wrote that very clever line!) Just 9X away, the digital gold revolution feels within reach. While Bitcoin quickly dipped below the $100,000 mark and may do so multiple times in the future, this is just the beginning. Bitcoin critics point to its volatility. We respond that the dollar is guaranteed to lose purchasing power consistently. DKI subscribers have owned Bitcoin since it was trading at $15k and gold since before it hit $2k. We’re happy to make money on both side of the anti-fiat debate. Congratulations to the Bitcoin community for holding through volatility, adverse regulatory decisions, and insults. This is a win, but not the last one.

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