Unchained Why Swan CEO Cory Klippsten Is Still Convinced That Bitcoin Is Headed to $1 Million - Ep. 584
4 snips
Dec 19, 2023 Cory Klippsten, Founder and CEO of Swan Bitcoin, previously a journalist and consultant at top firms, is bullish on Bitcoin’s future. He believes Bitcoin could reach $1 million by 2030 and argues that most altcoins have little value. He discusses Swan's expansion into Bitcoin-only financial services and their plans for a dedicated trust company to enhance investor security. Cory shares his insights on the role of hedge funds in Bitcoin ETF discussions, the evolution of lending with Bitcoin, and his skepticism surrounding Bitcoin Ordinals and the crypto VC landscape.
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Cory's Career Journey
- Cory Klippsten's career began in journalism, transitioned to tech and consulting, and was shaped by the 2008 financial crisis.
- He ventured into early-stage tech, eventually finding his way to Bitcoin after exploring the broader crypto space.
Client Mix and Spot Bitcoin ETFs
- Swan Bitcoin's client base includes individuals, but most revenue comes from private clients and institutions like miners and insurance companies.
- Spot Bitcoin ETFs offer "air cover" for wealth managers to discuss Bitcoin, potentially changing how people enter the Bitcoin market.
Bitcoin-Only Asset Management
- Swan's asset management strategy involves Bitcoin-focused approaches, including a 1x long Bitcoin fund that rotates to cash based on market signals.
- Diversifying with altcoins reduces the Sharpe ratio, making a Bitcoin-only approach more effective.
