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Coin Stories
News Block: Bitcoin Dominates 2023, How Spot ETFs Will Compete, Ross Stevens Pens Viral Investor Letter on Bitcoin, JPMorgan To Participate in Spot ETFs
Jan 2, 2024
Ross Stevens, Stone Ridge’s writer of a viral investor letter on Bitcoin strategy success, discusses Bitcoin's dominant performance in 2023, Microstrategy's increased BTC acquisition, corporate advantages of adopting a Bitcoin standard, involvement of J.P. Morgan in Bitcoin ETFs, and the competition in the ETF market.
09:22
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Quick takeaways
- Bitcoin's performance in 2023 showcased its unique attributes as an investment, with absolute scarcity, low correlation to stocks, and hedging capabilities against inflation.
- Companies like MicroStrategy and Stone Ridge Capital Management have found success with their Bitcoin strategies, accumulating significant Bitcoin positions and considering it as a treasury reserve asset.
Deep dives
Bitcoin's Risk-Adjusted Returns Outperform Tech Stocks
Bitcoin's performance in 2023 demonstrated impressive risk-adjusted returns, with only two tech stocks, Nividia and Meta, surpassing its performance. This highlights the unique attributes of Bitcoin as an investment. Unlike these tech stocks, Bitcoin offers absolute scarcity, low correlation to stocks, and acts as a hedge against inflation. Investors are increasingly recognizing Bitcoin's potential as a safe haven asset with growth prospects.
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