Cartoon: Beacon of stability
“Beacon of stability” by Iantoons
This new cartoon illustrates how the perceptions of Bitcoin have changed in recent times.
Infamously, Charlie Munger, vice chairman of Berkshire Hathaway, once said the following about digital currencies in an interview with CNBC – “This is a very, very bad thing. The country did not need a currency that was good for kidnappers. There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or Bitcoin.”
Today, the market is very different. Recently, the CEO of BlackRock, which has $9.4 trillion dollars in assets under management, referred to client interest in Bitcoin as part of a “flight to quality”. Part of the reason for this is that over the last 12 months, Bitcoin is less volatile than US Treasuries.
As an example of these more straight-up times, the ticker symbol of BlackRock’s soon-to-be-announced Bitcoin ETF is $IBTC, which is a lot less splashy than something like $HODL, but more likely to avoid scaring wealth managers who are allocating the pension funds of rich boomers.
You can find more of Ian Foley’s cartoons here.
