Shapeshift CEO: every asset manager should get to grips with BTC sooner rather than later

Quick take

1 minute read

• Should every asset manager in the world understand bitcoin?

• How, over 10 years, bitcoin has performed better than traditional assets.

The Chief Executive Officer of Shapeshift, Erik Voorhees has recently said that every asset manager in the world should get to grips with the leading cryptocurrency and how it works given that it has been experiencing some bullish activity in recent times.

The CEO made the comments on Twitter as he commented:

Across 10 years and 3 hype cycles, #Bitcoin is empirically *so vastly superior* to any other investment. One could be forgiven for not understanding it eight years ago... but any asset manager today who remains ignorant of this phenomenon needs to seriously check their premises. https://t.co/Ii8y0eNC9f

— Erik Voorhees (@ErikVoorhees) December 3, 2020

As you can see from the above tweet, this came after co-founder of Messari, Dan McArdle indicated that bitcoin has significantly outperformed everything over the past 10 years. Even though the precious metal of gold, that many people still believe in, has returned a 32% profit, the leading crypto coin has seen gains of more than 7,837,000+ percent over the past decade.

The CEO went on to say that he believes bitcoin is very much superior to any other investment as he went on to add:

“One could be forgiven for not understanding it eight years ago... but any asset manager today who remains ignorant of this phenomenon needs to seriously check their premises.”

On top of this, Voorhees isn’t the only one who has been discussing how bitcoin has been embraced by traditional finance over the years. Numerous figures within the industry have had their own take on the traditional market. The chief executive officer of Genesis, Michael Moro said that 250 public traded companies would invest in bitcoin by the end of next year.

Last week, Danny Masters, a commodity trader for JP Morgan Chase said that it would soon be a “career risk“ to not have bitcoin in your portfolio sometime in the future.

Well-known bitcoin critic, Peter Schiff is on the other side of things though as he talked to Twitter recently to say:

Some have postulated that investors are selling #gold and buying #Bitcoin. Since they have nothing in common, I doubt that's happening. But some speculators may be selling gold stocks and buying GBTC, with gold stocks falling as gold rises, and GBTC trading up to a 25% premium.

— Peter Schiff (@PeterSchiff) December 3, 2020

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