Shapeshift CEO Eric Voorhees drew a metaphorical line in the economic sands, stating that every asset manager should understand bitcoin based on impressive returns.
Voorhees made the comments during a retweet of data provided by analytics platform Messari Dan McArdle, co-founder of the analytics platform, which indicates that Bitcoin has vastly outgrown everything over the past decade. While gold brought in 32% returns and the S&P 500 doubled investor money three times, Bitcoin recorded an impressive return of 7,837,884% over ten years.
Given his ten-year life, Voorhees thinks Bitcoin is “much better than other investments”. he said that:
“We can be forgiven that he did not understand this eight years ago … But any asset manager today still unaware of this phenomenon should seriously check his headquarters.”
Bitcoin, gold, and the S&P 500 are returning to the US dollar in 10 years. Source: CaseBitcoin
Voorhees is not the only one to discuss Bitcoin’s recent adoption by the mainstream economy, which is believed to support the recent rally. Just this week, half a dozen people with knowledge of the traditional financial world made similarly optimistic remarks. On December 2, Michael Morrow, CEO of Genesis, predicted that 250 companies listed would invest in Bitcoin by the end of 2021.
On December 4, former JP Morgan commodity trader Danny Masters told CNBC that there will soon be “professional risk not having Bitcoin in the wallet.”
Also this week, BlackRock Chief Investment Officer Larry Fink warned that Bitcoin’s success could have a real impact on the US dollar and even “largely replace gold”. This aligns with a recent announcement by Gold Bullion International co-founder Dan Tapiero that it is only a matter of time before Bitcoin’s price rises to the six-digit threshold.