Tuur Demeester’s great report on bitcoin: “In investing, what is comfortable is rarely profitable”

Tuur’s last 2 (or 3?) reports have also come during bear markets, and he’s called his shots almost to perfection.

Original report: https://unchained.com/how-to-position-bitcoin-boom

I did a 7-minute-ish podcast deep dive: https://twodegens.buzzsprout.com/2073784/12901355-5-minute-crypto-deep-dive-on-tuur-demeester-s-bitcoin-report-adamant-unchained

And here were some of my favorite excerpts (all copied verbatim):

During this accumulation phase, we expect for bitcoin to trade in a range of $22,000 to $42,000, until a new multi-year bull market pushes it well north of $120,000.

Today is no different—we see extraordinarily strong fundamentals, robust and sustained technological progress, and an unparalleled level of conviction among long-time bitcoin investors, all ready to fuel a global buying spree and sustained new adoption.

Investing in bitcoin, we believe, is like having the ability to buy shares of a general “Internet ETF” back in the early 1990s, or like being able to buy undeveloped land on Manhattan Island at the start of the Industrial Revolution—it’s the opportunity of a lifetime.

On a multi-year timeframe, bitcoin correlates with very few global macro phenomena. A consistent exception seems to be changes in the fiat money supply: stimulus campaigns are positively correlated with bitcoin bull markets.

For Europe, Latin America, Africa, Asia and Oceania, we believe the legal reality will vary greatly and we’ll see a growing polarization emerge: some countries will embrace bitcoin (see our section about nation state adoption), whereas others will actively try to discourage citizens from using or holding it.

And finally, a new favorite quote:

“In investing, what is comfortable is rarely profitable.” – Robert Arnott