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Bitcoin inflation

Founder: Bitcoin Holders Are Not Diversifying But Preserving Purchasing Power

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The founder and CEO of Vailshare Capital, Dr. Jeff Ross, now argues that the reason people hold and invest in Bitcoin is not because they are diversifying. In a post on X, Ross explained that the goal is because most want to preserve and gradually grow their purchasing power, not spread risks.

Bitcoin Is For Preserving Purchasing Power

The CEO’s perspective directly contradicts the conventional wisdom often held by financial advisors. Most recommend diversification, including into store-of-value assets like gold, as a key strategy to mitigate risk.

On the contrary, Ross asserts that traditional assets like bonds, while offering diversification, can be susceptible to inflation risks, potentially gnawing purchasing power in the long run.

Related Reading: From Boom To Bust: Crypto Ads See Dramatic Drop During Super Bowl

Ross responded to Robin Crooks, the former Chief FX Strategist at Goldman Sachs, who watered down Bitcoin’s recent rally. According to Crooks, BTC is edging higher because of market adjustments. This shift, buoying BTC and other safe havens, is as the United States Federal Reserve (Fed) prepares to change monetary policy, possibly slashing rates in March.

Bitcoin versus Fed interest rates | Source: Robin Crooks on X
Bitcoin versus Fed interest rates | Source: Robin Crooks on X

It is this expectation, Crooks adds, that explains why Bitcoin is rallying. The analyst went against the grain, asserting that the coin is not rallying because it has a “diversification” benefit due to its store of value property. Bitcoin holders often mention the deflationary nature of the coin and how it can protect against the devaluation of traditional assets as an advantage. 

Even so, and volatility notwithstanding, Ross opposed Crooks’ preview, pointing out BTC’s historical performance and how it has succeeded in “preserving and growing purchasing power.”  

Despite Bitcoin’s stellar performance over the years, critics remain unconvinced, arguing that its volatile nature and lack of intrinsic value make it speculative. To even buttress this take, Crooks, who has been dismissive of Bitcoin in the past, added that the coin is a “bubble.”

Early last year, the former Goldman Sachs analyst said Bitcoin “blows up” when the Fed tightens and has zero “store of value” function.

BTC Uptrends Remain Ahead Of Halving

The world’s most valuable coin has been trending higher since early 2024. One of the reasons why the community is upbeat is because of the United States Securities and Exchange (SEC) approving spot Bitcoin exchange-traded funds (ETFs). Through this product, investors have been doubling down on the asset, lifting bids higher and subsequently driving the coin to new highs.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

At the same time, the network will adjust the amount of coins distributed to miners as block rewards from early April. Then, rewards will be halved from 6.25 BTC. 

Related Reading: Joe Biden Goes Crypto? Laser Eyes Meme Triggers Massive Speculation

The expected reduction of emissions, as historical performance guides, could spark more gains in the second half of 2024. Halving will likely make Bitcoin an attractive asset as a hedge against inflation, making it an ideal store-of-value asset.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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