We might start passing down Bitcoins as family heirlooms in the future.
As more investors clamour for Bitcoin and its price increases, can it form a part of a family’s portfolio, passed down from generation to generation?As Bitcoin shot past US$61,000 this month, wealth managers who had for years dismissed the nascent asset class were having to field inquiries from their clients as to what the “Bitcoin solution” was for their portfolios.
Baked into Bitcoin is an ingenious governance system where certain changes, of which the maximum number of Bitcoin that can ever be “mined” is limited to 21 million Bitcoins is one of them, require the consensus of participants to effect. By the start of 1971, gold’s price hadn’t changed much, at US$37.44 per ounce, just before the U.S. abandoned the gold standard – where a dollar was backed by its equivalent value in gold.
By the mid-80s, baby boomers steadily added gold to their investment portfolios, with its “institutionalisation” spurred on by the same anti-inflation, rampant central bank money growth narrative that’s now being applied to Bitcoin. From exchange-traded funds in Canada to Bitcoin structured products on Swiss exchange SIX, investors are now knocking on the door of the U.S. Securities and Exchange Commission and hopes are high that a U.S. Bitcoin ETF will be approved as early as this year, providing retail investors with a secure and convenient way to buy Bitcoin the way they buy gold.
Even over the past year, when Bitcoin surged some tenfold from its low in March 2020, average monthly volatility was as much as three times that of the S&P 500 and the Nasdaq Composite. Given that Bitcoin is an unconstrained asset, it’s quality as a Veblen good lends itself well to competing narratives and provides sufficient speculative scope to rally higher.
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