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Explained: Brent Johnson’s Risks For Bitcoin
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On today’s show, we have the founder of Santiago Capital Management, Brent Johnson, to discuss risks for Bitcoin.
Brent Johnson
And Bitcoin is kind of one of those things part of the crypto world, it’s kind of one of those things I feel like if you’re not on top of it every day or every week, so much happens that you miss it. And so some of my stuff might be dated and you know the figures better than I do. But a couple of other risks that I would say is that isn’t it something like 2% of the holders own 80% of the coins or something like that? The whales dominate the market, right?
Brent Johnson
So typically the whales are pretty smart people, right? And I’m not saying this has happened, I’m just saying this could happen. If the whales pump it up, this is the greatest asset in the world and then all the small retail guys come in and buy it at the margins and push it to 30 or 40,000 and then one night a whale says, “You know what? I’m out. I’m 80 years old, I’m rich. I don’t need anymore,” and he sells, he could sell a lot of coins really quickly.
Brent Johnson
Now, again, I’m not saying that will necessarily happen, but it can. And maybe you argue that it’s not a thinly traded market, but if you have a big whale selling in a thinly traded market, prices can move really quickly. And you’ve seen that several times in Bitcoin. But the flip side is a whale comes in and you go from 4,000 to 23,000 in six months, right? So it cuts both ways.
Brent Johnson
The other thing I would say is that again, I don’t know the numbers, but I know over 50% of the miners are located in China. And so I’m not going to say that that’s necessarily a bad thing, but if the CCP just rolls up to all the mining operations and says, “These belong to us now,” those people don’t really have to say no and they don’t have to gut to say no, they don’t, right?
Brent Johnson
I mean, China, if they want them, they’re going to take them. And then you’ll say, well, then they’ll just migrate to the miners that are outside China or it’ll fork or something. And that’s possible. But I’m just saying that is a risk, that could cause some disruption in the short term. The other thing, and you’ll know this better than I will, the whole Tether thing.
Brent Johnson
As I understand it, Tether is a big part of the growth of Bitcoin. And it’s my understanding, you can correct me if I’m wrong on this, but it’s my understanding that Tether is really more of a way to send dollars around the world than it is to send Bitcoin around the world. In other words, it’s dollars backed by Bitcoin instead of Bitcoin backed by dollars.
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DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
ADDITIONAL INVESTING RESOURCES:
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.
Brent Johnson
And Bitcoin is kind of one of those things part of the crypto world, it’s kind of one of those things I feel like if you’re not on top of it every day or every week, so much happens that you miss it. And so some of my stuff might be dated and you know the figures better than I do. But a couple of other risks that I would say is that isn’t it something like 2% of the holders own 80% of the coins or something like that? The whales dominate the market, right?
Brent Johnson
So typically the whales are pretty smart people, right? And I’m not saying this has happened, I’m just saying this could happen. If the whales pump it up, this is the greatest asset in the world and then all the small retail guys come in and buy it at the margins and push it to 30 or 40,000 and then one night a whale says, “You know what? I’m out. I’m 80 years old, I’m rich. I don’t need anymore,” and he sells, he could sell a lot of coins really quickly.
Brent Johnson
Now, again, I’m not saying that will necessarily happen, but it can. And maybe you argue that it’s not a thinly traded market, but if you have a big whale selling in a thinly traded market, prices can move really quickly. And you’ve seen that several times in Bitcoin. But the flip side is a whale comes in and you go from 4,000 to 23,000 in six months, right? So it cuts both ways.
Brent Johnson
The other thing I would say is that again, I don’t know the numbers, but I know over 50% of the miners are located in China. And so I’m not going to say that that’s necessarily a bad thing, but if the CCP just rolls up to all the mining operations and says, “These belong to us now,” those people don’t really have to say no and they don’t have to gut to say no, they don’t, right?
Brent Johnson
I mean, China, if they want them, they’re going to take them. And then you’ll say, well, then they’ll just migrate to the miners that are outside China or it’ll fork or something. And that’s possible. But I’m just saying that is a risk, that could cause some disruption in the short term. The other thing, and you’ll know this better than I will, the whole Tether thing.
Brent Johnson
As I understand it, Tether is a big part of the growth of Bitcoin. And it’s my understanding, you can correct me if I’m wrong on this, but it’s my understanding that Tether is really more of a way to send dollars around the world than it is to send Bitcoin around the world. In other words, it’s dollars backed by Bitcoin instead of Bitcoin backed by dollars.
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
ADDITIONAL INVESTING RESOURCES:
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
ADDITIONAL INVESTING RESOURCES:
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.
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