Aswath, when you were on CNBC on February 19, 2021, you said Bitcoin is not an investment and not an asset class. And you were right! Why the change of heart? Certainly, the fact that Bitcoin is still trading, even at a higher price, doesn't miraculously turn it into an investment. It was, and still is, pure speculation. Not that anything is wrong with speculation. But it is not an investment, and it doesn't belong to a portfolio, as long as a portfolio is still what we always thought it was: a collection of investments.
We are very disappointed. Your writings have helped us and shaped our thinking so much over the years. You were one of the very few who actually cared about definitions, took a principled approach and questioned everything. You impacted many with those qualities, us included, in a very positive way.
If you don't want to fight the good fight anymore, that's fine, you gave so much to the world of finance and you don't owe anybody anything. But future generations are still watching and we don't believe taking the exact opposite position four years later without a material change in facts is consistent with your brand, intellect and curiosity.
Aswath, when you were on CNBC on February 19, 2021, you said Bitcoin is not an investment and not an asset class. And you were right! Why the change of heart? Certainly, the fact that Bitcoin is still trading, even at a higher price, doesn't miraculously turn it into an investment. It was, and still is, pure speculation. Not that anything is wrong with speculation. But it is not an investment, and it doesn't belong to a portfolio, as long as a portfolio is still what we always thought it was: a collection of investments.
We are very disappointed. Your writings have helped us and shaped our thinking so much over the years. You were one of the very few who actually cared about definitions, took a principled approach and questioned everything. You impacted many with those qualities, us included, in a very positive way.
If you don't want to fight the good fight anymore, that's fine, you gave so much to the world of finance and you don't owe anybody anything. But future generations are still watching and we don't believe taking the exact opposite position four years later without a material change in facts is consistent with your brand, intellect and curiosity.
Thank you.
New Finance Institute
Thank you, great coverage as always!
Have a great day!
I am not a student, but learn more from your video.