The ultimate vision of Bitcoin is to achieve more convenient peer-to-peer transactions, so that it can become a daily means of payment for people.In order to achieve this vision,The cooperation between the blockchain industry and the traditional financial industry is a necessary process, which is also one of the hot topics now.
Bixin Global Business Development Director Mustafa Yilham talks to Chris Tyrer, European Head of Fidelity Digital Assets,Linking the institutional ecology of China and the United States, we will explain the future cooperation between blockchain and traditional finance, as well as the response of overseas encrypted digital currency communities to the application of blockchain technology.
If you are interested in the future development of encrypted digital assets, don't miss this article!
Introduction to Fidelity
Fidelity, founded in 1946, owns more than 700 stocks, fixed income, real estate and asset allocation funds. Its research covers more than 95% of the world's largest listed companies, with more than 5 million customers and $7.9 trillion in assets .
For more than 70 years, Fidelity, which has experienced numerous financial crises but still maintains its status as an investment giant, relies not only on professional knowledge, but also on its excellent crisis awareness and control of opportunities.
In 2014, in order to find out the possible threats to the financial industry in the next ten years,Fidelity executes a mock war and cites “frictionless capital markets” powered by blockchain technology as one of its crises;direct dialogue
direct dialogue
Welcome to Bixin Live Broadcast Christopher, glad you can join us.
I am very happy to invite Fidelity Laibixin to do a live broadcast today. Fidelity Digital Assets provides its customers with a comprehensive enterprise-level platform for storing, trading and supporting digital assets. Fidelity is one of the world's largest investment firms, with over $7.9 trillion in assets under management. This is the first live broadcast of Fidelity Digital Assets in China. Our guest today, Chris, is the head of Fidelity's European digital assets, and is also responsible for the global expansion of Fidelity's digital assets.
Can you tell us a little bit about your background and how you got involved with crypto assets?
I was in the business of trading. I spent 17 years trading commodities and managing commodity trading transactions at investment banks and trading firms.
I worked for Barclays Investment Bank and managed a commodities trading business before going full-time in the crypto industry, but my involvement and interest in the crypto business arose in previous years.
I heard about Bitcoin from my brother in 2013 and 2014. He doesn't work in finance, but he has a remarkable ability to spot new trends early. He has made many accurate predictions, such as accurately grasping the opportunity of Internet technology progress that attracted worldwide attention in the late 1990s.He insists that the crypto industry is as important as the internet was at the time, and is very optimistic about its potential.
I have to admit, at first I turned it down, but we talked about it a lot afterward, so I started doing more and more related reading and research. By 2015, I became convinced that Bitcoin had at least some use cases, but at that stage, it was more my trading background that made me more interested in it, because this asset has huge volatility.And because of the average level of market participants at the time, even simple trading strategies can work well.So, in April 2015, I started actively trading Bitcoin.
Over the next year or so, I did more and more research and became more and more convinced thatThis is a fundamental technological change that will have a profound impact on society as a whole, not just as a currency, but will change the way we transact and record all things of value.But for me it's still just a side project and a hobby. From a professional point of view, the market is too small and there is very little that can be done. As of the end of 2016, the market value of Bitcoin was about 15 billion. In 2017, this started to change as we saw massive price increases, reaching a market capitalization of 75 billion by August. From a professional point of view, this has become a lot of fun.
At the time, I was running commodities trading for Barclays and got in touch with the head of markets at the time to ask what the bank's stance was on bitcoin and cryptocurrencies and what we were doing research to support this meteoric rise asset class. The feedback was that there was basically no position, no strategic plan, which I strongly believe was a mistake. Over the next few months, I try to generate more interest and support to help us add crypto assets to our list of trading products. As the price continued to rise into 2017 and the media attention followed, I started to gain more attention within the bank to explore the possibility of crypto products.
In the first quarter of 2018, we finally received approval to form a small research group focused on exploring opportunities in cryptocurrencies from a market perspective. When we started to do a deeper research on this industry, due to the uniqueness of encryption technology, it is a significant job, requiring full-time work energy to complete research on it. I was also looking for a new job challenge, so I moved from a position in Commodities Trading at Barclays Bank to lead Barclays' digital asset program full-time.
Over the next 9 months, we put together a roadmap for building a crypto business. This requires a gap analysis of internal infrastructure and expertise to identify the holes we have and the resources needed to fill them. We also conducted extensive external research to determine current and future levels of crypto activity from within the bank's existing customer base. From a product point of view, we looked at OTC trading, market making, custody, lending, etc.
At the end of the project, we presented the results to the bank's senior management and informed them of the significant opportunity we felt this represented. I think everything was so new at the time, including Barclays, that none of the banks were really ready to move forward. Indeed, banks have made little spectacular progress in advancing issuance since then, despite allocations from some very prominent investors such as Paul Tudor Jones. At this point, I have become obsessed with the encryption industry. I knew that I wanted to continue working in these assets rather than going back to traditional assets, so I chose to leave Barclays.
Shortly thereafter, I started talking to Tom Jessop, President of Fidelity Digital Assets, about joining to help him start his business outside of the US, and I joined Fidelity early last year as an international head.
Great experience, you can enter the cryptocurrency industry at such an early stage, and you can see such a big opportunity with an institutional background, exactly the kind of person Fidelity needs.
I know that Fidelity is one of the first large financial institutions to get involved in the field of digital assets. How did Fidelity decide to get involved in the field of digital assets so early? When was the relevant department established?
Fidelity has a long history of innovation in finance and technology.
Back in 1984, before the Internet and home trading were common, Fidelity launched a service that allowed investors to trade from their home computers. In 1992, the FIX messaging protocol (still the standard infrastructure for financial firms) was written to enable the communication of stock trade data between Fidelity and Salomon Brothers. In 2018, Fidelity launched the first zero-fee stock index tracking tool.
To enable innovation, Fidelity has a technology research group we call the Fidelity Center for Applied Technology or FCAT. The research group is tasked with investigating interesting emerging technologies that, importantly, do not necessarily have immediate commercial applications within Fidelity's broad family of businesses. So, we formed an artificial intelligence team, a virtual reality team...etc.
As early as 2014, when global securities began to transition from T+3 settlement to T+2 settlement, someone asked a question at FCAT: What will happen when we transition from T+2 to T+1? What happens when we move from T+1 to T0? What happens when we move from T0 to instantaneous settlement?At the time, blockchain was promoted as a possible alternative infrastructure layer that would enable instant trading, settlement and reconciliation of traditional financial assets at some point in the future.As a result, some initial work was done and shortly after becoming independent in 2015, the Blockchain Research Group was formed. Looking back now, and I’m sure you remember, we were in the “Blockchain, not Bitcoin” days. The research group was granted a public grant to explore both public and private chains.
Over the next few years, the research group worked on a number of projects and pilots, some of which helped shape the Fidelity Digital Assets team. Fidelity started mining bitcoin in 2015 and now actually has a team dedicated to researching and maintaining Fidelity's proprietary bitcoin mining operation. In 2015, at the request of our clients, we also began to accept value-added digital assets into Fidelity Charity. The program enables clients who have unrealized gains from bitcoin and other digital assets to donate those assets through Fidelity. Therefore, these customers do not incur tax events upon sale. Fidelity will take over the asset, divest it, and then invest the entire proceeds at the client's discretion.
Both activities required us to build an enterprise-grade solution to receive, store and transfer digital assets. Other experiments have followed over the years. For example, for a while in 2016, you could pay for a lunch buffet with Bitcoin because we wanted to understand merchant service and user experience. But as Fidelity Charity’s two key activities, mining and accepting digital assets, grow, we need to continue to develop and strengthen our custody capabilities and environmental controls.
In early 2017, it was believed that enough work had been done by the R&D department to spin off a commercially viable venture from the existing blockchain research group, and this was the origin of Fidelity Digital Assets. At that time people believed thatWhat's really missing in the market is real institutional quality regulation, so that's what we've built and implemented pre-FCAT research work. It is worth noting that this FCAT research group still exists today,And hired more than 20 developers who continue to experiment in various public and private chains.
In October 2018, after 18 months of development, we announced to the market that we would launch Bitcoin custody and trade execution services for institutional investors. We hosted our first client in December 2018 and launched our trade execution business last June.
I think it's remarkable that Fidelity can set up such a department dedicated to understanding and researching emerging technologies. You also said that this is one of the reasons Fidelity was at the forefront of financial reform.
So how big is the Fidelity Digital Assets team now? What areas do you cover?
We now have over 130 employees working across 6 offices in the US and Europe.
In terms of client sectors, we really have a very broad reach.At a high level, we divide our customers into two categories: traditional customers and what we call "crypto-native customers". "Crypto-native" companies mainly or exclusively focus on digital assets, such as mining companies, exchanges, crypto hedge funds, etc.Because they're already in the space, they're in desperate need of the types of products and services we provide, and we have a solution in place.
We also do see a lot of business from traditional players like hedge funds, asset managers, family offices, sovereign wealth funds, pension funds, endowments, wealth managers, private banks, etc. Going forward, we expect the opportunities from these customer types to really increase. While interest levels are high right now, we're only scratching the surface in terms of engagement and distribution size.
Although we are active in all of these areas, it should be noted that we focus entirely on institutions and businesses.We generally do not serve retail clients, nor do we have a retail-related business. In this sense, we are very focused on providing high-value services to high-value customers
I get it, I agree that we've only scratched the surface in terms of engagement and distribution size, and I'm excited to see what's coming.
What products do you offer?
In terms of our product, it's bitcoin custody and trade execution at the moment, but we really think that's just the first iteration. Our goal is to rebuild a complete prime brokerage business for digital assets."Prime broker" is an overused term in the crypto industry right now, with many firms declaring that they intend to expand their offerings to emulate traditional prime brokers.In fact, prime brokerage is not a particularly complicated business. It takes a certain amount of expertise, and then a lot of credit worthiness and balance sheet capital. Fidelity already has a brokerage business in traditional assets and we obviously have a lot of capital at our disposal. So we think it's a space where we can compete effectively.
Hosting is really the cornerstone of the infrastructure, and hosting needs to be addressed before anything can be done, which is why we started there. Without an ultra-secure means to receive, send, and store digital assets, every product built on it is at risk of being compromised. So it was obvious to us that any set of products and services has to start with hosting first and then expand.
I can share with you that we are currently studying the situation of lending and margin trading, and we are also working with other departments of Fidelity to study how to support the overall ecosystem, and introduce investors to managers through our platform to better Serve our customers well. There's still a lot we can't talk about right now, but I'd love to give you an update when we can.
In terms of asset class support, as I mentioned, we're just Bitcoin right now.We will be supporting Ethereum by the end of the year, but we have no plans to support other classes of cryptoassets after that. It’s not that we’ve only seen bitcoin and ethereum survive, it’s that we haven’t really seen commercial demand for other cryptoassets yet. While Bitcoin dominance may be around 60%, the dominance of Bitcoin in institutional portfolios is closer to 90%. If you add Ethereum, it can reach almost 100%. As soon as we see a client request to add more assets, we will follow up.At the end of the day, we are agnostic and the way we built our infrastructure allows us to add new assets very easily when needed. We just haven't seen the demand yet.
Very reasonable. How has the market reacted to Fidelity's current offerings? Especially in terms of regulation, are you seeing more and more institutional investors joining the market? Will the epidemic and the central bank's policies have any impact?
The market reaction was unbelievable. I think the fact that Fidelity has invested so much in this space is a good validation for the asset class and it does make a lot of people reevaluate their positions.The more credible the participating Tier 1 financial institutions, the more we will see others follow suit. This creates a virtuous cycle of adoption and validation over time, but we're just getting started.
I would also add that the level of interest from traditional players has risen significantly in light of the pandemic and the necessary monetary policies of central banks around the world. Investors are very concerned about how this experiment in monetary expansion will end.
After the global financial crisis, we also saw a huge expansion of central bank balance sheets, but in fact this was to prop up the balance sheets of commercial banks. Little incremental credit is actually created. What we saw this time was very different. First, the rate of money printing has reached unprecedented levels, but we have also seen government lending in the form of corporate relief loans. This led to a sharp increase in credit expansion.So it is concerning that we are likely to see a sharp increase in inflation this time compared to the last time. Last time, all this extra money supply was absorbed by the banks and didn't really hit the real economy.
These concerns are prompting many investors to start buying hard assets. Obviously, gold is a huge beneficiary of this situation; so is Bitcoin.
Investors position portfolios for an uncertain future, crypto assets are less and less a marginal allocation, and interest rates are high and rising every day. All of these institutions are now in the learning phase.Some are very advanced, and either already have distributed cryptocurrency business, or will soon be distributed, in which case we may just be competing for business with some competitors. Others are at the very beginning of their journey and want to understand the space better. For these institutions, we help educate, not just explaining the investment thesis, but more on security and operational controls.
I agree,Some would argue that Bitcoin was made for moments like 2020.
What does Fidelity's typical institutional client look like? Are they primarily family offices, pensions or hedge funds? Do you think this trend will change?
The most successful examples we've seen so far are those that distribute as settlors or on behalf of one or a small group of investors. The main reason is that, historically, there have been issues of "personal occupational risk" in other contexts as well.
Let me give you an example.A hedge fund manager might hold bitcoin for his account and think it's a very risky return bet, but he likely won't invest the fund's money in bitcoin. The reason is that Bitcoin and other cryptoassets are very new, they are diverging, and there are a lot of very vocal, very smart people on both sides of the debate.If a hedge fund manager invests the fund's money in Bitcoin, he or she must state this, and if some investors strongly believe that crypto is not an investable asset class,This may cause them to divest.I think that even if fund managers have included bitcoin in their portfolios, they will habitually ignore bitcoin when they invest in users because they don't know in advance whether investors will accept bitcoin or not. But that is changing.
As I mentioned before, we are now in a unique period in economic history. We have never seen monetary expansion on this scale before. even before the pandemic, we are in the late stage of the economic cycle. Now, stocks are pricing in a "V"-shaped recovery, and based on the underlying data, it's hard to see how that's going to happen.At the same time, we have $15 trillion in negative-yielding debt worldwide. In this environment, it can be difficult to see where to park wealth, so hard assets are welcome.
Bitcoin was created to be the hardest hard asset, and it is designed for this economic environment.Additionally, we've seen some of the world's smartest investors allocating to Bitcoin. In 2018, David Swensen of the Yale Endowment made grants to several crypto funds. David Swensen is considered the godfather of long-term value investing, and the fund has been growing surreal returns since 1985. Likewise, Paul Tudor Jones, a widely respected macro investor, announced his investment in Bitcoin in May. So we're seeing this "occupational risk" dissipating. Being the first mover is much more difficult than being the 20th mover, and the number of credible investors making this move is growing all the time.
We have also seen the continued development of crypto assets in terms of infrastructure. 3 years ago, the quality of infrastructure really did not meet the needs of institutional players. The developments here are huge and also having a meaningful impact on institutional admission levels.
This all means that we are seeing more and more institutional players such as hedge funds, pension funds and other active managers offering their services to us. In that sense, the trend is definitely changing. For these investor types, it becomes much easier to diversify into crypto assets.
You mentioned before that you now have offices in the United States and Europe, and I also know that you have the possibility of expanding into the Asian market.
How do the profiles and preferences of US, EU and Asian customers differ? Are you planning to further expand into the Asian market?
For example,
For example,In Europe, there are many “challenger” banks that provide digital banking services mainly to millennials and new generations. This is not the case in the US, where banking regulation has not been opened up in the same way to promote competition.Many of these new banks in Europe, such as Revolut and Ziglu, offer crypto services and do so very successfully. As a result, more and more people across Europe are starting to see crypto as a potential source of incremental revenue, which creates opportunities for us that don’t exist in the US.
Another example is CFDs. CFDs are contracts for difference. This allows investors to gain price exposure through derivatives without having to touch the underlying infrastructure of the crypto asset. These products don't exist in the U.S., creating an incremental opportunity for us to serve these businesses in Europe.
I would also like to highlight the number of Forex products in Europe. To date, no ETFs have been approved in the US. Apparently there is GBTC in the US, Grayscale's Bitcoin Investment Trust, but nothing is exchangeable. Here, exchanges and regulators are more willing to approve products like tracking crypto asset indices, which creates an opportunity for us to provide custody services to these issuers.
With regard to Asia, we are just starting to think about the local business. We've always wanted Fidelity Digital Assets to be truly global and not just transatlantic, but Europe is clearly the next step for us. I think there's a huge opportunity in Asia, we've got some clients in the Asia region, but we haven't actively marketed our services here.
Two months ago, Fidelity announced the 2020 Digital Asset Survey of Institutional Investors. Nearly 800 US and EU institutional investors participated. What are the interesting findings in the survey?
That's right. This is our second year running this survey, which has provided us with a lot of key market data, but I believe it is also a great resource for the industry. In the first year, we only did the survey in the United States. This year, we conducted surveys in the US and Europe. Next year, we intend to include Asia as well and do this every year so we can track trends.
We surveyed 774 investors, with respondents including traditional hedge funds, crypto hedge funds and venture capital firms, family offices, pension funds, endowments, regional integration institutions or wealth managers, and high net worth individuals. There's a ton of data, but I'll pick out some key highlights that I think show where we are and where we're going from an institutional perspective.
we discover,36% of respondents are currently invested in cryptocurrencies. Now, crypto hedge funds and VC firms have high levels of response, but even if I strip out these results, 27% of investors surveyed still have investments in crypto assets.I think the percentage is still low, but it's much easier to add a job than to create one. We obviously have more work to do, but this is very positive indeed.
In terms of views on crypto assets,Almost 60% of investors surveyed hold a neutral or positive view. This is also very important. These attitudes guide future investment decisions and allocations and suggest that the level of investors is likely to be higher in the near future.
Almost 80% of investors find digital assets attractive.Interestingly, we find here that European investors are generally more optimistic than US investors.
I also doubt,All of these numbers will be higher in Asia because, in general, there is greater regulatory clarity and higher levels of retail engagement.We look forward to seeing whether this suspicion is confirmed by the data when the investigation is expanded next year.
Nonetheless, what we must remember here is that these responses were collected between November last year and March 6 this year. This was before the pandemic hit Europe and the US on a massive scale, and certainly before we saw central bank responses. So we strongly suspect that if those results were retold today, the numbers would look more favorable.
We recently saw a partnership between Fidelity and Kingdom Trust, where investors can now hold digital assets under tax-advantaged IRA accounts, can you tell us more about this partnership?
Yes, we are very happy to cooperate with Kingdom Trust this time. Essentially, clients were unable to keep crypto assets in retirement accounts. We and the Kingdom Trust are now addressing this issue. Afterwards, Kingdom Trust clients will be able to hold bitcoin in a unified retirement account of which we will be the custodian.Retirement account plans for consumers have been a big gap in the market, and we're more than happy to give them more choices.
What developments in the crypto asset industry and ecosystem are you more excited about?
I think this is a difficult question to answer because there are so many exciting things happening now, from the rise of defi to the progress of CBDC. But if I have to answer the question from a business perspective, one of the things we've seen this year is more and more inquiries around the tokenization/digitization of assets.
I think a lot of people are disappointed by the pace of tokenization/digitization.As an industry, we've been talking about it for years without a lot of hard evidence. This situation is beginning to change.Bill Gates said, “We always overestimate the change that will happen in the next two years and underestimate the change that will happen in the next ten.” I think the reason for our disappointment is what this sentence expresses, but I believe we We're at an inflection point now, and it's going to be very interesting.
It feels like 2020 is the year we move beyond the exploration and investigation phase, and we're moving into real-world, high-volume commercial applications.Since the beginning of the year, we have had conversations with two Tier 1 investment banks about offering custody for their specific assets and large-scale tokenization/digitization products.
As banks look at the entire lifecycle of a token, they are determining which parts of the process they want to run themselves, and which parts they want to outsource. Custody is an area that we see banks prefer to outsource to a trusted third party rather than build their own. This type of activity is not uncommon, and banks often use escrow for certain assets or jurisdictions.
Given our existing relationships with these institutions and our understanding of the traditional financial world, we see this as an area where we can add a lot of value. So from a business standpoint, it's very exciting.
user question
What does Fidelity think about Bitcoin's core value?
I think this is a very interesting question and one that we think about a lot. In fact, different investors invest in Bitcoin for different reasons.
A lot of people tend to think of Bitcoin as a store of value, and you can see why. When you look at the 6 characteristics of money that are fungibility, acceptability, scarcity, portability, divisibility, and durability, Bitcoin excels in many areas.The only area where it really fails is acceptability.
In effect, governments will continue to limit Bitcoin acceptance through taxes. The government can mandate that bitcoin be subject to capital gains tax, and then every time you buy a cup of coffee, you create a tax event. This ultimately kills its function as a medium of exchange. That said, all of these features still mean it works well as a store of value.
My personal opinion is that Bitcoin is now more accurately described as a call option whose future use is as a store of value. I mean, very few people use bitcoin these days to maintain purchasing power, which is the primary function of a store of value.
Investors are not going to ditch their stock portfolio due to market uncertainty, nor are they going to hide in Bitcoin for stability, which is too volatile right now. Bitcoin is more volatile than the stocks they sell. Investors who believe in a store of value are actually buying bitcoin because they believe that in the future investors will use bitcoin in this way, and when bitcoin is actually used as a store of value, its market cap will reach trillions Dollar. So it's a leveraged game of the future state, so I think the yield curve maps well to the call options. You can't go from zero to trillion without a lot of volatility,But that will wear off over time, and that's when we'll know we've seen call liquidity.
Are there any similarities between encrypted digital assets and bulk commodities?
There are actually many similarities. In many ways, cryptoassets are digital commodities. Bitcoin is digital gold, ETH is digital oil and gas.
One thing that I find very interesting is that there are many similarities between crypto assets today and commodities 20 years ago. Before the early 2000s, institutions rarely participated in commodity trading markets. They are essentially corporate hedging markets, where producers sell to consumers, mediated by two banks. Commodities are not considered assets in terms of portfolio allocation. Something happened in the early 2000s that changed all that.
First of all, the market threshold has been improved a lot. Banks made a lot of money in traditional assets and started exploring the potential of other markets.Thus, a wave of banks entered the commodity market. At the same time, markets began to trade electronically, and many of the information asymmetries that existed in open outcry transactions were eliminated. The market has become more transparent. This period also saw a slew of financial innovations that brought more products into the market for investors to gain price exposure in asset classes such as commodities.All of this means that, for the first time, commodity markets are opening up to a new class of participating institutional investors.
At the same time, investing in commodities has become very attractive.
First, commodities have little correlation to traditional financial assets. Modern portfolio theory tells us that introducing uncorrelated assets into a portfolio can improve the efficient frontier and risk-adjusted returns of the entire portfolio. That alone is enough to pique the interest of institutional investors.
Second, healthy commodity markets are at an inverse premium. This means that the immediate price is higher than the futures delivery price, which means that the expected return rate of commodity index products of investment banks such as Goldman Sachs is positive.Selling spot contracts at high prices and buying deferred contracts at low prices, a process that repeats monthly, is necessary to avoid physical delivery of the underlying commodity. That means that even if the prices of everything in the basket didn't go up, the yield on that product could be somewhere between 6% and 8%, because you've been buying low and selling high.
Finally, at this very moment,China announced its massive infrastructure development.This is expected to create a huge demand for the commodity, which will be widely publicized. This means that the forward supply and demand economics for commodities as an asset class are very bullish over the next 5-7 years.
This created a near-perfect trifecta for the commodity investment thesis at a time when market access was just opening up and institutional investors really resonated.
As a result, from 2003 to 2010, we saw $400 billion of institutional money flow into commodities, and almost every actively managed retirement plan in the world now has a commodities allocation. It's hard to imagine now that the question of whether commodities were a true asset class was ever debated.
Now, what's interesting to me is the parallels we're seeing now between cryptoassets and commodities back then.
In the past few years,The encryption infrastructure and quality of service required by institutions has improved significantly.I think Fidelity's entry into the business is one of the reasons why. We have also seen some exchanges drop out of the competition in terms of quality and security. As a result, market access has improved significantly recently and is now open to institutional investors.
At the same time, crypto is completely irrelevant to traditional assets. Yes, we've seen stronger correlations this year, but you always see stronger correlations in crisis scenarios because you have cash flight in a crash and risk flight in a reflation. I feel like this will go away as soon as possible. So we get the same portfolio diversification benefits that we allocated to commodities 20 years ago.
The lending market is also rapidly developing, which will allow investors to reap the benefits of passive investing.Therefore, even without the price increases that commodities experienced 20 years ago, crypto assets will soon have positive expected returns.
Finally, the bull market in hard assets like Bitcoin is very strong,As we have discussed before, the balance sheets of central banks around the world are expanding at an alarming rate. So the outlook for future prices is very bullish, as it was for commodities at the time.
This created a pattern very similar to 2003 for commodities. As I mentioned earlier, back in 2003, this prompted $400 billion into commodities over the next 7 years. Now, one glaring difference is that Warren Buffett didn't call commodities "rat poison squared" in 2003. Commodity markets at the time were correspondingly larger and better able to handle large institutional capital inflows. This is not the case with crypto assets, so I am also very interested to find out what happens in the next few years.
(The content of the live broadcast is the personal opinion of the guests and does not represent the position of the platform.)
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