Bloomberg TV anchor Tracy Alloway says she is now bullish on Bitcoin after previously being a disbeliever in the cryptoasset.
In a newsletter published on November 2, Alloway highlighted her reasons for becoming a Bitcoin supporter:
“I have a confession to make: I am now bullish on Bitcoin. I’m bullish on Bitcoin because I’m bullish on cognitive dissonance in a complex society, and on people’s ability to produce endless narratives for the cryptocurrency — even ones that are at times contradictory.
“Since its creation back in 2008, Bitcoin has been lauded and promoted as so many things. It’s a method of payment (you can buy pizza!) but it’s also a speculative financial asset whose value is destined to go up (so you should save it!). It’s a hedge against inflation (because central banks are printing money!) but it’s also a financial asset that benefits when interest rates are close to zero and there’s less opportunity cost to hold it (it’s digital gold!).
“Bitcoin is a way of disintermediating the existing financial system (because you can’t trust the banks!), but it’s also something that would benefit from a flood of institutional money (asset managers are diving in!).”
She used to think that all of these narratives made the case for Bitcoin weaker since Bitcoin “could never be all these things at once.”
However, she now thinks differently:
“But the more I think about it, the more I realize that it’s actually a strength.
“Bitcoin is a thing on which people can project their hopes and dreams — whether it’s for a fairer society, a more inclusive financial system, or simply more money. Since hopes and dreams are endless, there will always be a fresh bull case for Bitcoin waiting in the wings.
Alloway concludes by calling Bitcoin “the perfect post-modern financial asset for a post-modern financialized economy.”
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