In mid-October, Stone Ridge Holdings Group - an investment asset management company that manages $ 10 billion in assets - revealed that it had purchased 10,000 Bitcoin units, currently valued at over $ 162 million, as part of its portfolio reserve strategy.
Through the "The Breakdown" podcast that was aired yesterday, Mr. Robbie Gottman, co-founder of Stone Ridge, explained some of the factors that led to the decision to buy this amount of Bitcoin, and list them as follows:
Fragility of fiat systems:
Speaking of Stone Ridge's long journey toward Bitcoin, he told Gottman that there are three common characteristics that most cryptocurrency geeks have:
The first adjective is cultural:
People with this mindset usually have first-hand experience of the fragility of monetary systems.
The Guttmann family learned about this the hard way when hyperinflation in Nazi Germany destroyed all of his grandfather's wealth.
Gottman noted that this makes people appreciate freedoms.
The second quality is timing:
Gottman pointed to the transformative power of open source networks and Bitcoin, which represent a natural progression in the technical path to come.
Third Characteristic: Professional Experience:
Through his work on Wall Street, Gottman knew very well the composition of monetary systems and how they are fragile and trying to appear as sound, as he told in this regard that this common illusion that we all share is what keeps the world spinning.
The financial crisis of 2008 clearly demonstrated the fragility of these various systems.
Commenting on this point, he stated:
For me, it is the intersection of these three things - timing, culture, and professional experience - that really produces this absolute fundamental fascination with the idea of an open source monetary system.
As an alternative solution, at least in my view.
Stone Ridge's move to cryptocurrencies:
Gottman explained that a lot of people in Stone Ridge share the same mentality and have some of the characteristics mentioned above and believe in them and therefore have a clear interest in Bitcoin.
Gottman told Stone Ridge that it had been considering investing in Bitcoin since around 2015, and a clear decision had not been made for some time.
As Stone Ridge developed they were trying a lot of different things and most of them didn't work.
