Bitcoin has had quite the start to 2023.
So far, it’s up 70% since January 1, sparking price predictions of up to $10 million per coin.
Take a look:
But before you race out to start a Coinbase account, consider this….
Prominent Hedge Fund Manager Chris MacIntosh likes Bitcoin, but believes its future is bleak
“I want Bitcoin to succeed. Oh, how I want it to succeed,” said MacIntosh.
“In the short to intermediate term, I think it can and probably will do quite well, but unfortunately I just don’t see it working long term.”
The Managing Partner of Glenorchy Capital says the reason for his pessimism is highlighted by bill S. 686, which “bans VPN usage for ‘banned apps'”.
“If you disagree, well you get a 20-year sentence and a $250,000 fine,” he said.
“I am quite sure you’ve figured out by now that these bills are always always simply stepping stones.
“First, it will be for ‘banned apps,’ then it’ll be for ‘hate speech,’ or some such hogwash. Finally, it’ll be for everything, because… jeez, why do you need a VPN? What are you, a terrorist?
“Ostensibly, all of this is about countering Chinese influence, data gathering, and psyops. In reality, it’s about implementing a worldwide industrial level surveillance system.
“This is arguably the most totalitarian bill I’ve ever seen. It is likely to NOT be upheld in certain states… That means that the divorce of States within the USA is coming.”
Bringing it all back to Bitcoin…
“Unfortunately I just don’t see it working long term,” MacIntosh said.
“Those with the guns (governments and central banks) don’t buy bitcoin, and they’ll never ultimately allow it. I pray I’m wrong.”
What MacIntosh is buying instead
Chris MacIntosh is a contrarian investor, meaning he looks for investments that are out of favour with the majority of investors. Since 2019, his strategy has been performing well:
At the moment, he believes asymmetric opportunities exist in the oil and coal industries, where he expects to see enormous gains in the future.
(MacIntosh does not make his stock choices public, however they are provided to his subscribers on a weekly basis. If you’re interested in getting on the list, you can do via our Asia Markets partner link here).