It is frustrating. But at the same time, interesting.
Over the past couple of weeks, I’ve heard two well-respected investment managers say that they don’t believe in bitcoin’s supply limit. If it’s easy to spin up another Bitcoin, they claim, then there is really no limit. Most of you reading this will be rolling your eyes at this stage, but since it seems to be a firmly held view by some smart people, we should dig deeper.
We’ll find that it’s about more than a lack of research.
First, let’s look at what the two investment managers I’m referring to actually said.
This is from investment researcher and former hedge fund manager Jesse Felder’s blog post of a few weeks ago (my emphasis):
“Bitcoin believers rely entirely on the idea that bitcoin is limited in supply making it far more attractive than fiat currencies that are being printed like mad by central bankers around the world. However, Bitcoin has already hard forked several times, multiplying the number and type…