Bitcoin is a Collectors Items
Just a random thought post. It’s interesting to talk to other investors and hear them talk about what is “expensive.” With bitcoin especially, people often say “well, isn’t $20,000 expensive?” or “WHAT! it’s too expensive!” I’d argue expensive is relative.
With trillions of dollars of cash sitting on the sidelines looking for return and trillions more being pumped into the market by governments around the world, nothing is too expensive. Instead, what’s more important is finding that which is unique. That of which we can print no more. That which is finite.
Make it Super Rare
Let’s just look at the auction records that have been shattered in the last month. This is one month.
On Nov 27, a 1939 comic book which marks the first appearance of Batman sold for $1.5 million. The record was previously $1.075 million for a copy of the same issue, which was graded higher than this copy. "I'm not at all surprised at the result,"said the selling firm "After all, this is one of the best copies you will ever see of one of the most important comic books ever published."
On Dec 5, a Michael Jordan rookie jersey sold for $320,000. This is the most expensive Jordan jersey ever sold, topping another Jordan jersey sold in July for $288,000.
On Dec 11, a Wayne Gretzky card became the most valuable hockey card ever sold at $1.29 million. The card last sold in 2016 for $465,000.
On Dec 14, Steve McQueen’s Le Mans watch sold for a record-breaking $2.2 million, which is 27 times the price last paid for the watch in a 2009 auction.
On Dec 15, the crypto community shattered their own records when digital artist Beeple raised $3.5 million in an auction for his art, with a single buyer spending $777,777 in the final auction. This year alone, over $150 million in NFTs has changed hands.
On Dec 20, a Pokemon card trade shattered records at $900k for a rare set of Charizard cards, going to a buyer identified only by a Pokemon fan blog handle. Said the buyer “I consider the card not only nostalgic, beautiful, and historical, but also a fantastic investment.”
On Dec 22, a legendary Honus Wagner baseball card was sold for $3.7 million. A similar card traded for $3.2 million just a year earlier. The buyer stated “50 or 60 exist in the world… These don’t come up to sale and I had the opportunity to buy it and I did.”
This is what it all looks like - $12.5 million for 7 collectibles in just one month - and just a very small sample of the millions of rare collectible assets coveted by investors and fanatics alike. The universe of collectibles continues to expand as the money printer continues to brrr.
Bitcoin at $100,000 isn’t crazy. It’s actually one of the most logical things I’ve ever heard.
In 2019, Porsche produced 280,800 vehicles. Each vehicle sells for over $50,000. There is more demand for Porsches than ever.
In 2021, only 328,500 new bitcoin will be mined. Currently, a bitcoin sells for $26,471.
Would you rather have a Porsche or a bitcoin?
Anyways - I’m not conflating the value of a car or a baseball card with the value of a bitcoin. I’m just pointing out that what we may have considered “expensive” doesn’t feel that way forever.
Just watch - the auctions are only gonna get crazier. There’s too much money and only so many jets, cars, watches, card, canvases, NFTs, and other assets to buy.
It’s only a matter of time until people figure out that bitcoin is the ultimate collectible.
Great post dear