Michael Sonnenshein: Inside the World's Largest Bitcoin Fund

The Compound and Friends

Josh Brown

Investing, Business News, News, Business

4.7 • 2.2K Ratings

🗓️ 4 March 2020

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

First up, Michael Sonnenshein, Managing Director of Grayscale Investments, stopped by The Compound to discuss bitcoin with Josh and Michael. Grayscale runs the largest bitcoin fund in the world, with nearly $3 billion in AUM. What does the future of bitcoin look like? And then on today's episode of What Are Your Thoughts, Michael Batnick and Josh Brown get into all the hottest topics in investing and finance. Josh's apology for rooting for corrections Has the market bottomed or do we need a retest of the low? Would rather know about a market bottom or a market top in advance? Josh is reading about viruses and outbreaks around the clock, what's the point? Zoom Media became a hot stock because of teleconferencing, and then traders bought the wrong ticker too - on purpose? Why do people share their transactions on Venmo? Every analyst now gets a base case, bull case and bear case - whatever happened to making a call and standing by it? The Fed dropped a surprise interest cut of 50 basis points during our show - Michael and Josh react in real time. Be sure to subscribe to our channel so you never miss an update: https://www.youtube.com/thecompoundrw... Beginning Investors, check out Liftoff: http://liftoffinvest.com Follow us on Twitter: https://twitter.com/RitholtzWealth Follow us on Facebook: https://www.facebook.com/ritholtzwealth/ Talk with us about your portfolio or financial plan here: http://ritholtzwealth.com/ Obviously nothing on this channel should be considered as personalized financial advice just for you or a solicitation to buy or sell any securities. Please see this 3,000 word terms & conditions disclaimer: https://thereformedbroker.com/terms-a... Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, it's downtown Josh Brown. I'm live from the compound here with Michael Batnik as usual.
0:05.0	We have a special guest. Michael Sun and Shine is the managing director of Grayscale, which sponsors the Bitcoin Trust.
0:14.0	A lot of people know G. B. T.C. is the Bitcoin Trust.
0:16.7	So Michael is here to tell us about what's happening,
0:19.6	how he's got the largest fund in Bitcoin, why more people should know about it, how it works,
0:25.6	everything you've ever wanted to know about making liquid investments into Bitcoin.
0:30.6	Stick around, let's see what's going on. Welcome to the compound show podcast.
0:37.0	Each week we let you in on some of the best conversations we're having
0:41.0	about markets, investing, and life.
0:44.0	Just a quick reminder, the host of this show are employees of Ritholz's wealth management.
0:48.4	All opinions expressed are solely their own opinions and do not reflect the opinion of Ritholz wealth.
0:54.9	This podcast is for informational purposes only and should not be relied upon for investment decisions.
1:00.9	Clients of Ritholz wealth management may maintain positions in the securities discussed in this
1:06.0	podcast.
1:07.0	Okay, here we go.
1:10.4	Okay, so first of all, I'm calling it the biggest Bitcoin fund in the world, because I think it is, right?
1:16.0	That is true.
1:17.0	So today, great scale Bitcoin trust controls about 1, you know, about 1.5% of all the Bitcoin outstanding in the world.
1:25.0	So in dollar terms, how much Bitcoin does it control?
1:29.0	We're talking about just shy about $3 billion.
1:31.8	Okay, and obviously as prices go higher that goes up as
1:35.6	prices go lower that goes down. Correct so the fund is solely and passively
	...

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