Just want to draw everyone's attention to a post I made on
9 June 2012. Keep in mind that with the latest rally the 50dma is now at $6.46 and 200dma at $5.546. While bitcoins are moving into extremely strong hands right now; I would caution others not to
overpay for bitcoins.
I think you would be surprised at just how forward thinking, creative and risk taking some people are.
Today I had lunch with two of my friends who are both estate planning attorneys for high-net worth individuals. The topic of conversation centered on political risk, expatriation, second citizenships, FACTA, tax implications and how they could use BitCoin as part of their client's asset protection and estate plan. They found the alienable nature of BitCoin extremely attractive.
The bulk of their client's, at least in the $5-10m net worth range, are first generation creative entrepreneur's who made their wealth solving some market need. If just a fraction of the 80,000 HNWIs in the United States alone moved less than 0.10% of their net worth into BitCoin then it would send the price through the roof. Keep in mind, in the US alone there is $10T+ in money market type funds yielding 0%.
I have had a few HNWIs and UHNWIs whose only reservation with moving $500k or $1m into BitCoin is the lack of liquidity and scalability of investment so they settle with puny amounts like $25k or $50k, etc.
In my opinion, there is huge pent up market demand for the type of utility BitCoin offers and the longer it stays around the more confidence it will garner resulting in more people allocating capital towards it.
FYI, one of the attorneys has extensive experience in securitization and mentioned he would like to do some BitCoin securitizations. So if anyone is looking at a way to use their portfolio of cars, houses, airplanes, etc. as collateral for BitCoin related loans or offerings then I can put you in touch with him.