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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Venture Capitalist Loses Bitcoin Bet, But Doubles Down on Crypto

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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Crypto investors everywhere are betting big on Bitcoin and the like eventually becoming adopted by the mainstream public and put into everyday use. The first-ever cryptocurrency and the technology underpinning it has the potential to disrupt a number of industries, and could eventually become the global currency for the internet.

However, one venture capitalist and early crypto investor Ben Horowitz has lost a bet against financial journalist Felix Salmon over Bitcoin’s current level of adoption. Despite losing the bet, Horowitz is doubling down on crypto and has made a new bet in the public’s eye.

Bitcoin and the Five-Year Losing Bet

On episode 515 of NPR’s Planet Money Podcast, American businessman and venture capitalist Ben Horowitz made a bet against then Reuters finance blogger and crypto naysayer Felix Salmon.

An article that Salmon had written about Bitcoin being a bubble that was set to burst prompted the friendly wager. The terms of the bet covered polling a sample of Americans, asking them if they had made a purchase using Bitcoin during the past month. Horowitz would win should 10 percent or more of the polled American’s had responded saying they did indeed use Bitcoin for buying something.

Related Reading | Strong Fundamentals: Bitcoin Daily Transactions Return to Bull Run Levels

Five years later, only 3 percent of American respondents had said they used the leading crypto by market cap to make a purchase. However, the podcast commentators argues that a review of where the respondents claimed to have used Bitcoin to make a purchase suggests that the percentage was actually far lower.

Salmon’s counter to Horowitz’s vision for Bitcoin adoption was that Bitcoin’s price increase and deflationary design would cause investors in the emerging asset to simply hold the asset long-term, rather than spending it as a transactional currency. The store of value narrative that underscored the 2017 bull run followed his theory.

Salmon, who won the bet, received a pair of alpaca socks – which serve as a sort of mascot for Bitcoin, originating from a 2011 Slashdot article that used the socks as an example on what Bitcoin could be used to purchase.

Doubling Down on Crypto Adoption As a Whole

Ben Horowitz is a staunch believer in Bitcoin and cryptocurrency. His investment firm Andreesen Horowitz – in which Ben partners with Marc Andreesen, Netscape co-founder and co-creator of the first widely used web browser – has made significant investments in the crypto space including industry leader Coinbase.

Despite losing the bet against Salmon, Horowitz is undeterred in his belief that crypto will eventually be widely adopted. The venture capitalist again placed a bet against Salmon, this time saying that in five years, crypto in general would be used by at least 10 percent of people living in Mexico.

Related Reading | Marc Andreesen, Creator of Netscape, Praises Bitcoin in NYT Op-Ed

The duo selected Mexico to avoid the United States’ reliance and comfort using credit and debit cards, which makes crypto usage less necessary than in countries with struggling economies.

This time, the winner will receive 1 ETH, as well as a 100-year old bottle of Madeira wine, which Salmon argues is a better store of value than Bitcoin or crypto.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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