Bitcoin has been performing well since it was developed until this moment, with the digital asset growing in leaps and bounds. Save for volatility which has seen the price of the asset bounce around all the time; the digital asset is one that every investor should look to add to their portfolio. The digital asset recently touched a high of $58,000 before crashing down to a region below $44,000 to buttress the case for volatility on the part of the asset. This has pushed many people in the crypto and investment circle to refer to the asset as a speculative one. One of such personalities is the CEO of Baron Capital, Ron Baron.
Baron says he doesn’t understand Bitcoin
In the latest statement, Ron Baron mentioned that he has not been able to wrap his head around the asset long enough to understand how it works, making a case for the asset being speculative. The Baron Capital CEO went further to point out that his firm has not invested in leading digital assets, Bitcoin and precious metal, Gold. He said they had focused majorly on growth stocks, and that has been their forte since inception. He pointed out that even though he loves to own a wide variety of assets, he has failed to understand how Bitcoin works enough to invest in the speculative asset.
Baron is not the only one who views the asset this way with the gold bug; Peter Schiff is a typical example of another personality that has seen the con this way. He also said that they have been able to help their investors afford a better lifestyle due to their investment in growth stocks. Baron Capital has been able to sway its client base with its vision of long-term growth stock investments that it promises. The firm invests in a wide variety of long-term stocks, which gives their investors huge returns, one reason for their success over the years.
Baron Capital has a huge stake in Tesla
One twisted fact is that Baron Capitals holds nothing less than 7 million stocks in the car-making company, Tesla. Tesla, the car-making company, recently acquired a large amount of Bitcoin in recent weeks. While Ron Baron still refuses to see Bitcoin as an investment-worthy of his money, Elon Musk, the CEO of Tesla, has been a worthy driver of adoption in the digital asset. Elon Musk was responsible for the recent surge in the price of the digital asset after adding Bitcoin to his bio on the microblogging platform Twitter.
Baron also mentioned that one of his investors bought Bitcoin with $800 some two years ago, and the price of the asset appreciated to touch $23,000. To note his fact, Baron said that the asset dropped from the profit price to around $15,000, and at this point, he advised the investor to sell the coin and buy Tesla shares. Even though the investor sold the Bitcoin, he opted to buy a Tesla car instead of investing it in the stock. These are some of the profits of investing in Bitcoin as traders have been advised to trade wisely and take their profits when they feel like it.