INX Investors Have Front Seats to the Great Digital Migration
We’ve all been watching Bitcoin’s rapid ascent this week as new records and barriers are broken. But do we really know the true reason for this move?
Most arguments talk about adoption from retail, institutions and corporates. This is certainly significant.
We can discuss the rapid rise in AUM for Grayscale, recent interest from macro investors like Stanley Druckenmiller, comments from Ricardo Salinas Pliego saying that he has 10% of his wealth in bitcoin. Talk out of Fidelity that they are revving up bitcoin funds. Citibank calling for 300K BTC in 2021, (although Fox Business headlined that this was my call… it was in fact Citibank’s), JP Morgan banking Coinbase and possibly preparing their IPO. MicroStrategy switching their cash reserves into bitcoin, and Square taking a dip too…
All of this is significant, but let’s face it, it’s still the tip of the iceberg. When we look at the number of searches for Bitcoin on Google, there is no significant uptick. So we can conclude that this upward movement is not on FOMO — even though if we all think about this past week we can each give stories of calls received from friends or relatives asking how they can get involved!
I think the real reason — and this comes from my FX background — is that folks are tired of hearing of their currency being referred to as the “least dirty shirt.” They are tired of their governments choosing to spend money in order to gloss over economic weakness, and ultimately that money being printed in Central Bank basements. This is not just a U.S. phenomenon. It is a global one. The U.S. is only one seat at the table, creating currency weakness and crypto strength. Whether we look at the U.S., Europe, or Asia, the medicine for COVID-related economic weakness is currently free money.
If you want to free yourself of the normal reliance on governmental stewardship of your assets you have to take a leap into crypto. It’s the one area that, so far, policy makers have been unable to get their hands on.
The migration from fiat to crypto is in front of us all, in plain sight. INX aims to participate in this great migration. Whether it be in currencies, equities, fixed income or commodities, INX will give all of our investors a front seat.
To get a greater sense of our vision for digital assets please check out our videos here.
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About the author:
Mr. Douglas Borthwick is Chief Marketing and Business Development Officer of INX Services. Mr. Borthwick has over 25 years of experience in the finance industry, most recently founding and building the Chapdelaine FX electronic and voice trading business for inter-dealer broker TP-ICAP from 2012 to September 2018. Mr. Borthwick held various roles with Morgan Stanley from 1996 through 2005; managing foreign exchange derivatives trading groups in New York and London, with a strong focus on emerging markets. He then ran the strategic trading desk at Merrill Lynch from 2005 to 2006, and the Latin American FX trading business at Standard Chartered from 2006 to 2009. In 2010, Mr. Borthwick managed trading and research areas for startup foreign exchange agency, Faros Trading, a company that was later sold to FXCM in 2013. Mr. Borthwick holds a bachelors of science in Economics from Carnegie Mellon University and an MBA from Yale University’s School of Management.
