Continuing with his explanation, the founder of Suno states that only the creator of Bitcoin is making money. Going further, Tiago Reis states that Satoshi Nakamoto is the one who defines the value of Bitcoin.
Tiago Reis, founder of Suno, talking about Bitcoin. Source: Market Makers/Reproduction.
Tiago Reis, founder of Suno, participated in a conversation with the channel Market Makers last week, where he explained his reasons for not investing in Bitcoin. According to Reis, Bitcoin is only worth $60,000 because its creator, Satoshi Nakamoto, convinced people of that.
“I started following some cryptocurrency meme profiles and I identify with many of the things they say, that the State has to be more efficient and things like that, I identify with that. Now, is the answer to this problem Bitcoin? I don't know”, began Reis, acknowledging that he invests directly in the cryptocurrency, since he owns shares in Tesla, currently holding 9,720 bitcoins.
Explaining why he doesn't invest in Bitcoin, the executive says it's an analysis of history.
“I always like to analyze history, who are the winners, who are the losers. I really believe in that phrase, that “history repeats itself”. In the history of humanity, wealth has been embodied in two major asset classes, which are real estate and equity in companies.”
Since Bitcoin is a new asset, only 15 years old, it is unlikely to be featured in these studies. However, it is easy to find several reports indicating that Bitcoin was the best performing asset in 8 of the last 11 years.
Since 2013, Bitcoin has led gains for 8 years. Source: Visual Capitalist.
As history often repeats itself, it is possible that Bitcoin will end 2024 at the top of this ranking again. This is because the cryptocurrency has already accumulated gains of 34.4%, even with the recent crash last week.
As a comparison, S&P500 has gained 11.5% in the same period.
Satoshi Nakamoto is the one who is winning with Bitcoin, says Tiago Reis
Continuing with his explanation, the founder of Suno claims that only the creator of Bitcoin is making money. Going further, Tiago Reis claims that Satoshi Nakamoto is the one who defines the value of Bitcoin.
“When you analyze the history of coins, the winner is the one who can convince the creator that this piece of paper is worth something.”
“I will be able to exchange a piece of paper, which for me had no cost, for another asset, product or service,” Reis continues. “In the history of humanity, those who managed to do this did very well, the States, there were some people who created it back then. I am not the creator of Bitcoin, so I am not among those who will do well.”
“I admire the guy who managed to create this, who managed to put in people’s heads ‘I created a business here that’s not even on paper, kind of in the cloud and such, and this is worth 60 thousand dollars’, the value of a nice car in the United States. I admire this guy’s marketing capacity.”
Reis then states that most people started investing in Bitcoin in March 2020, noting that the S&P 500, CDI and even Ibovespa have had better returns than BTC since then.
The problem is that this information is wrong. The S&P 500 has risen 93% against the dollar since 3/11/2020, while the Ibovespa has risen 74% against the real in the same period. Bitcoin has appreciated 617% against the dollar and 735% against the real, with its advantage reaching almost 10 times.
Charlie Munger was right, says Suno founder
Concluding his commentary on Bitcoin, Tiago Reis mentions the legendary and now deceased Charlie Munger, Warren Buffett's right-hand man and a great critic of Bitcoin.
“At the end of the day, I think Charlie Munger was right. He’s almost always right, has he ever been wrong? He’s rarely been wrong, I can’t think of anything he’s ever done wrong in his career, and you know what he said about Bitcoin, right? That it’s rat poison. I tend to agree.”
On the date of this speech, May 5, 2018, Bitcoin was trading at around US$9,900, having appreciated 477% since then.
In any case, Munger has been familiar with cryptocurrency for a long time, having called Bitcoin “insanity” back in 2014 when it was worth just $430. Since then, gains have reached 13,095%, proving that even big names can make mistakes.
Tiago Reis' full conversation on the Market Makers channel can be watched in full below.
🚨Satoshi Nakamoto is the one who is winning with Bitcoin
– Tiago Reis
– Bitcoin is only worth $60,000 because Satoshi Nakamoto wants it to be
– B3 appreciated more than Bitcoin
– "Charlie Munger was right" pic.twitter.com/b8mNDeTuAW— Livecoins (@livecoinsBR) August 6, 2024
