- The Motley Fool has revealed a $5 million Bitcoin purchase in a shocking u-turn
- The 25-year-old investment giant has spent years bashing Bitcoin
- The surprise move shows that even the staunchest critics are being turned
Esteemed investment advice service The Motley Fool has performed an astonishing U-turn and purchased $5 million worth of Bitcoin with the intention of seeing it through until it goes 10x. The site, which has savaged Bitcoin on a regular basis for years, announced the shock news yesterday in a move that is so uncharacteristic that this author had to check it wasn’t April Fool’s Day.
We’ve got BIG NEWS! We’re buying $5 million in Bitcoin on our own balance sheet.
That’s right. $5 million.
— The Motley Fool (@themotleyfool) February 17, 2021
The Motley Fool Holding For 10x
The Motley Fool announced their Bitcoin buy in through a blog and Twitter post, saying that it will form “a core holding in our 10X portfolio”, which is a portfolio of assets they will hold for a hoped 10x return. Given the length of hold they envision, anticipated to be a minimum of five years, the Motley Fool advisors “don’t worry too much about the volatility in the short term”.
The company states three reasons why they have put Bitcoin front and center of their new portfolio:
1. We believe it will store value more effectively than gold over the long term.
2. We believe it may become a medium for transactions, as/if pricing stabilizes in the decade ahead.
3. We believe it can act as a productive hedge against inflation.
These echo arguments made by the likes of MicroStrategy, Tesla, and a number of hedge funds and other institutions, reinforcing the growing acceptance of Bitcoin’s role in the finance of the future.
Disbelief Among Readers
Given the current appetite for Bitcoin it’s not surprising that another company has bought in, but given the way that The Motley Fool has ripped into Bitcoin in recent years the u-turn is simply staggering, with the pieces posted up until December 2020 denigrating it. This was not lost on followers:
LMFAO. Have you even read any of your articles about bitcoin? So glad I stopped following the fool a few years ago. One of the best financial decisions I ever made. pic.twitter.com/JVQItX50Ig
— deadstillstanding (@deadstill) February 17, 2021
Plain Hypocrisy ..
— Hodl & stfu (@Djavan43486513) February 18, 2021
Well this is a surprise. Ive been reading #Bitcoin fud from you for months 😂
— MORPHEUS CRYPTO (@MORPHEUS_CRYPT0) February 18, 2021
If a Bitcoin-hating group like The Motley Fool can have their heads turned, maybe there’s hope for The Guardian, the Wall Street Post, and the Financial Times yet.