There is one common theme that I’ve noticed time and time again over my 30+ years in the market. That is the absolute contempt and arrogance powerful incumbent companies have toward new and disruptive technologies.
Few remember that, at the end of 1999, the CEO of Eastman Kodak – George Fisher – said this: “There are 117 dot-com companies out there who keep saying they’ll eat Kodak and Fuji[Film] up. It amazes me how many smart people believe such stupid statements.”
History shows who was stupid and who was smart as digital photography became the standard and Kodak filed for bankruptcy in 2013.
I’m seeing some of the same contempt and arrogance today toward Bitcoin.
The Masters of the Financial Universe?
In early October, that was clearly on display at the annual Institute of International Finance conference held in Washington D.C.
Larry Fink, the chairman and CEO of Blackrock (NYSE: BLK), said “Bitcoin just shows you how much demand for money laundering there is in the world. . .that’s all it is.” Blackrock is the world’s largest money manager with an incredible $5.7 trillion under management.
These three bitcoin stocks will make Fink look more like Fisher. Click here for their names.