Both Pete Najarian and his brother Jon Najarian are former professional football (NFL) players. They have also been excellent professional options traders. Currently, Pete and Jon are professional investors, market analysts, and CNBC contributors.
Last Wedneday (October 28), at a time when Bitcoin was trading around $13,736, after Lee finished her interview with Michael Sonnenshein, Managing Director at Grayscale Investments, she turned to trader Pete Najarian and asked him how feels about holding Bitcoin as part of his investment portfolio today versus two years ago.
“Yeah, I think people have gotten a lot more comfortable with it, Mel, than they were a couple of years ago. I think every year that goes by, people find a little bit more comfort.
“Obviously, the Jamie Dimons of the world and so many others that weren’t involved initially have sort of started to get involved a little bit. I think, going forward, this is going to be something much bigger.
“I’m getting a little bit more into it myself. My brother Jon has been into it for multiple years, but I think this is something that we’re all adapting to slowly, but we are adapting to it.
“And some of us probably have gotten there too slowly, and I’m in that camp because this is a category that’s absolutely been on fire. I know it’s volatile, but it certainly is a category that’s gone just absolutely parabolic versus the markets.”
Back in July, in an interview with Anthony Pompliano (aka “Pomp”)—for episode #329 of the Pomp Podcast—Jon Najarian talked about Wall Street, as well as crypto in general, and Bitcoin in particular.
With regard to how he invests in crypto, Jon said:
“On a monthly basis, I probably have between 5% and 10% in digital assets, and almost all of it is Bitcoin. A little Ethereum, but mostly Bitcoin. I’ve got a little Litecoin, a little Stellar, but really I’m about Bitcoin. I’m there because guys like yourself, guys like Peter Briger over at Fortress, really got me psyched about it…
“I first got involved at about $300, realized I didn’t know what the hell I was doing, didn’t get involved again until it was closer to $1,700. So I missed an awful lot of that and I didn’t sell when it got over $18,000 or $19,000. I didn’t liquidate. I would have looked like a genius if I did.”
Jon said that Wall Street players are secretly increasing their Bitcoin holdings:
“I think a lot of them will want to keep it quiet as they’re getting in, because they’ll run it. I don’t mean that they’ll run in terms of how [Bitcoin] operates. I mean they’ll push the price too far too fast.
“So the exact same guys that know that you don’t want Goldman knowing that you’re buying FireEye or Uber or Microsoft, because they’ll run it ahead of you.
“Those same guys are sitting there thinking I really like this play in Bitcoin here, but I’m not going to say a lot about it until I’ve got enough of this stuff, because we both know that blocks of it stand out and so they’ve got to stay under the radar with these accumulations.”
Jon is confident about the long-term future of Bitcoin:
“I think it’s still just got a foothold that’s this big compared to everything else, compared to gold, compared to stocks, compared to futures… It hasn’t hurt the dollar yet, but eventually what we’re doing is going to hurt the dollar and it’s going to hurt my kids.
“It’s going to hurt for years out into the future, all this printing of additional capital. And that’s what I love about digital assets like Bitcoin.”
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.