Number
86% of Bitcoin holders never sold through an 80% crash
Shaan relays the Druckenmiller/Paul Tudor Jones anecdote: when Bitcoin fell from ~$17-18k to ~$3k, 86% of holders never sold a single coin. That zealot-like conviction surviving an 80% crash is what convinced him the social agreement is strong enough for long-term value.
$86
Bitcoin holders who never sold through the crash · percent
“that when Bitcoin crashed from its all-time high, which was like $17,000, $18,000 down to $3,000, that 86% of the people who held it never sold a single coin?" And he's like, "Wow, that's amazing. The people who own this thing, they're like religious zealots about it."”
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Paul Tudor Jones' 2% Bitcoin position is a 'massive amount'
Shaan cites credibility signals driving his Bitcoin conviction: Raoul Pal moving 90% of his net worth into Bitcoin, and billionaire Paul Tudor Jones taking a 2% portfolio position — which at his scale is an enormous amount of Bitcoin.
“You see that Paul Tudor Jones, the billionaire hedge fund guy, said he's accumulated a 2% position in his portfolio of Bitcoin. 2% for Paul Tudor Jones is a massive amount of Bitcoin.”
Story
How Druckenmiller flipped from Bitcoin skeptic to buyer: the 86% diamond hands
Druckenmiller long called crypto 'a solution in search of a problem,' but Fed money-printing during the CARES Act gave it a problem to solve. The clincher came from Paul Tudor Jones: when Bitcoin fell from $17,000 to $3,000, 86% of holders never sold, proving a base of religious-zealot holders behind a finite-supply asset.
“Then the second thing that happened is I got a call from Paul Jones, and he says to me, uh, do you know that when Bitcoin went from $17,000 to $3,000 86% of the people that owned it at $17,000 never sold it. Well, this was huge in my mind. Here's something with a finite supply, 86% of the owners are religious zealots. I mean, who the hell holds something through $17,000 to $3,000?”