George Ball, the previous chief government officer of Prudential Securities and now CEO of Sanders Morris Harris, advised that bitcoin or different
George Ball, the previous chief government officer of Prudential Securities and now CEO of Sanders Morris Harris, advised that bitcoin or different cryptocurrencies could possibly be “a protected haven” for traders and merchants as a substitute funding.
Ball, who claimed himself as a Bitcoin and blockchain opponent, mentioned in an interview with Reuters on August 14 that bitcoin or one other cryptocurrency is “very engaging” each in the long run and brief time period and predicted that extra individuals will flip to the crypto market after the Labor Day.
“The federal government can’t stimulate the markets ceaselessly,” Ball mentioned. “The liquidity flood will finish. In the end, the federal government’s bought to begin paying for a few of these stimulus, for a number of the deficits, for a number of the well-deserved, very sensible subsidies that it’s offering to individuals. Are they going to lift taxes that prime? Or if not, are they going to print cash? In the event that they print cash, that debases the forex and possibly even issues like TIPS – treasury inflation-protected securities – will be corrupted.”
This might possible result in very rich traders and merchants to show to Bitcoin “or one thing prefer it as a staple,” he concluded, hinting {that a} rising curiosity in cryptocurrencies from high-net-worth traders.
Ball will not be the primary one who has seen this funding pattern within the wake of the coronavirus pandemic.
Mike Novogratz, chief government officer of the digital-current agency Galaxy Digital, advised Bloomberg TV again in April that he has noticed new gamers together with hedge funds and high-net value people have been shopping for cryptocurrencies amid the monetary shakeup brought on by the Covid-19 pandemic.
Ball additionally pressured that searching for cryptocurrencies as a substitute funding will not be for the aim to discover a tax refuge however “to have one thing that may’t be undermined by the federal government.”