Former Prudential Securities chief government and present chairman of Sanders Morris Harris George Ball sees Bitcoin as a secure haven for these se
Former Prudential Securities chief government and present chairman of Sanders Morris Harris George Ball sees Bitcoin as a secure haven for these searching for completely different investments.
In an interview with Reuters on August 14, Ball admitted he was beforehand a “Bitcoin opponent” however, with the federal government collaborating within the monetary markets, he’s seen the worth of Bitcoin and different cryptocurrencies.
“I’ve by no means stated it earlier than, however I’ve at all times been a blockchain and Bitcoin opponent however in case you look now, the federal government can’t stimulate the markets endlessly. The liquidity flood will finish and ultimately the federal government’s received to begin paying for a few of this stimulus, for among the deficits, for among the well-deserved, very good subsidies that it’s offering to individuals. Are they going to boost taxes that prime or if not? Are they going to print cash? In the event that they print cash that debases the foreign money and doubtless even issues like TIPS, you understand the Treasury Inflation-Protected Securities, could be corrupted. So the very rich investor or dealer most likely turns to Bitcoin or one thing prefer it as a staple.”
Ball added Bitcoin or different cryptocurrencies “turns into a really engaging both long-term, I desire a secure haven for cash, or a short-term speculative guess.” He additionally made a daring declare within the interview that many individuals will flip to Bitcoin and different cryptocurrencies as investments “after Labor Day.”
The rationale for this funding rush to cryptocurrencies, Ball stated, is that folks need one thing that “can’t be undermined by the federal government.”
Ball is simply one of many many buyers beforehand skeptical of cryptocurrencies which have modified their views prior to now few months. Dallas Mavericks proprietor Mark Cuban stated in December Bitcoin “is usually a viable steady monetary asset” if one sees artwork or gold as such. Bridgewater Associates Chief Funding Officer Ray Dalio, who nonetheless hasn’t formally thrown his weight into Bitcoin and different cryptocurrencies, stated the U.S. greenback would possibly lose its attractiveness the extra central banks drive asset possession.