George Ball, Ex-CEO of Prudential Securities and present Sanders Morris Harris CEO, believes that Bitcoin, as well as other available cryptocurrencies, may become a safe haven as an alternative investment for traders and investors.
George Ball on Cryptocurrencies
George claims to be an opponent of blockchain and Bitcoin. Still, in a recent interview, he cryptocurrencies are now a very attractive proposition for short as well as long term investment. He also made the prediction that inclination of people towards the cryptocurrencies market will increase after Labor Day.
Growing Interest in Cryptocurrencies
According to George, the government will not be able to stimulate the financial markets over the long run. Liquidity stimulus will end soon and eventually, the government will have to pay for these stimulus plans, for the subsidies, and the deficits.
Will taxes be raised? Will the government print more money? If extra money is printed, it debases currency and treasury inflation-protected securities (TIPS) may well get corrupted, he added.
In such a situation, traders and wealthy investors would turn to Bitcoin or other cryptocurrencies as a staple. It would be a clear indicator of growing interest among wealthy investors in cryptocurrencies. George added that investors are not looking at cryptocurrencies to get tax refuge but as something which the government cannot undermine.
Apart from George, others as well have remarked about the new investment trend in the present pandemic situation.
For instance, Mike Novogratz, Galaxy Digital CEO, recently mentioned that it had been noticed that individuals with high net worth and hedge funds are purchasing more cryptocurrencies in the present coronavirus situation.