George Ball, ex-prudential CEO now CEO of Sanders Morris Harris, said in a recent interview with Reuters that he had changed his stance on Bitcoin and cryptocurrencies. He joins the fast-growing list of elites who are taking back their words about the digital asset, especially in light of the recent global economic downturn.
Ball explained to Reuter’s presenter, Fred Katayama, that he has been an opponent of cryptocurrencies, blockchain, and the likes but has changed his stance on the subject. According to him, these assets now seem to be a better option available for investors or traders “as a staple.”
“I’ve never said this before, but I’ve always been a blockchain, cryptocurrency, Bitcoin opponent.
But if you look right now, the government can’t stimulate the markets forever. The liquidity floods will end sooner or later.
So the very wealthy investor or the trader probably turns to Bitcoin or something like it as a staple.” Ball said in the interview.
Investors and traders are becoming more optimistic and positive on what Bitcoin tends to yield in sooner days as the cryptocurrency has shown resilience against pullbacks. Despite the coronavirus pandemic that has left negative impacts on the global economy, the price of Bitcoin increased significantly and continues to soar.
Although the coin had dropped in March to its yearly low, it has pulled up swiftly since then as more investors turn to Bitcoin as a hedge against the fledgling economy.
Reuter’s Katayama expressed how amazed he was, hearing Ball talk impressively about Bitcoin.” I’d never thought I would hear you say that about Bitcoin.” he said.
Interestingly, George Ball isn’t the only mainstream investor or financial institution that has changed their perspective about Bitcoin in recent times.
Earlier this year, analysts at JP Morgan finally admitted that investors could hold Bitcoin as a hedge against failing fiat currencies. More recently, software giant, MicroStrategy invested around $250 million in Bitcoin, naming the cryptocurrency as their primary cash reserve asset.
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