Former Prudentual securities Chief Executive bets on bitcoin. Former chief executive and current chairman of Sanders Prudential Securities Morris Harris George Ball sees Bitcoin as a safe haven for those seeking various investments.
Ball admitted in an interview that he was previously a “Bitcoin opponent” but, with the government participating in the financial markets, he’s seen the value of Bitcoin and other cryptocurrencies.
He said “I’ve never said it before, but I’ve always been a blockchain and Bitcoin opponent but if you look now, the government can’t stimulate the markets forever. The liquidity flood will end and sooner or later the government’s got to start paying for some of this stimulus, for some of the deficits, for some of the well-deserved, very smart subsidies that it is providing to people. Are they going to raise taxes that high or if not? Are they going to print money? If they print money that debases the currency and probably even things like TIPS, you know the Treasury Inflation-Protected Securities, can be corrupted. So the very wealthy investor or trader probably turns to Bitcoin or something like it as a staple.”
Ball added Bitcoin or other cryptocurrencies “becomes a very attractive either long-term, I want a safe haven for money, or a short-term speculative bet.” He also made a bold claim in the interview that many people will turn to Bitcoin and other cryptocurrencies as investments “after Labor Day.”
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