George Ball, the former CEO of Prudential Securities and now CEO of Sanders Morris Harris, suggested that bitcoin or other cryptocurrencies could be “a safe haven” for investors and traders as an alternative investment. In an interview with Reuters, George Ball, the former chief executive officer of Prudential Securities and now CEO of Sanders Morris Harris said that bitcoin or another cryptocurrency is “very attractive” both in the long term and short term and predicted that more people would turn to the crypto market after the Labor Day.
“The government can’t stimulate the markets forever.”
George Ball said that the government can’t stimulate the markets forever. He added, “The liquidity flood will end. Sooner or later, the government’s got to start paying for some of these stimulus, for some of the deficits, for some of the well-deserved, very smart subsidies that it’s 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 – Treasury inflation-protected securities – can be corrupted.”
He concluded that this would likely lead to very wealthy investors and traders to turn to Bitcoin and other cryptocurrencies.
Bitcoin adoption increases amid the pandemic.
The adoption of bitcoin has increased amid the ongoing pandemic as people continue to avoid settle payments in physical money. Several African countries, including Nigeria, have reported all-time highs in bitcoin trading on P2P platforms. Earlier, Mike Novogratz, chief executive officer of the digital-current firm Galaxy Digital, said that he has observed that new players, including hedge funds and high-net-worth individuals, have been buying crypto amid the financial shakeup caused by the ongoing pandemic. At the time of writing, bitcoin is changing hands at just above $11,800 with the bullish market signs.