Former CEO of Prudential Securities and current President of Sanders Morris Harris, George Ball, sees Bitcoin as a safe haven for those looking for diverse investments.

In an interview with Reuters on Aug. 14, Paul admitted that he was previously an “opponent of Bitcoin”, but with the government’s involvement in financial markets, he began to see the value of Bitcoin and other cryptocurrencies.

“I’ve never said it before, but I’ve always been against blockchain and bitcoin, but if you look now, the government can’t stimulate the markets forever. The flood of liquidity will end, and sooner or later the government will have to start.” , some of these incentives, some deficits. “And some very deserved and very smart subsidies that you give to the people. Will they raise taxes to that degree or not? Are they going to print money? If they’re printing money that depreciates the currency, and maybe even things like TIPS, you know that inflation-linked securities are in the treasury. This can get worse. So it is possible that a very wealthy investor or trader could turn to Bitcoin or the like as a staple food. ”

Ball Bitcoin or other cryptocurrencies added: “It will be very attractive whether I want a safe harbor money in the long term or a short-term speculative bet.” He also made a bold assertion in the interview that many people would turn to Bitcoin and other cryptocurrencies as “After Labor Day” investments.

The reason for the surge in investment in cryptocurrencies, Paul said, is because people want something that “the government cannot undermine”.

Ball is just one of several formerly skeptical cryptocurrency investors who have changed their minds in the past few months. Mark Cuban, owner of Dallas Mavericks, said in December that Bitcoin “could be a viable stable financial asset” if you see art or gold that way. Ray Dalio, chief investment officer at Bridgewater Associates, who has not yet formally rated Bitcoin and other cryptocurrencies, said the U.S. dollar could lose its appeal if central banks pay for ownership of assets.

Source: CoinTelegraph