The party from the crypto orchestra continues with the addition of new instruments. The George Ball, former CEO of the insurance and investment giant Prudential and current CEO of Sanders Morris Harris, advising us that it's time to buy Bitcoin!
In an interview with Fred Katayama, the well-known Reuters journalist, Ball said that the market is going hypnotized. What drives it is nothing but enhanced liquidity. The election is not an unbalanced factor, given that Biden's chances of winning are overwhelming . This time the indication does not come from the disputed polls, but from the betting companies!
Biden's dominance will not negatively affect the stock market, even though Trump has been more business-friendly, for example by lowering tax rates. His election has been discounted.
The news that concerns traders and investors concerns what will be the new move of the Fed that will kick the tin below. The market is waiting for the developments to take place after the Labor Day holiday (September 6). Therefore the corrective moves in the portfolios must be made by then.
What will they be? Fred asks. What other assets could one buy besides shares?
The Wall Street veteran did not seem to hesitate, although he knew he would drop a bomb: "This is the first time I have said this. I have always been opposed to blockchain, cryptocurrencies, Bitcoin. However, the government cannot manipulate the markets forever. The extra liquidity channeled into the system will stop growing at some point. Sooner or later it will stop financing the budget deficit in this way, subsidizing the victims and generally "doping" the economy.
Then the dilemma will arise: will they raise taxes to cover the debt or will they start printing new money? If the second solution is chosen, it means a devaluation of the currency. Even if the nominal value of assets - such as government bonds - does not fall, their purchasing power will erode. "The way out for affluent investors is to turn to bitcoin stability."
"Wow" was Katayama's answer, reminiscent of Varoufakis. "I never expected to hear that from you."
Bitcoin, patiently explained George Ball, serves both as a safe haven for the long-term investor and as a speculative tool for the short-term speculator. Whatever the reason, I expect investors to turn there after Labor Day.
"So bitcoin," the journalist repeated, continuing to look at him in a surprised style, causing Ball to laugh.
The full video of the interview can be viewed here (in English)
What analysts overlook
Concerns about the erosion of the buying value of currencies may eventually turn out to be exaggerated. But as depositors are you willing to risk it? Is not what we see today the active crater of Vesuvius while we wait in Pompeii?
What will happen at the end of the road? That at the end of the game in the monopoly. It will put an end to the operation of money as we knew it. Eating termites has reached the foundations of the fiat currency system.
The creation of the Internet has affected every branch of business. Retail, information, communication, changed forever. With the invention of cryptocurrencies, it was the turn of money.
Opponents of bitcoin often claim that "it is not supported by anything." The argument has now faded, as there are now many reputable analysts and institutions arguing that there is intrinsic value. As more and more Wall Street dignitaries begin to admit, the current macroeconomic conditions favor monetary forms with anti-inflationary properties, such as gold, silver, bitcoin. Even Buffett seems to consider gold undervalued, partly abandoning the position he had held against him for decades .
To date, the choice of cryptocurrencies has had strong demographic characteristics. It mainly attracted young people. Lately we have been seeing older, recognized investors, such as George Ball or Robert Kiyosaki , enter the market and spread the value of bitcoin, as we saw yesterday .
But even they underestimate it, trying to find only market value. The most important thing is that your property can not be confiscated by any authority. They can not freeze your bank account, cut your deposits, impose capital controls. It is transported directly, without obstacles, to any part of the world.
This is the most reliable protection of personal wealth that has ever existed. Is it possible that these characteristics are not taken into account when talking about a means of preserving value?
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