Canadian billionaire Frank Giustra shared his thoughts on gold and Bitcoin in a recent interview and explained why he loves both.
"People should stop arguing about it now," said Giustra, CEO of Fiore Group. Make your choice, take one or the other and shut up. I don't have a crystal ball, but I have ideas about what's going on there, what's gold, what drives Bitcoin. And I think yes, Bitcoin could go much higher in the short term. Will it replace gold? I don't think so for many reasons. " said.
Billionaire businessperson continued, “Gold has a 3,000-year history as a reliable store of value and has never failed for 3,000 years. Bitcoin is more than ten years old and is currently seen as a store of value by the mass investing in it. You speculate until you become an almost universally adopted asset like gold. What you do is speculate that it will get there, and until that happens, you're playing the 'Bigger Fool Theory' game. It might be, but I think it will take too long for many reasons, but that doesn't mean it won't go much higher, I personally think it will. ” used the expressions.
“If I were to make a choice about where to keep my wealth, it would be gold. If I wanted to make money thinking things would go up, I would buy Bitcoin. " Lastly, Giustra argued that central banks will try to destroy Bitcoin with all their might:
“Central banks hold gold, not Bitcoin. Gold is an essential part of currency reserves and I think they will issue their own digital currency in this regard. They won't buy bitcoin, they will try to destroy it with all their might. "
