President Clinton’s former advisor and the New York Fed’s ex-board member, Glenn Hutchins, states that the core of crypto assets is a lot more useful for the consumer than gold.
Why cryptocurrencies can easily surpass gold in value
Glenn Hutchins is the co-founder of Silverlake, an investor and North Island’s chairman. He also used to be a former advisor for the ex-US President, Bill Clinton. Hutchins said while talking to CNBC regarding crypto-assets and non-fungible tokens that, according to him, some crypto assets are worth much more than gold. Also, a person is willing to pay $2.5 million for the first tweet that Jack Dorsey posted, and $4k dollars are being offered for the tweet of Peter Schiff, which was anti-BTC as a non-fungible token.
CNBC posted a tweet, quoting Glenn Hutchins’ words that the right cryptos are like platinum or copper than they are like gold because they are useful materials just like the cryptos, and their value falls and rises not just as a reserve storage unit, but as the amount in which they are being utilized and what is the demand. Glenn Hutchins bought his first Bitcoin for a mere $100 back in 2016 and has been a BTC holder ever since.
Real Collectibles are No Match for Non-Fungible Tokens
Glenn Hutchins was also asked by the anchor of CNBC’s show about the rise in popularity of non-fungible tokens (NFTs) and what is their importance in the market. Glenn beautifully explained the importance and value of NFTs by quoting the example of digital trading cards of NBA top shots and said that non-fungible tokens can be traded online and can be shared with family and friends very easily. On the other hand, the physical trading collectables or cards are dependent on their physical condition and just collect dust while staying on someone’s cupboard or desk.
The CEO of Twitter, Jack Dorsey, converted the first tweet he posted into a non-fungible token last week on Cent, an Ethereum based network. Justin Sun, the CEO of Tron, put up an offer to buy that NFT for $500k on Saturday and the highest bid went up to a massive $2.5 million value by Monday. Peter Schiff’s anti-BTC tweet got a bid at $4k also.