George Ball, Sanders Morris Harris’s Chairman, endorses “Bitcoin as hedge” theory and says in modern times, Bitcoin is the need of the hour. Also appreciates investors who are bringing crypto assets to their investment portfolios.
The team of Yahoo Finance paid a visit to Sanders Morris Harris’s Chairman, George Ball, at his home last week. They wanted to seek his opinion regarding the ever-growing Bitcoin and the existence of cryptocurrencies in the present financial system.
During his talk with Yahoo Finance, Ball remarked positively about Bitcoin and also appreciated crypto investors. He significantly appreciated the overall existence of digital assets because he thinks they are an essential part of the financial system.
He explained that there are two obvious reasons which have brought crypto-assets into the limelight. He stated that some 3 years back, only those were investing in crypto who were either highly rich or who had extra cash in reserves. Particularly, the rich class acquired Bitcoins as a matter of trend like “fashion” he suggested. Because the Millers were investing and therefore the Johnson Family, he gave an example to explain his point of view regarding “fashion”.
However, he stated further that now every digital asset is not fashion but is a part of an entire industry. According to him, before the pandemic, only those who dared to invest into crypto who were rich. But today also large number of crypto investors, particularly Bitcoin, are those who are average investors i.e. income earners. Even the youth is also taking part in crypto investment because they are sure they will earn huge profits, he stated.
He also argued that finally the long-awaited 2 Trillion Dollar stimulus package has been issued by the succeeding US Government. Now the next phase would be serious as there would be too much inflation, he suggested. So those who had invested in Bitcoin or any other digital product, the time has come for them to test their theory. A theory with which he too agrees i.e. crypto as hedge against oddities and inflation, he endorsed.
He specifically suggested that there is great allure within cryptocurrencies if one tries to debase fiat and happens to witness rising inflation.
Meanwhile, laurels were spoken regarding Bitcoin from the US House of Senators. Especially, Ro Khanna was amongst the few Senators, who also supported Bitcoin officially. He stated that there is no chance that Bitcoin will be devalued ever. According to him, the decentralized nature of Bitcoin makes it more than just an asset. In the end of his statement, he indirectly suggested that the beauty of Bitcoin lies in its continuation on an is basis. If one were to amend or change this nature, then the asset will collapse and so is the entire crypto market.