George Ball, the former CEO of Prudential Securities and now CEO of Sanders Morris Harris, suggested that bitcoin, like other cryptocurrencies, could be “a safe haven” for investors and traders as an alternative investment.
Ball, who claimed to be Bitcoin and a blockchain opponent, said in an interview with Reuters on August 14 that bitcoin as a different cryptocurrency is “very attractive” both in the long term and in the short term and predicted that more people would turn to will go to the Crypto Market after Labor Day.
“The government can not stimulate the markets forever,” Ball said. “The liquidity flood will end. Sooner or later, the governments had to start paying for some of these incentives, for some of the deficits, for some of the deserved, very smart subsidies that it provides to people. Are they going to increase taxes so high? Or if not, will they print money? If they print money, it could divert the currency and probably even damage things like TIPS – treasury with inflation-protected securities. ”
This would likely lead to very wealthy investors and traders turning to Bitcoin “or something like that,” he concluded, responding that there is a growing interest in cryptocurrencies from high-net-worth investors.
Ball is not the first to notice this investment trend in the wake of the coronavirus pandemic.
Mike Novogratz, chief executive officer of the current digital company Galaxy Digital, told Bloomberg TV back in April that he had observed new players, including hedge funds and individuals with high net worth, buying cryptocurrencies amid the financial shakeup caused by the Covid -19 pandemic.
Ball also stressed that seeking cryptocurrencies as an alternative investment is not for the purpose of finding a tax haven, but “to have something that cannot be undermined by the government.”
