Former Prudential Financial CEO George Ball advises wealthy investors to get bitcoin, as it is the only asset that cannot be undermined by the government. Ball made the remarks while discussing adjustments investors should make to their portfolios.
Now CEO at Sander Morris Harris, Ball spoke in a video call where he also offered investment tips. Explaining current sources of investor concern, Ball says the global pandemic “COVID-19, which will be with us in the first quarter of next year” and the US elections, are two problems for the head of investors.
However, Sanders Morris Harris boss believes the US election is a given and that markets have already turned into a Biden win. Instead, Ball thinks “brands are looking for or waiting for a new spark” and added that he expects this to happen “at night, right after Labor Day”. The CEO believes that the best time to adjust investment portfolios would be just right for this planned spark.
Commenting on his new attitude towards bitcoin, Ball tells his interviewer why he has now become a bitcoin converter:
I have never said this before, and I have always been a blockchain, cryptocurrency and bitcoin opponent. But if you look now, the government can not stimulate markets forever, the liquidity flood will end.
When this government assistance program comes to an end, the borrowed money will have to be repaid. Therefore, the critical question according to Ball is how the government is going to finance this Payback.
“Are they going to increase taxes so much or, if not, will they print money?” “If they print money that the currency is falling and probably even Treasury Inflation-Protected Securities (TIPS) could be damaged,” Ball said.
For the possible outcome, the very wealthy investor as the trader will “likely turn to bitcoin or something like that as an alternative.”
Meanwhile, Ball also dispels the idea that investors are trying to buy bitcoin tax by buying bitcoin. He says the main concern of an investor is protecting wealth against an immutable money pressure, which makes a currency worthless.
What do you think of the over-face of Ball on bitcoin? Share your thoughts in the comments section below.
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