Former director of insurance firm Prudential Financial and bitcoin rival George Ball said that BTC and other cryptocurrencies could become a "safe haven" for investors.
In an interview with Reuters, George Ball described digital currencies as attractive alternatives for short-term and long-term investments. He suggested that a large number of investors will enter the cryptocurrency market in September.
Ball based his opinion on the fact that the American government will not be able to constantly stimulate the economy, and the flow of liquidity will not be endless. Sooner or later, the authorities will have to "pay" for their incentive measures and granting benefits to citizens.
“Maybe the government will raise taxes? If not, will it start printing money again? Then it will reduce the value of the currency and will have a bad effect even on Treasury bonds, which are protected from inflation, ”said the financier George Ball.
He emphasized that he had not previously been a supporter of bitcoin and blockchain, however, due to the actions of the authorities regarding US monetary policy, he was forced to change his mind. Ball does not view cryptoassets as a way to help avoid taxes. When he speaks of cryptocurrencies as defensive assets, Ball is referring to investment instruments that cannot be influenced by government agencies. The financier called this a major factor for the large-scale adoption of cryptocurrencies.
According to recent data from Chainalysis, more than 30% of American investors are interested in investing in crypto assets. Moreover, users from North America prefer to trade bitcoin over altcoins and stable cryptocurrencies. In addition, JPMorgan analysts said that most of the investment in bitcoin comes from young investors, while the older generation invests in gold.