The search for a ‘safe haven’ asset for long-term investment is the subject of interesting discussions. 3 cryptocurrency billionaires now have an opinion on this issue…
A ‘safe haven’ according to cryptocurrency billionaires
Crypto influencers have something to say about this ongoing debate between Bitcoin and gold. Billionaire owner of NBA team Dallas Mavericks, Mark Cuban, brought Bitcoin to the forefront while scolding everyone who invested in gold in January. In a podcast with Bill Maher, Cuban shared his views on investing, especially why investing in gold is a bad idea.
Cuban said, “I want Bitcoin to drop a lot more so I can get some more. If you have gold, you are stupid,” he said. Cuban’s stance on Bitcoin differed markedly from Maher, who was “very opposed to Bitcoin” and preferred to invest his money in gold.
During the podcast, the duo often focused on the ‘safe haven’ debate between gold and Bitcoin. Cuban’s thesis states that gold can no longer be stored comfortably: “You don’t own gold bullion and you know what happens if everything goes to hell in a basket and you have a bar of gold? Someone beats or kills you and takes your gold nugget”.
Maher emphasized that gold is something that “always has a value”, that you can “always sell”, whereas Bitcoin is not. Cuban stated that investing in Bitcoin also functions like a stored value, but unlike gold, it provides real protection to investors through ledger technology: “It is a digital transaction and a stored value… So people think that gold is a value associated with Bitcoin. perceives.”
Mike Novogratz thinks Bitcoin acts as a scorecard
Galaxy Investment Partners CEO, Novogratz, in his most recent tweets in which he made bold statements about Bitcoin, said that BTC is a scorecard on monetary policy and financial stability. The billionaire, who said he had previously invested in gold, emphasized in his latest statements that BTC was built for the current economic climate.
Novogratz said that on a risk-adjusted basis, BTC was the best-performing asset of the year, outpacing growth stocks, banks, and key equity benchmarks. Their explanation is supported by a research paper published by Galaxy, which shows that Bitcoin data is rising more and more.
Galaxy Digital’s report suggests that Bitcoin is the best performer of the year compared to a range of securities, indices and commodities. The research shows that Bitcoin’s correlation with gold is increasing, while its relationship with stocks is decreasing, acting as a safer-haven asset in times of crisis.
According to Galaxy, positive on-chain metrics suggest increased accumulation, wider ownership and longer investment times for Bitcoin.
Former Coinbase executive: Buy Bitcoin and withdraw it from exchanges
Balaji Srinivasan, the former CTO of Coinbase, warned on Wednesday that investors may only have weeks or even days to buy Bitcoin and remove cryptocurrencies from exchanges. Srinivasan reacted to a Twitter user who shared a post from cryptocurrency exchange Kraken, saying that it will suspend automated clearing house (ACH) transactions later this month.
Kraken will temporarily suspend ACH deposits and withdrawals from March 27 as it tries to find a new banking partner after the Silvergate Bank crisis.
Srinivasan said, “Fed is closing exits. They cannot do this globally. There are now enough banks outside the Fed’s control. But if you are in the broad West… You may only have weeks, or even days. “Buy bitcoin and withdraw your cryptocurrencies from exchanges,” he says.
Bitcoin prediction of $1 million
Last week, Srinivasan made the bold prediction that the price of Bitcoin could skyrocket to $1 million by June 17 as the US dollar depreciates rapidly in the coming months.
According to Srinivasan, the global economy is on the verge of a major shift – a “hyperbitcoinization” – that could spell the end of the dollar as the world’s dominant currency. As he explained, as traditional currencies enter a period of rapid hyperinflation, the global economy will turn to Bitcoin as the new and preferred currency, “digital gold.”
cryptocoin.com We have included the details of Srinivasan’s 1 million dollar Bitcoin prediction in this article.
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