Many opponents of bitcoin have started admiring the potential of currency lately. A recent addition to the list is George Ball, the former CEO of Prudential Securities. Currently, Mr. Ball is the head of Sanders Morris Harris. In his interview with Reuters on August 14th, Ball suggested that crypto could be a ‘safe haven’ for traders and investors.

Prior to his statement, he claimed to be a staunch opponent of blockchain and Bitcoin. However, this hasn’t stopped him from hinting at the attractiveness of cryptocurrency. He gave a background for why crypto is finding more appeal as a source of long & short term investment assets. “The government can’t stimulate the markets forever.” He said in the context of how governments around the world are providing relief packages to cushion the impact of COVID-19 pandemic.

“Sooner or later, the government’s got to start paying for some of these stimuli…that it’s providing to people”. He drew a dark picture of the future with these words. Nevertheless, economists around the world fear the result of short term measures of boosting the economy. “Are they going to raise taxes that high? Or if not, are they going to print money? If they print money, that debases the currency and probably even things like TIPS – treasury inflation-protected securities – can be corrupted.”

Gorge Ball’s description of possible governmental moves is very accurate. This has happened in the past. That’s why people, especially traders, don’t trust governments. In order to keep the economy running many underdeveloped countries opt to print money from thin air. Consequently, the value of cash drops down. Traders and investors are always on the lookout for an alternative. In the progression of his talk, Ball named bitcoin as that current alternative.

What does this mean for bitcoin?

Last week Galaxy Digital gave an advertisement in financial times. The heading of the ad read “Now is the time to invest in bitcoin“. This ad pointed out that economic uncertainty created by coronavirus is the best time for bitcoin investment. Crypto enthusiasts and blockchain savvy people can’t agree more.

Wealthy individuals with deep pockets have found a new love in bitcoin. The statement of George Ball and the ad from Galaxy Digital just cemented this fact. Therefore, there is absolutely no doubt regarding the bright future of bitcoin. Essentially, the currency will thrive as traditional markets struggle to cope with difficult situations.

Note: Follow our website for more up to date content and data related to the crypto market.