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Franck Giustra, CEO of investment management firm Fiore Group, has suggested that the growth of Bitcoin (BTC) poses a significant threat to the existing fiat currency system, while regulators He pointed out that the company will spare no effort to contain the competition.
According to Giustra, the global economy is moving to a digital world, and based on his predictions for the upcoming reset of the monetary system, Bitcoin will likely stand out, he said in an interview. Stansbury Research October 22nd.
In this line, the billionaire believes Bitcoin could destabilize fiat sovereignty and even threaten the potential establishment of Central Bank Digital Currencies (CBDCs) by jurisdictions like the United States. I commented that it was possible.
“They are trying to create their own central bank digital currency, just like everyone else around the world, and they don’t want competition. I see Bitcoin as an anti-sovereign fiat currency play. If I’m right about the currency reset, about moving to something else that incorporates a digital currency into something that everyone created, the last thing they want is competition from Bitcoin,” he said. .
US Crypto Framework
As the U.S. increasingly focuses on establishing a crypto regulatory framework, Giustra said the world needs to understand that the country is looking to dominate in blockchain, not digital assets. I was.
In particular, various US government agencies have issued proposals to regulate cryptos in line with President Joe Biden’s executive order. In this case, most federal agencies are pushing the idea of establishing a digital dollar.
Cipher Criticism of Justa
It’s worth noting that despite his recent sentiments towards Bitcoin, Giustra has pointed out in the past that the flagship cryptocurrency is not the solution to everything. However, he argues that the assets are likely to be higher in the future.
In a previous discussion with Bitcoin advocate and former MicroStrategy CEO Michael Thaler, Giustra also criticized the crypto community’s support for the sector. The businessman noted that crypto fans were demonstrating “cult behavior” by attacking critics of the sector.
Overall, Giastra endorses the idea of diversifying the investment portfolio with different assets. In his proposal, investments in real assets such as real estate, gold, art and Bitcoin are safe.
Watch the full interview below.
Featured image by Stansberry Research YouTube
Disclaimer: The content of this site should not be considered investment advice. Investing is speculation. Your capital is at risk when you invest.
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