As the economic recession continues to grow and last week’s report showed millions unemployed in the US, three things seem to ‘make the most sense’ at the moment, according to the Global Macro Investor founder. Bitcoin is one of them.
‘Dollars, Gold and Bitcoin make the most sense’
Raoul Pal, the founder and CEO of Global Macro Investor, has taken to Twitter to share his view on the current situation with the crisis caused by the COVID-19 breakout. He says that right now there are only three assets that are reliable – USD, gold and Bitcoin.
However, he states, much later this list will consist only of gold and ‘digital gold’ – Bitcoin.
Mark Yusko seconds that
Morgan Creek Capital Management CEO, Mark Yusko, has recently spoken to CNBC, sharing similar thoughts on Bitcoin. He stated that during the coronavirus epidemic (which is lethal for both people and the global economy), cash is king. However, he also noted the importance Bitcoin will hold after this is over.
“It’s an insurance against the collapse of the financial system. But what I am saying is that the [stimulus] response from the government... is going to have a negative impact on currencies globally, particularly western currencies. So, you want to have something that appreciates in value. Bitcoin is going to do that.”
Responding to Pal, Bitcoin investor Alex Saunders stated that “the investment case for Bitcoin & crypto gets even more bullish in these conditions.”
Earlier, U.Today reported that the CEO of Galaxy Digital, Mike Novogratz, said that unless Bitcoin hits $20,000 this year, he might give up on it.
‘The government needs to cut spending’: Peter Schiff
Gold bug and Bitcoin hater, Peter Schiff, has lately been criticizing the recent Fed’s QE measures quite hard. He is certain that the current liquidity injections into the economy are going to make things worse and bring on another Depression, similar to the one the US faced in 1929. Peter Schiff tweeted:
“The best thing the government can do to help the economy is cut spending. This will ease the burden on the economy of supporting the government, and free up resources for the private sector. We did this in 1920 and avoided depression. We did the opposite it 1929 and caused one.”
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