The coronavirus quarantines will force people to give up the fiat currency and opt for gold and bitcoin (BTC). warned the managing director Crypto Asset Manager, BitGo.
In one Series of tweets 12. August Mike Belshe urged investors to redirect at least 3% of their portfolios to Bitcoin.
Belshe: Investors will switch from cash to gold and bitcoin
As multiple jurisdictions around the world re-enter mandatory quarantine conditions, Belshe said that in In the United States, government had made itself a prison through politics.
“The government is being forced to maintain quarantines for political correctness, which will force them to print money even faster. Institutional investors advise and acknowledge that the devaluation will make it difficult to hold cash. “ wrote.
These institutions made big headlines this week, when the billion dollar company MicroStrategy confirmed that it had acquired Bitcoin as a treasury reserve asset.
A $ 250 million purchase cemented the feeling of change, and the CEO, Michael Saylor, highlighted the unique properties of Bitcoin as money.
“They are looking for alternatives and … it all depends on Bitcoin and Gold.” Belshe continued.
“If you don’t have Bitcoin right now, it’s time to invest at least 3% of your net worth in Bitcoin. This is the lowest risk asymmetric bullish reversal that you are likely to see in your life. Or lift the quarantine. But he still gets bitcoin. “
Comparison of returns on macro-assets in 2020 for August 12. Source: Skew
Solid money, no inflation paper
As Cointelegraph reported, The premise behind the quarantines has been heavily criticized by Bitcoin supporters.
In particular the author of “The Bitcoin Standard “, Saifedean Ammous, has criticized the measure Much more damaging to a country’s population in the long run than the coronavirus itself.
The criticism arises from the content of Ammous’ book and other economic policy criticism based on spending and borrowing, How “Economics in a Lesson” by Henry Hazlitt.
A clear connection between inflationary fiat currency and decreased prosperity means that Bitcoin is the only real solution for those who want to save for the future.
This week, the message became even clearer when the data showed a correlation between bitcoin price movement and the expansion of central bank balance sheets.