Bloomberg reports Bill Gross has the following to say about Bitcoin:
New financial technologies such as bitcoin may become increasingly attractive to investors as a protection against central bank low- and negative-interest-rate policies that threaten capitalism, according to billionaire bond manager Bill Gross.
“Bitcoin and privately agreed upon blockchain technologies amongst a small set of global banks are just a few examples of attempts to stabilize the value of their current assets in future purchasing power terms,” he wrote. “Gold would be another example — historic relic that it is. In any case, the current system is beginning to be challenged.”
Billionaire bond managers are usually pretty smart guys. Most of them stick to what makes them money, traditional financial services, until they see something as inevitable in which case they get ahead of the adoption curve for profit and protection.
Let’s say there is a currency collapse. What’s going to be tradeable? Gold coins or digital tokens that are easily divisible to .00000001 (one hundred of a millionth) and immune to counterfeit like Bitcoin? Bill is saying he sees the current system being challenged and Bitcoin is a way to hedge, if not outright profit. Bitcoin is an “example of attempts to stabilize the value of their current assets in future purchasing power terms”. In other words, your money is going to shit, says a fucking billionaire.
By the way, Gold got hammered today. Bitcoin was unchanged.