Bitcoin Supporter Bill Gross aka Bond King Set to Retire from Wall Street, Critical of Central Banks
After decades of clever, tactful and excellent trading in the vibrantly chaotic world of investment, the “colossus of finance” is finally bidding the industry goodbye. Bill Gross, the staunch Bitcoin campaigner, once celebrated by the Smithsonian’s Museum of American History, is exiting the bond-trading platform, almost five decades later.
The serial investor, given the befitting name “bond king” after achieving immense fame, success and controversy over the years, is acrimoniously leaving the Wall Street. He has chosen to follow what he’s endeared for quite a while now – manage his funds.
It’s easy to brush off the announcement that this famous market-mover whose colorful investment letters would influence the market, is ditching the industry for good. But for someone who has never remained quiet nor maintained a low-key profile, news announcing his exit elicits mixed memories and trigger questions that nobody can possibly answer.
Attacking The Centralized Financial Markets
Mr. Gross, a freewheeling and rather outspoken Bitcoin promoter is leaving behind a trail of controversy that has almost always followed him. It was in 2016 when he compared the central banks with casinos, the investment letter meant for Janus Henderson Global Unconstrained Fund.
In his criticism, the serial investor said that central banks heavily relied on the funds from the government, irrespective of whether they had made a loss or not. He said they had been converted into the ‘Vegas, Macau and Monte Carlo casinos’ and only depended on the limitless credit from the central banks, against the conventional norms of the latter-day world.
Undeniably, An Ardent Crypto Investment Preacher!
He “scared” the anti-cryptocurrency elites with what they hate seeing – a photo depicting a post-apocalyptic future when cryptos would be the order of the day. It wasn’t the first show of admiration from this now-popular Bitcoin publicist, but plainly highlighted why he chose to like banks with casinos. He was one of the first elites in the Wall Street to openly-support the cryptocurrencies, going ahead to even convince others to swap the conventional fiat-based ventures for crypto.
But it should be noted that, regardless of his support for Bitcoins, Gross is still a bit complicated in his support of it. He viciously praised cryptocurrencies, which he supposedly viewed as a modern-day item for storing value, pretty much like Gold. He would later pour cold water on it, terming digital currencies as volatile and least befitting for the modern commerce space.
But Opponents Believe His Retirement Was Imminent
His critics say his exit was largely expected, especially for someone who had been ‘bruised and battered’ by the latter-day bond market. They believe that the deterioration of his flagship Total Return Fund coupled with a dwindling reputation could have forced the erstwhile “bond king” to leave. However, the 74-year-old crypto enthusiast will manage his own funds, besides overseeing the non-profit organization that belongs to his family.