Bloomberg Financial Expert Panel: Bitcoin’s Fondness Will Rise in Troublesome Times
During the Future of Digital Assets briefing at London, a group of market leaders in wealth management and fintech sat down with Bloomberg's Alastair Marsh to discuss the importance and necessity of Bitcoin in the context of ongoing trade wars, geopolitical uncertainty, and Brexit.
The panel comprised of John Pfeffer, founder of Pfeffer Capital, Travis Kling, founder and CIO of Ikigai Asset Management and Charles McGarraugh, head of markets for Blockchain. The three panelists shared their thoughts on Bitcoin and how its value sees and the uptrend in times of crisis.
All three panelists had quite similar views and agreed that Bitcoin value indeed increases at times of recession and global political unrest. Charles McGarraugh totally agreed with the moderator Marsh while John Pfeffer said that the world already sees bitcoin as digital gold and sooner or later it would indeed be the default store of value for a majority of the population. Pfeffer explained,
“We think of [BTC] in our portfolio as it goes into our venture portfolio. […] It is a venture that aspires to become digital gold, and is showing great promise of doing that. Because it hasn’t done that yet […] there is a lot of upsides, but also downside.”
Travis Kling, the third panelist in the discussion gave a more practical answer and explained that Bitcoin does come with a high risk as a form of investment, but more the central banks and government agencies carry their irresponsible monetary and fiscal policy, Bitcoin would become more appealing to the general public as it can not be manipulated. He said,
“Investors in BTC today aren’t investing in Bitcoin as a store of value today, we’re speculating that it may become a store of value because it has the characteristics to be a good store of value.”
Kling went out to explain that we would not have required a decentralized monetary system like Bitcoin in the first place if the world was still using the gold standard, and the governments would have respected the budget instead of spending trillions of dollars more than they have collected and fulfilled the gap by printing more money. He said,
“we might not need Bitcoin so much.” but, “that isn't the world we’re living in.”