Industry veteran George Ball believes that investors will be wary of allocating a “small chunk” of the portfolio to cryptocurrencies, a major departure from his previous position on digital assets.

In an interview with Yahoo Finance, Ball described cryptocurrencies such as Bitcoin (BTC) as an “attractive” option for investors looking to hedge foreign currency deposits. His comments came after lawmakers in Congress rejected a $ 1.9 trillion bill that would pay up to $ 1,400 in direct incentive payments to Americans affected by Covid-19.

“I have never said this before and have always been against blockchain, cryptocurrency and bitcoin. But if you look now, the government cannot stimulate the markets forever, the flow of liquidity will stop, ”said Paul.

He continued:

“When it comes to cryptocurrencies, I think this is a fundamental shift in Hydra that makes them attractive as part or part of almost any wallet.”
According to Paul, if rising inflation leads to a long-term fall in the currency, “there are many temptations for cryptocurrencies.”

Ball, who served as chairman of Prudential Financial from 1982 to 1992, began to change the tone of bitcoin in August 2020 when he told investors it was time to look for digital assets. Bitcoin was valued at around $ 12,000 at the time. It currently costs just over $ 48,000.

Wall Street veterans like Ball are gearing up to acquire cryptocurrency as they see Bitcoin withdrawn five times in less than six months. Organizations like JPMorgan and Morgan Stanley are monitoring the bitcoin market, and companies like BNY Mellon have already begun to take an interest in digital assets.

Source: CoinTelegraph