Sam Zell, founder and chairman of Equity Group Investments, fears that if the dollar loses its “global reserve” status, it could contribute, speaking to Americans as a whole, to “a 25% reduction in our standard of living,”
“Unlimited debt and irresponsible activity don’t lead to positive outcomes,” the billionaire explained. “That’s a disastrous kind of scenario.”
Zell doesn’t come out and say that the solution is Bitcoin, and begins his thoughts on the cryptocurrency saying, “I am very skeptical, frankly.” But he admits, ultimately, that “it may be the answer or one of the answers,”
Because of its non-sovereign features and the fact that it functions contrary to the’ irresponsible activity’ that Zell points to, Bitcoin has been pitched as an ideal global reserve currency.
According to the Bitcoinist.com, the hard-capped supply of Bitcoin solves the challenges produced by quantitative easing and was planned as an alternative to these collapsed monetary systems based on fiat. The solution to what Zell terms the “single greatest risk” is all about it.
Due to the “chameleons and other fast-talking characters,” the crypto industry is “extraordinarily populated by” what is keeping Zell back from being a complete Bitcoin believer.
Zell says most of the crypto industry’s leading figures are not “the kind of people I’d like to follow.”
The crypto market is still young and there is a Tyler or Cameron Winklevoss for any snake oil salesman. And with time, the industry’s Authur Hayes who helped place a target on its back will be overlooked, and what is remembered in the history books will be the legacy laid
out by the likes of Michael Saylor and other brilliant minds.