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Former Bitcoin Opponent Claims that Crypto is an Efficient Hedge Against Currency Debasement

Cryptocurrencies like Bitcoin, according to George Ball, Chairman of Sanders Morris Harris, are an "attractive" aspect of a well-balanced portfolio.

George Ball, a financial market veteran, argues that investors can devote a “small part” of their portfolio to cryptocurrency, changing his previous stance on digital assets.

Ball mentioned cryptocurrencies like Bitcoin (BTC) as an “attractive” alternative for investors seeking to hedge against currency debasement in an interview with Yahoo Finance. His remarks came when lawmakers in Congress discussed a $1.9 trillion relief bill that would include up to $1,400 in direct stimulus grants to those affected by Covid-19.

“I’ve never said this before, and I’ve always been a blockchain, cryptocurrency, and Bitcoin opponent. But if you look now, the government cannot stimulate markets forever, the liquidity flood will end,” Ball said. He continued: “With the cryptocurrencies, I think there is a fundamental hydra-headed shift that makes them attractive as a part, a small part, of almost any portfolio.”

“The cryptocurrencies have a great deal of allure” if higher inflation leads to currency debasement in the long run, according to Ball.

According to cointelegraph.com, Ball, who was Chairman of Prudential Financial from 1982 to 1992, started to change his mind on Bitcoin in August 2020, telling investors that now was the time to invest in the digital currency. One Bitcoin was worth about $12,000 at the time. It’s now worth just over $48,000.

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