By Kaitlyn Kubrick, Somagnews.com
Speaking to Reuters (see here), George Ball, 81-year-old CEO of Sanders Morris Harris, claimed that Bitcoin could soon become very popular as a safe haven asset. Ball predicts that many wealthy investors will consider investing in Bitcoin after Labor Day in the US on September 7.
In an interview with Reuters, former CEO of Prudential Securities, the financial services arm of the giant insurance company Prudential Financial, George Ball said in an interview with Reuters that Bitcoin or other cryptocurrencies could soon become very popular as a safe haven asset.
Ball, 81, who is now CEO of financial services company Sanders Morris Harris, stated that in the face of increasing risks in the economy, both traders and investors should reorganize their portfolios to a great extent, and they will probably do so. According to him, the risks of re-election in the US, ongoing corporate tax cut discussions, etc. Including the current market conditions, investors will reorganize their portfolios.
“I’ve never said that before and I’ve always been a Blockchain, cryptocurrency and anti-Bitcoin.” Saying that the flood of liquidity will end somewhere sooner or later and governments will not be able to keep the markets alive forever, Ball said, “Therefore, very rich investors or traders are probably turning to Bitcoin.” used the expressions.
Recently, interesting outlets have been coming from traditional financial circles regarding Bitcoin. Just a few days ago, MicroStrategy’s CEO stated that he sees Bitcoin as a more secure asset in the face of the weakening dollar. MicroStrategy also recently announced that it has purchased $ 250 million worth of Bitcoin. On the other hand, it was noteworthy that the famous investor Warren Buffett also turned to gold.
Labor Day and Bitcoin
“Markets are looking for or waiting for a new spark.” Ball said that the spark could occur right after Labor Day, as often happens. The experienced name predicts that many wealthy investors will consider investing in Bitcoin after the Labor Day celebrated on September 7 in the US.
Historically, it can be said that there is a relationship between the Bitcoin price and Labor Day. According to a study released by SFOX last year, the largest cryptocurrency experienced increases of 14, 5 and 21 percent, respectively, during the American Independence Day, Labor Day and Thanksgiving holidays throughout the year. At the same time, searches for Bitcoin on Google in the USA have taken off these days.
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