Paxos CEO Explains Why Bitcoin Is ‘Something Everyone Should Have’

In a recent interview, Charles Cascarilla, Co-founder and CEO of FinTech Paxos, explained why he believes “having a small allocation of Bitcoin is something that almost everyone should have.”

In an interview with CNBC anchor Kelly Evans on Thursday (December 17), Evans first asked Cascarilla whether people whose pension funds have invested in Bitcoin should feel comfortable.

He replied:

“I think having a small allocation of Bitcoin is something that almost everyone should have … but at the same time thinks of it as a demand option.

“The point of owning gold is because you want to have a store of value. The point of owning Bitcoin is that it could become gold, so we don’t know exactly if that’s going to happen. It might not have been, but on the other hand, it would have been around now for 12 years.

“He has lived through a lot of turmoil, a lot of tests. It’s the best example we have of digital gold and what we’ve seen through Covid is that people’s lives are more and more digital – they’re online; they need to get a digital score of value.

“And just as importantly, everyone has seen what is happening with the Federal Reserve’s balance sheet, and people are looking for ways they can protect their assets. And so, Bitcoin is an example of one way to do that. ”

Evans agreed with the CEO of Paxos and what he said in response to his comments was quite interesting:

“Absolutely, Charles, although I find it interesting that in some ways the herd mentality is where people realize ‘okay, there will be 21 million of them’.

“Bill Miller made this great point: he said there are 47 million millionaires in the world, and it’s only going to be 21 million bitcoins … if every millionaire on the planet wanted only one, they couldn’t get it – not enough. So, you know, it’s just a herd thing, where everyone realizes ‘okay, it’s the thing to own and so we all own it better’, and from that perspective, the sky is the limit, isn’t it? ”

Cascarilla replied:

“That’s certainly one way the price goes up; you get a lot of people buying something that has a limited amount, but on the other hand there’s some basic relevance to what’s going on here, which is the need for shop value. Digital store value alone is needed, and that’s what Bitcoin represents. ”

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.