Equity Group Investments founder and chairman Sam Zell says he is skeptical of bitcoin but admits it could be part of the solution. In particular, the billionaire and the real estate husband thinks the bitcoin community is made up of many individuals he dislikes.
Quick Talk Characters
In remarks made during an interview, the billionaire, who predicts that the US dollar will lose its status as the world’s reserve within the decade, has no kind words for some anonymous individuals in the bitcoin space. A report quoting Zell states:
I’m very skeptical, frankly, of bitcoin. In the end, that may or may not be the answer. But for now, it’s a world populated by an unusual population of chameleons and other fast-paced characters. I don’t think everyone involved is the kind of person I want to follow.
While the billionaire doesn’t explain how BTC can be one of the answers, the same interview nonetheless provides some suggestions as to why Zell believes so. Speaking about the possibility of the US dollar losing its reserve status, Zell warns:
“If we keep doing what we are doing right now, I think it’s 10 or 15 years away. If we lose the reserve status, we can see a 25% reduction in our standard of living. ”
US Dollar Reserve Status
Meanwhile, other individuals and organizations including the International Monetary Fund (IMF) appear to be sharing the billionaire’s feelings on the future status of the US dollar. The IMF says central banks now need to think about the possibility of replacing the dollar with alternatives that include digital currencies.
However, for his part, Zell warns of the catastrophic consequences that lie ahead if the tradition of “unlimited debt and irresponsible activity” does not end. Many analysts including bitcoiners see lending and printing money excessively as the leading cause of US dollar depreciation. The resulting smaller dollar value then forces some investors to seek and invest in inflation-resistant assets like fiat money. Bitcoin is proving to be one such asset.
What do you think of Zell’s bitcoin comments? Tell us what you think in the comments section below.
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