Can Crypto be an Efficient Hedge against Currency Debasement
Cryptocurrency Enthusiast - Max
George Ball, who works as Chairman of Sanders Morris Harris, argues that cryptocurrencies such as Bitcoin are an "Attractive" aspect of a well-balanced portfolio.
George Ball, a member of the financial industry, argues that investors will be wise to devote a small allocation of their portfolio to cryptocurrencies - a big deviation from his prior position against digital assets.
In an interview with Yahoo Finance, Ball characterised cryptocurrencies such as Bitcoin (BTC) as an "attractive" choice for investors seeking to hedge against currency debasement. His remarks come as congressional legislators contemplated a $1.9 trillion relief package that would offer up to $1,400 in direct stimulus grants to Americans affected by Covid-19.
Ball stated that he has always been a blockchain, cryptocurrency, and a Bitcoin opponent. However, looking at how things are now, the government will not be able to spur markets indefinitely, the liquidity flood will stop. Ball went on to say that with cryptocurrencies, he can see a ‘hydra-headed’ change that elevates them to an attractive part of a portfolio.
If rising inflation contributes to currency debasement over the long run, Ball said, "then cryptocurrencies are quite attractive."
Ball, who worked as Chairman of Prudential Financial between 1982 and 1992, started to adjust his opinion in August 2020 when he advised investors that now is the moment to get access to the digital currency. At that time, the price to buy Bitcoin was worth around $12,000. It's now worth just over $48,000.
Wall Street veterans including Ball are opening to the crypto markets as they witnessed Bitcoin pull a 5x move in less than six months. Organisations like JPMorgan and Morgan Stanley are looking at the Bitcoin trading market, while companies like BNY Mellon have also begun to retain their cryptoassets.
If you are looking to buy and sell cryptocurrency but you are not sure where to find a good crypto broker, you can now safely make your Bitcoin investments with BC Bitcoin, the most trusted Bitcoin Broker in the UK. So, register an account with us to start trading crypto today.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards