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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.

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