American billionaire Sam Zell claimed to be skeptical of Bitcoin and believed that the digital asset could be “the answer or one of the answers” to society’s financial troubles. However, the former lawyer said he did not “believe” the members of the bitcoin ecosystem, and even referred to the Bitcoiners as “chameleons.” In a recent interview, the real-estate investor said:
I am very skeptical, frankly, of Bitcoin. Ultimately, it may be the answer or one of the answers. But right now, it’s a world that’s extraordinarily populated by chameleons and other fast-talking characters. I don’t believe everybody involved in it are the kind of people I’d like to follow.
Additionally, Zell believed that society faces the greatest risk from the loss of the US dollar, as the reserve currency. He cautioned that if “we keep doing what we are doing right now,” the dollar would lose its reserve status in about a decade’s time. He predicted that in such an event, he saw “a 25% reduction in our standard of living” and said:
Unlimited debt and irresponsible activity don’t lead to positive outcomes. That’s a disastrous kind of scenario.
Zell’s skepticism of Bitcoin is shared by many. Until recently, even institutional investors did not fully trust BTC markets. However, this year, many have found corporate investors to be the reason behind the bitcoin rally. Some even look to the digital asset as a better hedge against inflation, instead of gold.
The popular crypto dipped by roughly $1,800 after breaching last week’s ATHs – a correction that many in the sector had predicted. However the bullish momentum could continue, as recently, another institutional investor, MicroStrategy announced the purchase of approximately $650 million worth of Bitcoin, during the BTC price dip.
At press time, Bitcoin was about $22,736.98 with a 24-hour trading volume of $35,985,402,095. BTC price has been down by 3.2% in the last hour.
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