The billionaire who built his fortune on investments in the mining industry tried to convince crypto investors that it is better to invest in gold.
Frank Giustra suggested that the US government is planning to develop a jurisdiction for its own blockchain:
“I think the US authorities really want to be ahead of the planet in terms of blockchain, but not in bitcoin, but in a state-owned digital currency that they can completely control. Therefore, they are going to create their own central bank digital currency. Like all other states, they do not need Bitcoin competition. Therefore, I see Bitcoin as a game against sovereign fiat money.”
Giustra added that Bitcoin has no chance of standing up to the world’s governments, as it carries a lot of risk for the state’s digital currency:
“If you invest in precious metals, the government will not be able to take them away from you when it destroys all assets not controlled by them in the digital world.”
The billionaire clarified that this is why he does not invest in cryptocurrencies, but prefers to keep money in gold.
Last month, analysts at the American research center Bitcoin Policy called on the US authorities to abandon the development of the state cryptocurrency in favor of using stablecoins and bitcoin. Bill Barhydt, the CEO of the cryptocurrency company Abra, said in 2019 that the US authorities would not be able to ban bitcoin because it is protected by the US constitution.
Source: Bits
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