Chief executive of Hercules Investments James McDonald says Bitcoin is becoming a self-fulfilling prophecy as the value of the US dollar plummets.
Speaking in an interview with CNBC’s Fast Money, the head of the Los Angeles-based registered investment advisor says that Bitcoin’s sentiment continues to remain positive as it attracts more support from institutions.
“The case has been made for both the fundamental weakness of the dollar and the technical chart showing that that will continue… Bitcoin has attracted increasingly stronger and more ardent support in the institutional investing community. I think there is a religious-like following of it. And it’s a self-fulfilling prophecy – if millions of people believe in something and put their money behind it, it’s gonna continue to bid up.”
According to McDonald, Bitcoin is becoming the representation of a growing openness and a shift in perspective within the traditional investment community.
“I think Bitcoin is not necessarily the antithesis of the dollar, but it is certainly an indicator of openness to change asset classes and change perspectives and change [of] economic theory because Bitcoin as we know it is not a store of value. It’s really a measure of sentiment. It’s a measure of enthusiasm to make money outside of traditional economic metrics.
I think Bitcoin continues to see momentum behind it and the dollar continues to see weakness behind it, but I don’t think it’s impossible for them to move in the same direction. It’s just that at this time, the sentiments are diametrically opposed.”
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