Veteran trader and Bitcoin investor Todd Horwitz says Bitcoin and cryptocurrencies are here to stay.
In a new interview with Kitco News, Horwitz says that Bitcoin’s hard-coded monetary policy gives it a long-lasting appeal, although he doubts it will usurp gold as a store of value.
[adinserter block="1"]“Do you think that Bitcoin will replace gold? I don’t think it will replace it. But there’s a real possibility and, of course, in the libertarian world of money you know, we don’t like central bank intervention. We don’t like the ability to create more currency out of thin air. So I believe that the crypto space itself, whether it be Bitcoin, Ethereum or some of the others, I believe it’s real. And I think it’s going to be around for a long time, forever basically…
And I think the ability not to have a central bank intervening within your currency will also create more strength. But I don’t think you can ever replace the actual store of value of gold.”
Horwitz adds out that investors would be making a mistake to bet everything on Bitcoin and other cryptocurrencies.
“I think you are making a mistake by taking all of your money and selling out your current asset base. I think that in the crypto space, for now, the money you are putting in should be capital that – you expect to lose it all.”
While revealing he has a relatively tiny investment in Bitcoin, the veteran investor cautions that plenty of uncertainty remains in the nascent market.
“I’m in but I’m in at a small scale where if it went to zero tomorrow I wouldn’t lose my sleep. However, I think that you have to understand, I don’t know where the backing would be or where the value is if something goes wrong. The concept is very good and very solid. But there’s still a lot of unknown questions. Yes, you are seeing a lot of major funds put their money in it. But remember, we are at a point in time in markets in general that everybody is chasing every asset class and chasing markets.”
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