Crypto hedge fund veteran Zhu Su is saying that Bitcoin (BTC) is far safer than traditional assets like gold and silver from a government crackdown.
The CEO and CIO of cryptocurrency hedge fund Three Arrows Capital tells his 429,000 followers on Twitter that banning the top crypto will likely be the last resort of governments.
Su’s comment comes in response to billionaire Ray Dalio’s statement that governments may see Bitcoin as a threat to their own currency and outlaw it just as they have outlawed gold and silver in the past.
I actually think Bitcoin would be the last of the stores of value that Western govts attempt to ban, if it came to that. First would be wealth taxes on equities, real estate, higher estate taxes. If you think in generational terms, this is also obvious as millennials take power. pic.twitter.com/jiDcr4c8du
— Zhu Su 🔺 (@zhusu) January 5, 2022
Su points out the challenges that would make it difficult for authorities to ban crypto, including the lack of coordination among the world’s political powers.
“I think the free mobility of capital and labor, as well as continued fragmentation of political power, means that there is no global coordination point against the idea of internet money.”
Su says that more people now hold and use digital currencies whereas gold and silver are owned by only a few.
“Unlike gold or silver, crypto is very difficult to seize from individuals.
Also unlike gold or silver, crypto is becoming owned and used daily by the silent majority.
The better analogy would be whether the Catholic church could’ve stopped the Protestant reformation, I think.”
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