Financial industry veteran, George Ball, says cryptocurrencies are an effective hedge against currency debasement. He further said that investors can add digital assets as a small part of their portfolios. His endorsement of cryptocurrencies comes surprisingly given his previous negative stance towards them. Crypto’s Allure In Times of Currency Debasement Last week, in an interview with Yahoo Finance, the Chairman of investment firm Sanders Morris Harris, George Ball described Bitcoin (BTC) as an attractive option for investors looking to hedge against currency debasement. Ball’s crypto-friendly remarks come as members of Congress voted on the $1.9 trillion stimulus package last week. He warns of the currency debasement risk from the passage of such a huge stimulus relief package. He had been a skeptic of Bitcoin and other cryptocurrencies until last August when he told investors that it was time to buy bitcoin. At the time, a single Bitcoin was worth roughly $12,000. It’s currently valued at just over $48,000. He adds: “I’ve never said this before, and I’ve always been a blockchain, cryptocurrency, and Bitcoin opponent. But if you look now, the government cannot stimulate markets forever, the liquidity flood will end.” According to him, if higher inflation leads to currency debasement over the long term, then in these aspect cryptocurrencies have a great deal of allure, saying: “With the cryptocurrencies, I think there is a fundamental hydra-headed shift that makes them attractive as a part, a small part, of almost any portfolio.” George Ball Believes Crypto Prices Can be Pushed George Ball further believes the increase in retail stock market traders could push crypto prices higher, if they begin to face losses in the equity market. “If the investors are losing money in common stocks, but still want to speculate, then the cryptocurrencies I think will be the logical and likely next focus of their combined, individually small, but combined very large dollars.” Ball is currently the Chairman of investment firm Sanders Morris Harris, a dually registered broker dealer and RIA firm established in 1987. Its parent company, Tectonic Financial has approx $4 billion in client assets under management (AUM). He have previously served as Chairman of Prudential Financial between 1982 and 1992.
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