Coronavirus quarantines will force people to abandon trust currency and opt for gold and Bitcoin (BTC), warned the CEO of the cryptomoney asset manager, BitGo.
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In a series of tweets on August 12, Mike Belshe strongly urged investors to divert a minimum of 3% of their portfolio to Bitcoin.
Belshe: Investors will switch from cash to gold and Bitcoin
As multiple jurisdictions around the world re-enter into mandatory quarantine conditions, Belshe said that in the United States, the government had made a prison of itself using the policy.
„The government is forced to maintain the quarantines for reasons of political correctness, which will force them to print money even faster. Institutional investors are pointing this out and recognize that devaluation will make cash difficult to hold,“ he wrote.
CoinShares: „Bitcoin is like a risky technological stock.
Those institutions made headlines this week when the billion-dollar corporation, MicroStrategy, confirmed that it had adopted Bitcoin as its treasury reserve asset.
A $250 million purchase cemented the sense of change, and CEO Michael Saylor highlighted Bitcoin’s unique properties as money.
„They’re looking for alternatives, and… it all comes down to Bitcoin and gold,“ Belshe continued.
„If you don’t have some Bitcoin right now, it’s time to put at least three percent of your net worth into Bitcoin. This is the lowest risk asymmetric bullish investment you are likely to see in your life. Or lift the quarantine. But still get Bitcoin.
2020 macro asset returns comparison as of Aug. 12
Solid money, not inflationary paper
As Cointelegraph reported, the premise behind the quarantines has been heavily criticized by Bitcoin supporters.
In particular, the author of „The Bitcoin Standard,“ Saifedean Ammous, has criticized the measure as being far more damaging to a country’s population in the long term than the coronavirus itself.
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The criticism stems from the content of Ammous’s book and other criticisms of economic policy based on spending and debt, such as Henry Hazlitt’s „Economics in a Lesson“.
A clear relationship between inflationary fiat currency and reduced prosperity means that Bitcoin is the only genuine solution for those who want to save for the future.
This week, the message became even clearer as data showed a correlation between Corona Millionaire price action and the expansion of central bank balance sheets.