Casey believes that Bitcoin should matter to everyone as it could be a very profitable asset, as well as an excellent hedge against inflation. Experts Douglas Opton and Bobby Esnard said no one could censor BTC or prevent someone from sending or receiving transactions with it.
Mark Casey, Capital Group equity portfolio manager, recently said that Bitcoin had become an alternative to cash. He also noted that he sees it as an option for bonds that provide negative returns.
Capital Group is an American investment and financial services company that has joined others in adopting Bitcoin. For example, the Bank of America stated that cryptocurrencies had grown so much that they could not go unnoticed.
Starwood Capital Group CEO Barry Sternlicht commented that Bitcoin and Ethereum offer significant advantages over their competitors. However, critics of Bitcoin consider that the instability of its value makes it a poor alternative to preserve value in the short term.
Mark Casey Sees Bitcoin as an Alternative Asset
Casey believes that Bitcoin and other cryptocurrencies are profitable, as their supply is limited and they lack a mechanism that controls them. He added that the cryptocurrency could be helpful in countries where there are restrictions on currency exchange and the value of their local currency is unstable.
Similarly, Casey supported people who use Bitcoin as a means of hedging against inflation. He explained that a small investment of money in Bitcoin would continue to generate profits over time.
The manager also indicated that Bitcoin should matter to anyone who deals with money, as the cryptocurrency could be very profitable. Furthermore, he reiterated that its limited supply and independence from central bank control make it an excellent hedge against inflation.
Casey compared Bitcoin to gold as it is not sovereign and it is scarce and hard to find, so it serves as a store of value. Likewise, he said that the crypto asset has anti-inflationary properties, unlike fiat money, which loses its value due to its unlimited printing.
Other Experts Give their Opinion on the Pioneering Cryptocurrency
Stock investment analyst Douglas Opton and emerging markets technology analyst Bobby Esnard said Bitcoin was too big to ignore. The experts argued that Bitcoin allows having money that nobody can print, highlighting that it makes it maintain its value over time.
The experts from Capital Group added that Bitcoin has potential value as it is the only digital money that no one can censor. In addition, they commented that no government or authority could prevent someone from sending or receiving a transaction with the crypto asset.
The comments from Casey, Opton, and Esnard come after the price of Bitcoin hit an all-time high near USD 67,000. The cryptocurrency is trading at around USD 62,000 while its market capitalization is approximately 1.16 trillion, according to CoinGecko.
Bitcoin plays an increasingly important role in the world economy, which financial companies cannot help but realize. For that reason, a growing number of large institutional investors, such as Tesla and MicroStrategy, buy the crypto asset as a store of value.
By Alexander Salazar
