Bitcoin, the most outstanding cyber currency in the world, has all the chances to turn into an actual and practical investment which will significantly supplement a portfolio. With time, it will stop being a cure for short-term traders and will attract a plethora of serious investors. This is the opinion of investor James Altucher.
Particularly, he told CNBC on January 17 that BTC cannot be something that anybody purchases just for one day and then vends it for tiny revenues. According to him, people should trust in bitcoin’s possibility to last long and to resolve all the fiat money issues that we are facing nowadays.
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He also added that cryptos would substitute a fraction or the whole amount of public currencies in the long-term perspective. And even though establishments are not yet in BTC, they will soon be.
“Cryptocurrencies will replace some or all paper currencies in the long run," said the advocate.
According to his words, cryptos are going to be restricted more by governments but in functional terms. In his opinion that will not be a crackdown on virtual currencies but the merely positive regulation. Therefore, hundreds of millions of people will just get more opportunities for investments as bitcoin will become a new long-term asset, which could bring new value.
Altucher also explained that regulation is essential because a vast amount of cryptos is fraudulent. He said there are 98% of such unreliable virtual coins. But once the equivocality of bitcoin is solved by authorities, more people will express a desire to pile into it, as that will drive the speculation of bitcoin’s value away.
The investor also goes for much increasing utilization of tech trends which back up cryptocurrencies. Altucher himself possesses BTC and schemes to keep purchasing tokens of independent virtual payment platform, as cryptocurrencies are the worldwide phenomena.