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Bitcoin isn’t doing super well as of late. The world’s number one digital currency by market cap has ultimately failed to push beyond the $40K mark despite a lot of pressure to do so, and it looks like it’s having a very hard time moving past $39,000, which is about $29,000 less than where it was just in November. However, that isn’t stopping Bill Gross – the king of bonds – from getting involved.
Bill Gross Is Getting into Bitcoin
In a recent interview, Gross says he has become a serious bitcoin believer and he has invested in the digital asset. He stated:
I simply think that, you know, the crypto coins are a bubble. I do think there are survivors. I do think we need an alternative to the dollar as we’ve seen in the last week or two and that you know, there will be several survivors, and I’m invested, to a small extent, in bitcoin.
Despite his love of bitcoin, Gross shares a unique trait with Apple co-founder Steve Wozniak in that while he is a huge BTC fan, he currently has no liking for non-fungible tokens (NFTs). He says that the big craze surrounding NFTs is just that – a craze, and he’s confident the space is going to wind up going nowhere in the coming future. He said:
The phenomena of NFTs are the same way and reminds me of when my kids were collecting Beanie Babies.
At 77 years of age, Gross is known for establishing the California company Pimco in 1971. He spent the next 43 years of his life building the company into the fixed income conglomerate it is today, though he eventually retired and stepped away from the world of business in 2014.
Gross has also been very up and down with bitcoin, initially starting out as a big fan in the year 2016. He even wrote a piece online talking about how bitcoin was a potential “safe haven” asset that could keep one’s wealth stable and steady during times of economic strife. He wrote:
Bitcoin and privately agreed upon blockchain technologies amongst a small set of global banks are just a few examples of attempts to stabilize the value of their current assets in future purchasing power terms. Gold would be another example, the historic relic that it is. In any case, the current system is beginning to be challenged.
However, he would change his mind in 2017, arguably a time when bitcoin was at its strongest hype point. He commented that bitcoin – or any crypto, for that matter – could not compete with any form of fiat or gold, and he based that opinion largely on the fact that it was hard to make payments with BTC.
You Can’t Pay for Things with It!
It is not really a currency alternative right now.