No matter how badly bitcoin seems to do, the cryptocurrency always has a long list of loyal followers that will never turn away from it. One such follower is Robert Herjavec, founder and CEO of the Herjavec Group.
Herjavec Loves Him Some BTC
Recently, Herjavec commented that bitcoin isn’t doing too well because of things like the coronavirus, which is spreading fear across the globe. However, he says that one of the currency’s biggest problems is that companies haven’t adapted enough to its properties and capabilities. He says that electronic payments, for example, are the way of the future, but that not enough businesses are working towards that future and still rely too heavily on fiat and methods of the past.
I’m a big believer in bitcoin-based electronic payments in the future, but I think we’re a long way from that… Consumers, over the long run, always go to convenience, and bitcoin is just convenient… What I think we all learned yesterday is how truly interconnected the world is in ways that we don’t even think. The coronavirus breaks out in South Korea, [so] why does this affect the global economy? South Korea is the number one shipping point for most goods out of Asia, so anything out of Asia is going through South Korea and if they shut down, how do we get goods?
Herjavec isn’t alone in his respect for the world’s number one cryptocurrency by market cap. Chamath Palihapitiya, chairman of Virgin Galactic and founder of investment firm Social Capital, recently explained to his listeners on CNBC that everybody should have at least one percent of their wealth and assets in bitcoin, and that the digital currency is a “fantastic hedge.”
He also took aim at Berkshire Hathaway CEO and billionaire Warren Buffett, a man who as we all know, has not been very friendly towards bitcoin. In the past, the real estate mogul has referred to bitcoin as “rat poison,” and has compared it to a button on his coat in terms of its uselessness.
Sorry, Buffett – You’re Way Off
Palihapitiya, on the other hand, disagrees with Buffett, and says he’s “outdated” and “wrong” in his ideals. He also gave an idea of how bitcoin should be purchased and how it should work, explaining:
I don’t think when you wake up and see a coronavirus scare and the Dow down 2,000, you should not be going in and buying bitcoin. This is an idiotic strategy. I think a reasonable strategy is to say one percent of my net worth should be in something completely uncorrelated to the world and how the world works. You quietly accumulate a position and then just never look at it again and hope that that insurance under the mattress never has to come due, but if it does, it will protect you.