Over the past few months, bitcoin’s value has grown significantly and many believe the growth is due to the geopolitical risks taking place within the global economy. According to a well-known executive wealth advisor bitcoin is more than just an investment vehicle because it has the beneficial attributes that could give society an alternative financial system.
Executive Wealth Manager Tells CNBC: ‘Maybe the World Needs an Alternative’
Just recently the executive director of Taurus Wealth Advisors, Rainer Michael Preiss, told CNBC’s “Capital Connection” that bitcoin could aid the global economy that is seemingly getting worse every day with debt burden. According to Preiss, the financial system worldwide is based on debt which has led to quantitative easing and “too much debt and too little growth.” Preiss details that he believes bitcoin has significant potential that could progress the fourth industrial revolution.
“Governments are potentially having long-term issues with debt repayment, and the world is suffering so much debt. Maybe the world needs an alternative — in the sense that bitcoin is an asset-backed currency with limited supply,” explains Preiss during the CNBC broadcast.
The U.S. Dollar Funds A lot More Criminal Activity Than Bitcoin
When Preiss was asked about individuals and organizations using bitcoin for illegal activities like ransomware the wealth advisor said concerns are valid. However, the money manager said in comparison to illicit activity using the U.S. dollar the concerns about bitcoin is minuscule. Furthermore, Preiss details the USD is used for criminal transactions more than bitcoin, and it is rather hard to track, in contrast to bitcoin’s fully traceable public blockchain.
“The question that always comes is: Is it a currency?” Preiss tells the news outlet.
Well, that’s maybe too limiting — it’s much more than that, it’s actually a token. It’s distributed trust and distributed consensus.
‘The World is Changing’
Preiss also explains that trust is becoming less common and the social contract is starting to crumble. The wealth advisor details that a decentralized financial infrastructure is very probable in the future. In fact, Preiss says that bitcoin has already claimed its stake within traditional monetary systems.
“Bitcoin’s market capitalization overtook Deutsche Bank just as of last week, so that shows you how to some extent the world and things are changing,” Preiss adds.
What do you think about the wealth advisor’s opinions? Let us know in the comments below.
Images via Shutterstock, CNBC’s Capital Connection, and
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