Billionaire F. Giustra hails Bitcoin as ‘anti-sovereign fiat game’ and CBDC’s competitor
Frank Giustra, CEO of investment management firm Fiore Group, has suggested that the rise of Bitcoin (BTC) poses a significant threat to the existing fiat monetary system, while noting that regulators are willing to go the extra mile to limit any competition .
According to Giustra, the global economy is shifting to the digital world, and Bitcoin is likely to stand out based on his projection of an upcoming reset of the monetary system, he said during an interview with Stansberry Research on October 22.
In this line, the billionaire believed that Bitcoin could destabilize the sovereignty of fiat currencies, even posing a threat to the possible establishment of central bank digital currencies (CBDC) by jurisdictions such as the United States.
“They’re going to create their own digital central bank currency like everyone else in the world and they don’t want competition. I see Bitcoin as an anti-sovereign fiat play and if I’m right in terms of a monetary reset where everyone goes to anything else that incorporates digital currencies into what they’re creating, the last thing they want is competition from Bitcoin,” he said.
US crypto framework
As the United States increasingly focuses on establishing a crypto regulatory framework, Giustra stated that the world needs to understand that the country aims to be at the forefront of blockchain and not the digital asset space.
In particular, various US government agencies have issued proposals to regulate crypto in line with President Joe Biden’s executive order. In this case, most federal agencies have pushed the idea of establishing a digital dollar.
Giustra’s cryptocriticism
Despite his recent sentiments about Bitcoin, it’s worth noting that Giustra has previously pointed out that the flagship cryptocurrency isn’t a one-size-fits-all solution. However, he maintains that the asset is likely to go higher in the future.
In an earlier debate with Bitcoin supporter and MicroStrategy former CEO Michael Saylor, Giustra also criticized the crypto community’s support for the sector. The businessman had noted that crypto fans display ‘a cult-like behavior’ by attacking critics of the sector.
Overall, Giustra supports the idea of diversifying investment portfolios with different assets. In his proposal, it is safe to invest in hard assets such as real estate, gold, art and Bitcoin.
Watch the full interview below:
Featured image via Stansberry Research YouTube
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
