BitGo CEO: Devaluation Will Make Cash Hard to Hold
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12 August
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BitGo Chief Executive Mike Belshe believes the government's decision to keep the lockdown for political correctness will increase the devaluation which, in turn, will make cash hard to hold.

Belshe wrote on Twitter there is still "no end in sight" of the pandemic's lockdown so that small businesses with leases will start to default soon enough, and the paltry $600/wk/person of unemployment money "will look like chump change."

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This crisis, according to BitGo CEO, will make institutional investors look for alternatives like bitcoin (EXANTE: Bitcoin) or gold.

"If you don't have some Bitcoin now, it is time to put at least 3% of your net worth into Bitcoin. This is the lowest risk, highest asymmetric upside investment you will likely see in your lifetime," Belshe wrote.

Even though the US dollar is currently weaker than before the coronavirus-related crisis began, it has been the backbone of global financial infrastructure for decades, and"that position is not going to disappear any time soon," previously said Ripple CEO Bard Garlinghouse.

At press time, bitcoin is trading at $11 584 (+1,65% / 24h).

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