Billionaire investor Frank Guistra says that governments and central banks are going to take every measure to stop Bitcoin and stifle its journey to universal adoption so let’s find out more in today’s Bitcoin news.
In an interview with Daniella Cambone from Stansberry Research, the investor Frank Guistra pointed out that central banks can succeed in issuing their own CBDCs but they will not want to compete with BTC:
“I’m especially concerned about what governments and central banks will do if Bitcoin ever becomes a threat, a real threat, to their own sovereign currencies. As you know, a lot of central banks are contemplating issuing their own digital currencies. And they’re not going to want that competition there and they’re going to make it very difficult. Governments and central banks will make it very difficult for Bitcoin to become universally adopted. They’ll put roadblocks along the way.”
He says that we should not underestimate the resolve of governments and central banks when they will try to protect what they created:
“You’ve heard of currency and capital controls. They’ve been a part of our history in many countries, including the US. It came in the form of making the ownership of gold illegal in 1933 which lasted 40 years. That was a form of capital control to protect the US dollar. You saw it in pre-1979 Britain where there were currency controls. You saw it in South Africa. You saw it in pre-war Germany. You saw it as recently as 2015 in Greece. “
Guistra took It a step further and outlined that central banks own gold and they use it as a philosophy against BTC which has to be taken into account. They don’t own BTC as gold is a core element of their currency reserves and always will be:
“If they do anything, they will issue their own digital currency. They’re not going to be buying Bitcoin, because they’re going to try with all their power to undermine Bitcoin.”
He does have a dark long-term outlook on BTC but believes that this cryptocurrency has the potential to shoot higher in the next few months. According to him, BTC is in the first stages of mania which is why institutions and people are buying up:
“I think [Bitcoin] is going to do what some of these people are predicting and get up to a much higher price.”
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