Frank Giustra, the CEO of investment management firm Fiore Group, has suggested that the growth 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 contain 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 monetary system reset, he said during an interview with Stansberry Research on October 22.
In this line, the billionaire opined 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 like the United States.
“They are going to create their own central bank digital currency like everybody else in the world and they’re not going to want competition. I see Bitcoin as an anti-sovereign fiat play and if I’m right about a monetary reset where everybody’s going to something else that incorporates digital currencies in whatever they create, the last thing they’re going to want is the competition from Bitcoin,” he said.
U.S. crypto framework
With the United States increasingly focusing on establishing a crypto regulation framework, Giustra stated the world needs to understand the country is aiming to be ahead in blockchain and not the digital asset space.
Notably, different United States government agencies have issued proposals on regulating 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 crypto criticism
Despite his latest sentiments on Bitcoin, it is worth noting that Giustra has in the past pointed out that the flagship cryptocurrency is not a solution for everything. However, he maintains the asset will likely go higher in the future.
In a previous debate with Bitcoin proponent and MicroStrategy former CEO Michael Saylor, Giustra also criticized the crypto community’s support for the sector. The businessman had noted that crypto fans exhibit ‘a cult behavior’ by attacking critics of the sector.
Overall, Giustra backs the idea of diversifying investment portfolios with various assets. In his proposition, investing in hard assets like real estate, gold, art, and Bitcoin is safe.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.