Former head of the largest US insurer bets on Bitcoin

The former head of Prudential Financial, the largest insurer in the United States, George Ball, classified Bitcoin as a defensive asset and urged traders and investors to pay attention to it. He said so in an interview with Reuters Reuters.

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Ball noted that authorities cannot stimulate markets forever. In the end, they will have two options: raise taxes or continue to print dollars. In the latter scenario, the financier sees risks even for Treasury inflation-protected securities.

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The financier acknowledged that he had previously been opposed to Bitcoin, but was persuaded to revise his views by the authorities’ monetary policy.

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This is pushing large investors to seek alternative investment instruments, where Bitcoin and other cryptocurrencies are suitable. The fact that the state cannot undermine these instruments, Ball regards as one of the key elements of their potential success.

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The financier noted that Bitcoin suits both long-term and short-term investors. In his forecast, capital inflows into the cryptocurrency market will begin as early as September.

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The appeal of Bitcoin as a defensive asset is being noted by other traditional market participants who were recently opponents of cryptocurrencies. In 2013 the Nasdaq-listed MicroStrategy CEO Michael Saylor predicted the death of Bitcoin, and on August 11 of this year his company invested $250 million in BTC.

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