Cloud Hosting

The founder and chairman of Equity Group Investments Sam Zell says he is sceptical of bitcoin but concedes that it may be part of the solution. In particular, the billionaire and real estate magnate thinks the bitcoin community is composed of many individuals that he is not fond of.

In remarks made during an interview, the billionaire, who predicts that the U.S. dollar will lose its status as the worlds reserve currency within the decade, has no kind words for some unnamed individuals in the bitcoin space. A report quotes Zell remarking:

I am very sceptical, frankly, of bitcoin. Ultimately, it may be the answer or one of the answers. But right now, its a world thats extraordinarily populated by chameleons and other fast-talking characters. I dont believe everybody involved in it are the kind of people Id like to follow.

Although the billionaire does not explain how BTC can be one of the answers, the same interview, however, does provide some hints as to why Zell thinks so. When talking about the possibility of the U.S. dollar losing its reserve status, Zell warns:

If we keep doing what we are doing right now, I think it is 10 or 15 years away. If we lose the reserve status, I could see a 25% reduction in our standard of living.

Meanwhile, other individuals and organizations including the International Monetary Fund (IMF) seem to share the billionaires sentiments on the U.S. dollars future status. The IMF says central banks now need to think about the possibility of replacing the dollar with other alternatives which include digital currencies.

However, for his part, Zell warns of the disastrous consequences ahead if the tradition of unlimited debt and irresponsible activity does not end. Many analysts including bitcoiners see the excessive borrowing and printing of money as the prime cause of the U.S. dollars depreciation. The resulting diminished dollar value then forces some investors to seek and invest in inflation resistant assets. Bitcoin is proving to be one such asset.

What do you think of Zells bitcoin remarks? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

See the rest here:
Real Estate Billionaire Sam Zell Skeptical of Bitcoin but Says 'It May Be the Answer or One of the Answers' | Featured - Bitcoin News