Bloomberg contributor Jared Dillian, who refers to himself as a “reformed crypto doubter,” has completely changed his stance on Bitcoin.
In his recent op-ed article, he claims that the top coin could experience another bull market, which will be much bigger compared to the 2017 bubble.
Turning into a Bitcoin bull
Bitcoin’s appeal became evident for Dillian when he understood that there was a need for a stateless currency that cannot be printed by governments to fund their spending programs.
The US dollar has lost 96 percent of its purchasing power since the creation of the Federal Reserve, which recently cut interest rates for the first time in more than a decade.
Gold seems like an obvious answer for risk-averse investors who want to stay away from volatile assets, but Dillian writes that he simply likes Bitcoin more (sorry, Peter Schiff).
No government can ban Bitcoin or seize it. It is technologically impossible, without a piece of technology known as a quantum computer. It is the ideal way to move capital seamlessly and secretly around the globe at minimal cost.”
A “much bigger” bull market
Dillian further touts the potential of Bitcoin by comparing it to the Internet, which also went through its short-lived bubble phase in the late 90s. Investors would throw money left and right at all dot-com start-ups, but only a few of them survived the big crash.
If Bitcoin finally breaks into the mainstream, its price could experience a significant increase. In fact, he predicts that the next bull market will be much bigger, and there will be no need to wait for decades in order to witness new highs.
I believe there will be another bull market, much larger than the first one where the potential is finally realized. Bitcoin is currently in a state of neglect.”
As reported by U.Today, CNBC’s long-time anchor Joe Kernen also compared Bitcoin to Amazon.