In a recent interview, Wall Street veteran George Ball, a former crypto skeptic, says cryptocurrencies represent a good addition to any investment portfolio.
George L. Ball currently serves as Chairman of Sanders Morris Harris (SMH), which is “a privately owned, dually registered broker dealer and RIA firm established in 1987.” He is also Director and Co-Chairman of Tectonic Holdings, SMH’s parent company,
He started his career as a stockbroker at E.F. Hutton & Co., and was President there between 1977 and 1982. He left E.F. Hutton in July 1982 to become the CEO of Prudential-Bache Securities (later renamed to Prudential Securities, which he ran until February 1991.
During an interview with Yahoo Finance, Ball called cryptoassets an “attractive” consideration for the investing public. He claimed most of the investment community was rightly concerned over the actions by the Fed, including the proposal for another $1.9 trillion stimulus package:
The investing public right now is worried—and the professional investors are worried—that the Fed is behind the curve. That the amount of stimulus envisioned is perhaps greater than that which would be helpful over the next year or two to the economy.
Ball predicted an “extremely vigorous” market rebound occurring in late 2021, saying most investors were trapped with the possibility of a short-term correction or long-term inflation. He noted Bitcoin served as a potential hedge against both scenarios:
The best hedge against an at-risk market is cash. Cash lets you sleep securely at night and take greater risks with the investments you do make. With the cryptocurrencies, I think there is a fundamental hydra-headed shift that makes them attractive as a part—small part—of almost any portfolio.
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