LONDON (Bywire News) - In another sign that Bitcoin is edging closer to the mainstream, former politician and experienced investor Godfrey Bloom have announced he is getting involved. According to a report in Blockchain News Bloom has started to view Blockchain as a good way to hedge against the prospect of inflation.
Bloom has long been a favourite among Bitcoin fans for his high-profile criticisms of the banking system. His 2017 book ‘The Magic of Banking: The Coming Collapse’, claims banks and fiat currencies face catastrophe after decades of failed monetary policy.
In an infamous speech in the European parliament, he attacked the existing European banking model for its tendency to print money to support economies. This, he said, amounted to currency manipulation.
“You do not understand banking. All the banks are broke. When banks go broke through their own incompetence...the taxpayer picks up the tab. It's theft from the taxpayer and until we start sending central bankers and politicians to prison for this outrage, it will continue.”
Until now, Bloom has always been a big advocate of using gold to hedge against volatility. However, he now plans to allocate some of those assets to Bitcoin and seems to genuinely believe the cryptocurrency will become a vital part of any investment portfolio in the future.
Bloom is not the only big-name investor opening up to the prospects of Bitcoin. US Hedge fund billionaire, Paul Tudor Jones, says Bitcoin today reminds him of gold in the 70s. “The best profit-maximizing strategy is to own the fastest horse,” he said. “If I am forced to forecast, my bet is it will be Bitcoin.”
(Written by Tom Cropper, Edited by Klaudia Fior)