Billionaire businessman Tilman Fertitta, founder and CEO of Landry's, shared his views on bitcoin in CNBC's "Power Lunch." The billionaire sees similarities between the rise of cryptocurrencies and the dotcom bubble, but notes that Bitcoin is real and is here to stay.
Fertitta, who is also the star of the reality show "Billion Dollar Buyer," compared the growth of the cryptocurrency ecosystem with the dotcom bubble, claiming that cryptocurrencies "are not different from anything new" and that people seem to forget that 20 years ago adding "com" at the end of a company name helped your stock build.
After noting that many people made a lot of money thanks to the rise of Bitcoin, he said he believes that the flagship cryptocurrency was here to stay. He added that "we have a lot to learn about it" and that his main reservation in this regard is that it is not insured or controlled by the government.
The CEO said in particular: "Go to the bank and try to withdraw a million dollars, they do not have the money". It's just paper. That is all that is bitcoin, it is paper, but today it is not insured by the FDIC. And until you're insured, a lot of people will never buy it. "
Despite the perceived setback, the billionaire businessman said he could see that many businesses will accept the cryptocurrency in the near future, according to his own words "it's going to happen, it's real, it's just new". Only time and trust can help this immense trade grow.
The billionaire's views apparently counteract those who claim that bitcoin is "just a fad," arguing that the cryptocurrency will eventually be replaced. As reported by CCN, several hedge fund platforms have rejected cryptocurrency funds as clients, fearing it may be like "the Tamagotchi 20 years ago."
Apparently, he embraced the rise of cryptocurrencies and blockchain technology, Fertitta concluded: "I mean, I remember that someone came into my office and told me: 'The world is going to change. There is something called the Internet. And that was not so long ago. Then we have to remember this. It's something new and everything moves at a faster pace today. "
The billionaire's comments come at a time when bitcoin is apparently stabilizing after falling to $ 13,500 in a recent correction, since it is currently close to $ 13,000 according to the CCN price index. The cryptocurrency has dropped from a record high of almost $ 20,000 in 2017, gaining 1,900% at its peak last year.
In summary, the blockchain-bitcoin technology has much to contribute to the financial ecosystem of today's society, the banks have hegemonized the financial system, take the biggest profits and take over the work of the poorer classes, the data show that the riches day they are in less hands. The technology of this cryptocurrency will help the democratization of wealth, the most dispossessed can access welfare. It waits for new announcements.
