Six years ago, Kyle Bass provided a crucial context for the debt-laden world of ever-increasing sovereign debt:
“Buying gold is just buying a put against the idiocy of the political cycle. It’s That Simple”
And now, as interest in Bitcoin surges, Arthur Hayes, a former CitiGroup trader who runs BitMEX – a Hong Kong-based crypto exchange – asks an interesting question – In the coming war between digital currencies, which side will your money be on?
As CoinDesk reports, Hayes thinks blockchain is lighting a fuse that will ignite open combat between “true cryptocurrencies” (like bitcoin) and a new “digital fiat” controlled by central banks.
These two parallel currency systems are the inevitable outcome of his core investing thesis:
“A digital society needs digital cash.”
This post was published at Zero Hedge on Sep 12, 2017.
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