The famous American billionaire Ken Moelis , founder of the investment bank Moelis & Company , compared the attitude of today’s crypto users to the gold rush in 1848.
How does @Moelis approach crypto? "It's a big market – there's a lot of capital in that market. It's like the gold rush of 1848, I believe our business is selling the picks and the shovels and to just watch the space and continue to learn." Ken Moelis #BloombergDeals pic.twitter.com/bsZ3Aw1t58
— Bloomberg Live (@BloombergLive) June 8, 2021
“How does Moelis approach cryptocurrencies? “It’s a big market – there’s a lot of capital in that market. It’s like the gold rush of 1848, I believe our business is to sell picks and shovels and just watch space and keep learning ”. Ken Moelis in BloombergDeals “
In the Bloomberg interview, Moelis shared his thoughts on the future of crypto and, on the question of personal interest, hinted as follows:
“Certainly from a business point of view, we are focused on having skills”.
Unlike other famous names in the industry, such as Warren Buffet who, although declaring he is out of the blockchain world, has invested in digital banks offering Bitcoin ETFs , Moelis seems to be keeping his feet on the ground but personally confirming the interest of the sector. .
In fact, the American billionaire then added that, honoring his mission of wanting to provide his customers with all the necessary tools they need , the continuous increase in crypto demand could require the addition of some new service dedicated to cryptocurrencies.
“We need to know what people want, what tools they need to be successful.”
Crypto vs Gold: what is the trend according to the famous names of fintech
Digital assets continue to take hold to the point that famous fintech names, such as Moelis, cannot help but express themselves in this regard.
Precisely due to the scarcity principle that distinguishes Bitcoin itself, the comparison between the crypto world with the precious metal, gold, continues to be a trending topic in fintech.
At the beginning of this month, in fact, Mark Cuban , entrepreneur and president of the Dallas Mavericks basketball team, had claimed to be an early investor in crypto , with a portfolio consisting of 60% in Bitcoin, 30% in Ethereum and 10% others. crypto.
According to Cuban, “gold and BTC are both financial religions” , even if in the end it exalted the merits of the crypto queen.
Crypto succeeds when it's a more productive implementation of it's competition. BTC/Gold are both financial religions. BTC is easy to trade/store/create with no delivery issues. BTC also enables transfer of value locally and globally . Gold is a hassle. Just look at Ft Knox
— Mark Cuban (@mcuban) May 2, 2021
“A crypto is successful when it is a more productive implementation than its competition. BTC / Gold are both financial religions. BTC is easy to trade / store / create with no delivery issues. BTC also allows the transfer of value locally and globally. Gold is a nuisance. Just look at Ft Knox “
While, also earlier this month, Jeff Currie, Goldman Sachs’ Head of Commodities Research, compared Bitcoin and cryptocurrencies as an alternative to copper, rather than gold.
Specifically, Currie had stated:
“If you look at the correlation between bitcoin and copper, or between the measure of risk appetite and bitcoin, with 10 years of bitcoin trading history, BTC is definitely a risky asset.”