Crypto currencies are finally being taken seriously by institutional investors, with the likes of BlackRock recently announcing that it had begun investing in Bitcoin.
The original crypto might have crossed the US$55,000 level again this week, but Roger Montgomery, Chairman and CIO at Montgomery Investments says he still needs more convincing and is yet to hear a good argument for Bitcoin becoming a viable monetary system.
“I’ve looked at the arguments in support of buying Bitcoin fairly carefully and my observation is that most of the arguments are a belief in the future use of the currency,” he said.
“So the belief in it being a universal digital currency is not the same as articulating the path that it actually takes to get there. Not only does it have to be universally accepted but it has to replace fiat money.