Doug Casey thinks the cryptocurrency has only started tapping its potential market and has a long way to go. From Doug Casey at caseyresearch.com:
Justin’s note: Yesterday, I shared a brand-new interview with Doug Casey.
In it, Doug explained why Bitcoin is money, and why the market for cryptocurrencies is about to get much, much bigger.
Today, Doug and I continue our conversation on cryptocurrencies. As you’ll see, Doug isn’t just bullish on cryptos—he’s buying them hand over fist.
We hope you enjoy.
Justin: Yesterday, you told me how a young Belgian man gifted you a bitcoin. Have you bought any more since then?
Doug: Yes. I’ve put $100,000 in them. It’s no longer early days, that’s for sure. But perhaps it’s like getting into the Internet stocks back in 1998—they weren’t cheap, but the bubble got much, much bigger. And the Internet—contrary to what people like Paul Krugman thought—was not itself a bubble. Up till now, the only way to play this has been the coins, the tokens, like Bitcoin.
Justin: Got it. Do you own any other cryptos?
Doug: Yeah, I’ve got Ethereum, and a couple of others as speculations. There are perhaps a thousand of them out there now, and most of them are garbage.
So, I’m getting involved in these cryptocurrencies on several levels. I’m trying to make the trend my friend. But cautiously, because there’s a lot of speculation going on.
And as you know, the Chinese are clamping down on the area right now—but that’s going to change.
Justin: It doesn’t seem like you’re too concerned about all this bubble talk then.
Doug: Not true. I am concerned. The market is very, very bubbly. But I think it’s going higher, for several reasons. One, as we discussed, is that some of the cryptos have great utility, and only about 25 million out of the 7 billion people in the world have them. They’re going to get much bigger in the developed world, but even bigger in the Third World.
In all of Africa, most of South America, and a great part of Asia, fiat currencies issued by governments are a joke. They’re extremely unreliable within those countries. And they’re totally worthless outside the physical borders of the country. That’s why those people want dollars.
I think that the Third World will adopt Bitcoin and some other coins in a huge way.
To continue reading: Doug Casey on Why Bitcoin Could Hit $50,000
