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Bill Gross: Central Banks Are Pushing Investors to Bitcoin
Risky markets and incapable central banks could drive investors into the arms of bitcoin, asset manager Bill Gross opined in a recent note.
By Stan Higgins
Updated Sep 11, 2021, 12:31 p.m. Published Oct 4, 2016, 6:57 p.m.
Risky markets and an incapable central banking culture could drive investors into the arms of bitcoin and gold, billionaire asset manager Bill Gross opined in a recent note to investors.
Gross, who founded the Pacific Investment Management Co and now spearheads the Janus Global Unconstrained Bond Fund, dubbed markets a "casino", and said that low returns in an environment of zero-cost debt could ultimately push some investors to take their money elsewhere – thus risking further destabilization.
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He wrote in a note to Janus investors, published today:
"Bitcoin and privately agreed upon blockchain technologies amongst a small set of global banks, are just a few examples of attempts to stabilize the value of their current assets in future purchasing power terms. Gold would be another example — historic relic that it is. In any case, the current system is beginning to be challenged."
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What that outflow might look like, Gross didn't elaborate on. However, he opined that markets are in a very risky position and that "it is capitalism itself that is threatened" by current central bank policies, which since the 2008 financial panic have pursued a strategy of low interest rates and the monetization of debt.
"Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound," Gross wrote, concluding:
"This cannot end well."
Image via Fox Business/YouTube
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