Billionaire businessman Tilman Fertitta, founder and CEO of Landry’s, recently shared his thoughts on bitcoin while on CNBC’s “Power Lunch.” The billionaire sees similarities between the rise of cryptocurrencies and the dot-com bubble, but notes bitcoin is real and is here to stay. Fertitta, who’s also the star of reality show “Billion Dollar Buyer,” compared the cryptocurrency ecosystem’s rise to the dot-com bubble, stating that cryptocurrencies are “no different than anything new,” and that people seem to forget that just 20 years ago adding “.com” to the end of a company’s name helped its stock run-up.
After pointing out that a lot of people made a lot of money thanks to bitcoin’s rise, he said he believes the flagship cryptocurrency is here to stay. He added that “we have a lot to learn about it,” and that his biggest reservation about it is that it isn’t insured by the government. The CEO notably stated:
“Go to the bank and try to withdraw a million dollars, they don’t have the money. It’s just paper. That’s all bitcoin is, is paper, but it’s not insured by the FDIC today. And until it’s insured, a lot of people are never going to buy it.”
Despite the perceived setback, the billionaire businessman said that he could see his businesses accept the cryptocurrency in the future, as per his own words “it’s going to happen, that it’s real, that it’s just new.” The billionaire’s views seemingly counter those that claim bitcoin is “just a fad,” arguing the cryptocurrency will eventually be replaced. As reported by CCN, various hedge fund platforms have rejected cryptocurrency funds as clients, fearing it could be like “the Tamagotchi from 20 years ago.”
Read more from the source here...I fully agree with this billionaire as he has the sense of business and he knows what he is talking about. More than analysts, critics and naysayers, it is actually the business-people who are more reliable on what they gonna say on anything because they are more in touch with reality and their pockets. We should be listening more to people who have already made it rather than waste our time with people whose source of money is criticizing other people and new developments in the field. I am not saying that we should take their words blindly but we should take some wisdom and guidance on their experienced-based pronouncements. Long live, Bitcoin!
