From CNBC
Bitcoin, the cryptocurrency that has been on a tear of late, is not only an attractive investment, but it is also a potential solution to easing a strained global financial system, according to a top money manager.Read more: http://www.cnbc.com/2017/05/30/bitcoin-could-help-the-world-says-investor.htmlThe current debt-based market with unlimited supply and limited borders, allows for "too much quantitative easing," which is behind the problem of "too much debt and too little growth," according to Rainer Michael Preiss, executive director of Taurus Wealth Advisors. And that, he said, is where bitcoin comes in.
"Governments are potentially having long-term issues with debt repayment, and the world is suffering so much debt. Maybe the world needs an alternative — in the sense that [bitcoin] is an asset-backed currency with limited supply," he told CNBC's "Capital Connection" on Tuesday.
Preiss said he believes the technology backing bitcoin has the potential to go beyond financial markets, into a new social structure, with the fourth industrial revolution and developments in artificial intelligence.
With the rise of populism, he said, it is evident that trust is becoming less prevalent in society globally. As the current social contract appears to fray at the seams, a network-based decentralized system, such as bitcoin, has increasing potential.
Bitcoin is already occupying a considerable position in global financial markets, according to Preiss. "Bitcoin's market capitalization overtook Deutsche Bank just as of last week, so that shows you how to some extent the world and things are changing," he said.
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