Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group, sees the potential for Bitcoin (BTC) to be around for a long time, but with a significant price drop coming when the Bitcoin bubble bursts, according to CNBC.
When asked if the stock market would crash in the event of a significant fall in Bitcoin’s price, Boockvar said that any corresponding drop would just be psychological, because Bitcoin is “not something that really is that relevant in a 19 trillion dollar economy.”
However, he adds that people in South Korea, Japan, and the US who have been taking on credit card debt in order to invest in cryptocurrency will be hit hard.
Boockvar told CNBC that the boom in crypto markets can be attributed to easy-money policies of central banks and money printing. These moves make some cryptocurrencies, like Bitcoin, more attractive to investors, due to the fact that they are both finite and safe from debasement and inflation.
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