ForexMinute.com — In an interview to finance news website cash.ch, the former CEO of banking organisations like UBS and Credit Suisse — Oswald Gruebel — predicted Bitcoin to be a long-term investment like Gold.
“The only investment that demonstrably keeps its value over a long period is gold, and in future perhaps also bitcoins,” he said while criticising the inability of financial houses to avoid economic slowdowns and crisis.
“We need to see that Gold and Bitcoin production is limited, which is not a case with fiat money. Central banks can print unlimited money and they talk about it openly. Therefor money has no intrinsic value.”
The comment indeed came as a surprise from an industry which, until this date, have been the biggest critics of digital currency technology. Especially as an insider, who have spent a considerable portion of his life serving banking sector, Gruebel’s comment was a refreshing perspective and a greatest endorsement Bitcoin has ever received from banking sector.
An year ago, one of the former US Treasuries Lawrence Summers also recognised the digital currency as innovating and a “very, very important development”. Indeed, their views and expertise on international finance cannot be ignored, especially when the world is on the verge of facing another financial turmoil. These are small but significant statements that could be used before legislations to defend Bitcoin as a true future-currency.