Renowned American billionaire Ken Moelis, founder of investment bank Moelis & Company, compared the attitude of today’s crypto users to the gold rush in 1848.
How does @Moelis approach crypto? "It's a big market – there's a lot of capital in that market. It's like the gold rush of 1848, I believe our business is selling the picks and the shovels and to just watch the space and continue to learn." Ken Moelis #BloombergDeals pic.twitter.com/bsZ3Aw1t58
— Bloomberg Live (@BloombergLive) June 8, 2021
“How does Moelis approach crypto? “It’s a big market – there’s a lot of capital in that market. It’s like the gold rush of 1848, I believe our business is selling the picks and the shovels and to just watch the space and continue to learn.” Ken Moelis at BloombergDeals”.
In the Bloomberg interview, Moelis shared his thoughts on the future of crypto assets and, on the personal interest question, hinted as follows:
“Definitely on the business side we are focused on having expertise”.
In contrast to other famous names in the industry, such as Warren Buffett who, while claiming to be out of the blockchain world, has invested in digital banks offering Bitcoin ETFs, Moelis seems to be staying grounded but personally confirming interest in the sector.
In fact, the American billionaire went on to add that while honouring his mission of wanting to provide his clients with all the necessary tools they need, the continued rise in crypto demand may require the addition of a few new services dedicated to cryptocurrencies.
“We have to know what people want, what tools they need to be successful”.
Crypto vs gold: what is the trend according to fintech celebrities
Digital assets continue to gain momentum, to the point that famous fintech names such as Moelis have no choice but to comment.
It is precisely because of the principle of scarcity that characterizes Bitcoin itself that the comparison between the crypto world and the precious metal, gold, continues to be a trending topic in fintech.
Earlier this month, Mark Cuban, entrepreneur and president of the Dallas Mavericks basketball team, claimed to be an early investor in crypto, with a portfolio composed of 60% Bitcoin, 30% Ethereum and 10% other crypto assets.
According to Cuban, “BTC and Gold are both financial religions”, although he went on to extol the virtues of the queen of cryptocurrencies.
Crypto succeeds when it's a more productive implementation of it's competition. BTC/Gold are both financial religions. BTC is easy to trade/store/create with no delivery issues. BTC also enables transfer of value locally and globally . Gold is a hassle. Just look at Ft Knox
— Mark Cuban (@mcuban) May 2, 2021
“Crypto succeeds when it’s a more productive implementation of it’s competition. BTC/Gold are both financial religions. BTC is easy to trade/store/create with no delivery issues. BTC also enables transfer of value locally and globally . Gold is a hassle. Just look at Ft Knox”.
While, also earlier this month, Jeff Currie, the Head of Commodities Research at Goldman Sachs, had instead compared Bitcoin and cryptocurrencies as an alternative to copper, rather than gold.
Specifically, Currie had stated:
“You look at the correlation between bitcoin and copper, or a measure of risk appetite and bitcoin, and we’ve got 10 years of trading history on bitcoin — it is definitely a risk-on asset”.
