Top financier Bill Gross has joined the growing ranks of former skeptics who now endorse bitcoin. In a recent interview with CNBC, he said: “I do think we need an alternative to the dollar as we’ve seen in the last week or two and that you know, there will be several survivors and I’m invested to a small extent in bitcoin.”
To be fair, Gross has not been heavily critical of bitcoin. A more accurate description of his stance is “skeptical”, perhaps. Media reporting tends to be polarizing, so any negative comment is magnified and equated with more extreme criticism.
For example, back in 2017 in a Bloomberg interview, he said bitcoin is not really a currency alternative at the moment, pointing out quite reasonably that “buying a bag of groceries at the grocery store is going to be a little difficult”.
The financier was labeled ‘the Bond King’ by Fortune magazine in 2002. He also likes meme stocks such as GameStop and AMC, which he calls lottery ticket stocks. He’s definitely not fond of NFTs though, saying they remind him of when his kids were collecting beanie babies.
Gross joins a growing list of billionaires who favor bitcoin. Forbes recently listed the top 11, though really no-one knows how much any of them own. The billionaires are not the ones in control this time though. They are being swept along by a current that was started by true financial innovators, people with a vision beyond just making a quick buck (or billion) for themselves.