Economist Dawie Roodt thinks Bitcoin is a wonderful speculative opportunity, and is confident it is the technology of the future.
Speaking to The Money Show’s Bruce Whitfield, Roodt said there is no difference between fiat currencies and cryptocurrencies.
Roodt said the price of the rand against the US dollar is historical, where it was set against a certain level at launch – and then changed over time as the economy changed.
He argues that private currencies (cryptocurrencies), like Bitcoin, are exactly same – and that its real value is unknown.
Roodt said it is impossible for anyone to say that Bitcoin is in a bubble, because there is no certainty as to what the real value should be.
He said Bitcoin’s value is supported by trust, which is the same system which supports the value of the US dollar or other world currencies.
“People like Bitcoin because it sounds like a good idea,” said Roodt.
He said he is not a particularly big supporter of the Bitcoin token, but is excited about the technology which is being developed. This includes systems running on blockchains.
“This technology is going to change the world that we live in,” he said.
Roodt said he owns some cryptocurrency, but it is not a big investment and is for the purpose of familiarising himself with cryptocurrencies.
He said he does not view Bitcoin and other cryptocurrencies as an investment, but rather as a great speculative opportunity.
He advised people to purchase a small amount of Bitcoin or Ethereum and play around with it, as it is the technology of the future.
Roodt’s comments come after Bitcoin reached an all-time high of over $6,000 this past weekend.