(Kitco News) – Bitcoin is the future method of payment that will be accepted by most consumers, due to its ease of use, and prices will likely skyrocket said Robert Herjavec, founder and CEO of Herjavec Group.
“I’m a big believer in bitcoin, electronic payments in the future but I think we’re a long way away from that,” Herjavec told Kitco News.
Herjavec noted that $100,000 a coin for bitcoin is not impossible.
“Consumers, over the long run, always go to convenience, and bitcoin is just convenient,” he said.
Stocks tumbled on Monday and Tuesday on the back of coronavirus fears, and Herjavec said that markets are starting to take note of how the global trading ecosystem could be negatively affected.
“What I think we all learned yesterday is how truly interconnected the world is in ways that we don’t even think. The coronavirus breaks out in South Korea, [so] why does this affect the global economy? South Korea is the number one shipping point for most goods out of Asia. So anything out of Asia is going through South Korea and if they shut down, how do we get goods?” he said.
The S&P 500 closed 3% lower on Tuesday, following a 3% drop on Monday as well.
Author: Kitco News