Clem Chambers is a big fan of blockchain and associated cryptocurrencies and he does not hide his admiration for the top coin as he says Bitcoin (BTC) is superior to traditional money and gold in his latest interview.
“If you go in there and you treat Bitcoin like a casino, it will treat you like a gambler and you’ll probably lose your investment,” Clem Chambers.
The well renowned author and cryptocurrency enthusiast is once again voicing his admiration for bitcoin, the pioneer cryptocurrency, on his latest interview with Kitco News.
The writer of “How to make 25% a year investing sensibly in shares” and “Trading cryptocurrencies: A beginner’s guide (Bitcoin, Ethereum and Litecoin)” however has come out strongly discouraging traders from using the cryptocurrency as a tool to get rich quick or the field as a casino.[embedded content] [embedded content]
Institutions yet to drive the bull market
At the start of the interview, Clem Chambers clarified that the market is still far away from institutional adoption as the field continues its developmental journey to global adoption.
The experienced author sees the adoption process of Bitcoin (as well as other cryptocurrencies) taking years to fully come to fruition. He believes institutions are “years away from really engaging” and these institutions simply view cryptocurrencies as a “weird thing” considered by many as “magic money”.
“The China-US trade war is fueling demand for BTC”
The year is currently on its half way mark and the Bitcoin faithful are rejoicing the gains witnessed so far in the year. Compared to 2018, where the market was bleeding red, the current BTC price has witnessed a 130% increase in price year to date.
It seems coincidental that the bullish momentum in BTC is coinciding with the prolonged strain in the China-US trade talks however according to Chambers it is the strain in the talks that is pushing the price of BTC upwards.
“As far as I’m concerned it’s the trade war with China… The Chinese have always been big Bitcoin people and I think they’re afraid that the Renminbi, Yuan or whatever you want to call their own currency is gonna get, you know, knocked down.”
The best-selling author then continues saying the people of the republic of China are looking for alternatives to move the money outside the country.
The anonymous nature of BTC offers the citizens a way out to store their wealth as they await the decision on the China-US trade war.
Syrian wars fueling the BTC demand in Iran
He further states the Syrian wars is also causing the increase in the demand of BTC in the region after a number of threats from the U.S to exert military pressure on the people. Furthermore, Iran has seen a spike in the number of BTC purchased in the region as the economic sanctions around the world cripple the economy further.
Recently, LocalBitcoins.com, a peer to peer market to purchase and sell Bitcoins to locals around you pulled its services from Iran citing the risk of losing the US market.
Despite the caution on the industry, Chambers still believes that Bitcoin is a far better option to store value as compared to gold or traditional fiat money. The convenience, security and technological benefits Bitcoin offers may end up eclipsing the value offered by gold, “the shiny metal”.
The value of Bitcoin and the volatile nature of the market makes it profitable for experienced traders to make a profit. However, Chambers warns traders in the field from relying on luck and gambling in the field as it may end up chipping away all your profits and capital.
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