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Hedge Fund Manager: Near Impossible to Short Bitcoin Bubble

Tilman Fertitta: Bitcoin Here to Stay, Similar to the Dot-Com Bubble

Reading Time: 2 minutes by on December 30, 2017 Bitcoin, Business, Commentary, News
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Tilman Fertitta, American billionaire businessman and television personality, explains that Bitcoin is no different than the dot-com bubble of the late 1990’s.

“It’s no different than anything new. Everybody forgets that if you put ‘.com’ at the end of your name just 20 years ago, your stock ran up.” Fertitta said. Ironically, the owner of Landry’s, one of the largest restaurant corporations in the United States, is confident that bitcoin won’t fade. He said: “I think it’s here to stay.”

In providing an example, the billionaire restaurateur pointed that if a person tries to withdraw $1 million in cash from a bank, the bank won’t be able to meet the request. He said: “They don’t have the money. It’s just paper.”

Fertitta also has his concerns about cryptocurrencies not being insured. Until then, the reality tv star bullishly stated that a lot of people wouldn’t buy cryptocurrencies until guaranteed by the Federal Deposit Insurance Corporation (FDIC). “That’s all Bitcoin is, is paper, but it’s not insured by the FDIC today. And until it’s insured, a lot of people are never going to buy it.”

His comments emphasize the gap in a crypto space where sure proponents of the technology vehemently oppose any government involvement. Big businesses, on the other hand, especially those that advocate cryptocurrency, fear entering the sector without governments assurance to safeguard their investments.

Fertitta, the owner of the Houston Rockets, envisions his business accepting bitcoin as a payment method very soon. Recently, another American basketball team, the Sacramento Kings adopted the cryptocurrency for jerseys and tickets in 2014.

Vivek Ranadive, co-owner of Sacramento Kings, said at the time:

“The way I saw it, bitcoin had reached a tipping point where it had crossed from being a curiosity to a becoming a legitimate form of doing commerce.”

Since the beginning of 2017, bitcoin has been one of the hottest trending topics. After being criticised and praised at the same time by notable entrepreneurs, regulators, and celebrities, it seems the billionaire businessman wants to join in on the crypto thrill ride.

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