Ross Gerber, a well-known Tesla investor, feels that Bitcoin is here to stay, following the largest cryptocurrency’s stunning performance in January.
Gerber took to Twitter this morning. “Another fantastic day for bitcoin at $23,000 and defying the critics who were sure it was dead,” wrote the co-founder and CEO of Gerber Kawasaki Wealth & Investment Management. But no, bitcoin is like a cockroach that keeps coming back. A cockroach emoji accompanied the tweet.
The investor has always been a supporter of cryptocurrencies, so his post comes as no surprise.
According to U.Today, Gerber announced his ownership of Bitcoin during a 2020 visit on the Off The Chain podcast with Anthony Pomliano. Bitcoin, according to the notable investor, is an inflation hedge and digital gold.
Bitcoin is analogous to the fabled cockroach, an almost immortal species that have long withstood annihilation in a constantly changing environment. The cockroach’s resilience stems from its adaptability and ability to survive in a wide range of environments, while its simplicity gives them a significant advantage over more complex species seeking to challenge its dominance. They can survive on relatively few resources and reproduce quickly, allowing them to easily adapt to changing environments.
Similarly, despite several setbacks, Bitcoin is altering the world economy and has grown rapidly since its start in 2009. Bitcoin’s decentralized nature renders it impervious to government, bank, or other large institution manipulation or seizure. This decentralized system gives financial independence and freedom from government intervention while lowering inflation risk.
After many bear markets, Bitcoin was able to recoup its losses and establish itself as an essential asset in the current global economy.
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