Clem Chambers does not hesitate to share his enthusiasm for the potential of crypto to revolutionize the world of finances. In a recent interview with Kitco News, the famous investor and author of Amazon Best-Seller “101 Ways to Pick Stock Market Winners” said that because of its characteristics, Bitcoin (BTC) is superior to gold and even traditional money.
Chambers — who also wrote “Trading Cryptocurrencies: A Beginner’s Guide – Bitcoin, Ethereum, Litecoin” — explained that Bitcoin is on a bullish streak that has been fueled by the trade war between China and the United States:
“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 .
“I think there’s a rush to buy a Bitcoin in China” he said, noting that one of the reasons could be its convenience to put large ammounts of money out of the country
Chambers also asserted that in addition to the commercial war against China, U.S. threats to bomb the Syrian people and declare a military conflict have also strongly stimulated a massive purchase of cryptocurrencies:
“There’s also a lot of interest in Iran at the moment because obviously, America might be dropping its bombs on the unfriendly guys over there and I think that’s also driving quite a lot of Bitcoin purchasing”
Clem Chambers does not believe that institutions are playing an important role in pricing Bitcoin (and the crypto market in general.) From his point of view, institutions are “years away from really engaging” and simply view cryptocurrencies as a “weird thing” considered by many as “magic money”.
He explained that the market for crypto has a lot of potentials to grow. Chambers made an analogy with Apple, explaining that although crypto users show a strong enthusiasm for this technology, its value is still much lower than it should be:
“It’s aggressive to say that the whole of the crypto space is equivalent to one stock like Disney so it’s a tiny tiny tiny market but it has a massive a massive amount of interest particularly amongst the so-called Millennials and particularly amongst people out in Asia”
Mr. Chambers believes Bitcoin outperforms gold in convenience and security, however from his point of view, BTC is a better form of money than a simple storage of value.
Clem Chambers concluded the interview explaining that the market is so young it turned out to be a gift for experienced traders as it is very easy to predict, but for novice traders, high volatility makes trading a dangerous practice. However, he called on his followers to investigate deeply before trading and not rely on luck:
“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,”
Full interview available here:
