Fiscal industry veteran George Ball believes investors would be prudent to classify a "pocket-sized part" of their portfolio to cryptocurrencies — marking a major departure from his previous stance towards digital assets.

In an interview with Yahoo Finance, Ball described cryptocurrencies similar Bitcoin (BTC) as an "attractive" pick for investors looking to hedge against currency debasement. His comments came as Congressional lawmakers mulled a $1.9 trillion relief bill that would put provide up to $1,400 in direct stimulus payments to Americans impacted past Covid-19.

"I've never said this before, and I've e'er been a blockchain, cryptocurrency and Bitcoin opponent. Simply if you lot look now, the government cannot stimulate markets forever, the liquidity alluvion volition end," Brawl said.

He continued:

"With the cryptocurrencies, I think at that place is a key hydra-headed shift that makes them attractive as a part, a pocket-size part, of most any portfolio."

If college aggrandizement leads to currency debasement over the long term, Brawl said, "and then the cryptocurrencies have a slap-up deal of allure."

Ball, who served as Chairman of Prudential Fiscal between 1982 and 1992, began to change his tune on Bitcoin in August 2020 when he told investors that at present was the time to seek exposure to the digital asset. At the time, one Bitcoin was worth roughly $12,000. Information technology'southward presently valued at only over $48,000.

Wall Street veterans like Ball are warming to cryptocurrencies every bit they've watched Bitcoin pull a 5x motility in less than half dozen months. Institutions like JPMorgan and Morgan Stanley are eyeing the Bitcoin market, whereas firms similar BNY Mellon take already started to custody the digital asset.