Former advisor to President Clinton, who is also a former board member of the New York Fed, Glenn Hutchins, thinks that cryptos are based on a lot of useful things for communities than gold.
The chairman of North Island and co-founder of Silver Lake, who also sat on the New York Federal Reserve board talked to CNBC about cryptocurrency and non-fungible tokens (NFTs).
He said that he values some cryptos much higher than gold. In the meantime, someone is offering a staggering $2.5 million for Jack Dorsey’s first-ever tweet and up to $4,000 for an anti-Bitcoin tweet by Peter Schiff as an NFT.
According to Hutchins, the right cryptos are more like platinum and copper. While speaking during a Squawk Box show on CNBC, he said that the right cryptos have real use cases and can even be compared to copper and platinum instead of gold. They move up and down not only as a store of value but as something that has real utility.
Glenn is a bitcoin holder who first acquired bitcoin in 2016 when the flagship crypto was trading at around $100 per coin.
NFTs Are Better Than Real Collectibles
The host of the program asked Hutchins about NFTs (non-fungible tokens) and why they are gaining massive popularity. The expert decided to use the example of NBA top shot digital trading cards. He explained that NFTs can be readily traded on the network and then shared with friends while the physical collectibles collect dust in the investor’s desk.
In general, he said that the world is continuously moving “from terrestrial to digital” and the non-fungible tokens are good since they have use cases for what individuals are doing and can catch various moments that people would want to remember. The users can also trade them on the network easily unlike physically trading cards and other collectibles.
Dorsey’s Tweet Gets A $2.5M Bid
In the past week, the Twitter CEO made the first-ever tweet published (by himself) into an NFT on an Ethereum-based platform, Cent. On March 6, Tron CEO Justin Sun offered to purchase the tweet for $500,000. By March 8, the highest bid was a staggering $2.5 million which was offered by a Malaysian entrepreneur.
Famous Bitcoin critic Peter Schiff also launched his non-fungible token on the same platform featuring one of his anti-Bitcoin tweets. By March 8, the highest bidder for that totaled $4,000.