Shark Tank star and Herjavec Group CEO Robert Herjavec recently weighed in on the cryptocurrency ecosystem and blockchain technology. According to the businessman, Bitcoin is going to surpass its $19,000 all-time high, but “is going to crash one day.”
During an interview with financial news outlet TheStreet, Herjavec revealed that he’s very bullish on cryptocurrencies, although he himself is not a cryptocurrency investor. When asked, he stated that he thinks Bitcoin is “going to go way up in the short term, short term being the next few months, maybe a year”.
Herjavec even claimed Bitcoin is going to surpass its all-time high, noting that he was calling it right there. However, he believes cryptocurrencies should and will be regulated. Per his words, as regulations start coming out, the flagship cryptocurrency will “come way down”.
During that journey, the TV star added, there will be highs and lows. He noted that the cryptocurrency market is a very speculative one, and asserted that “on a long-term basis, it’s here to stay”.
Based on this, Herjavec went against the “hodl” mindset, stating:
“I don’t know if you want to own bitcoin right now. I think you want to get in, and you want to get out.”
Regarding security, the businessman pointed out that cryptocurrency exchanges “are not prone to great security”. To prove his point, he pointed out the recent hack at Coincheck, that saw over $500 million worth NEM get stolen.
Robert Herjavec is bullish on blockchain technology
While Robert Herjavec seemingly sees bitcoin and cryptocurrencies as a bubble, he did show he was bullish on blockchain technology. According to him, the technology’s “inherent security of a transaction” is very promising.
So much so, that he believes blockchain will be able to put data back into the hands of consumers, instead of it being owned by a central authority as it is today. Moreover, Herjavec thinks people will need to “present the minimum amount of identifying information needed to make a secure transaction”.
His sentiment towards blockchain technology is similar to that of fellow Shark Tank star and FUBU apparel CEO Daymond John, who on Twitter revealed it has potential:
It will make it easier to operate businesses and the barrier of entry will smaller. Hopefully it allows for innovative, scrappy entrepreneurs to get into the market easier. #DJForScience https://t.co/2jHcLMosKz
— Daymond John (@TheSharkDaymond) January 31, 2018