Billionaire restaurateur, Tilman Fertitta compares the rise of Bitcoin trend to the dot-com boom of the late 1990s.
CEO and Founder of Landry’s told CNBC’s on Thursday,
“I think it’s here to stay. It’s no different than anything new. Everybody forgets that if you put ‘.com’ at the end of your name just 20 years ago, your stock ran up”.
He further adds that earlier the massive reservations about the digital currency’s were that it is not yet insured.
Fertitta makes understand by giving an example, that is someone is willing to withdraw $1mln in cash, probably the bank would be unable to make it out.
“They don’t have the money. It’s just paper. That’s all bitcoin is, is paper, but it’s not insured by the FDIC today. And until it’s insures, a lot of people are never going to buy it”
Similarly, the man holding parent company of Bubba Gump Shrimp said he would see his firm accepting Bitcoin as a medium of payment soon.
Tilman Fertitta said,
“I think it’s going to happen. I mean, I remember somebody walking into my office and saying, the world’s going to change. There’s this thing called the internet. And that wasn’t that long ago. So we have to remember this. It’s just something new and everything moves at a quicker pace today”.