Shark Tank star and CEO of cybersecurity firm the Herjavec Group, Robert Herjavec, has spoken out with his thoughts on the recent Bitcoin mania and surge of interest in the cryptocurrency space. According to the investor, Bitcoin and blockchain are “here to stay” and believes it is “going to have massive benefits for humanity, in all kinds of transactions”.
Herjavec believes virtual currencies are the future, explaining:
“To me, it’s the wave of the future. Fast forward 25 years from now, there will be some form of a cryptocurrency that we will pay for electronically, and the concept of cash will go away one day”.
Herjavec himself claims he is not yet an investor in crypto, but predicts the leading cryptocurrency will rise above the December 2017 all-time high of $20,000. Herjavec adds “we’re very bullish on cryptocurrencies.”
Despite the positive outlook from the ABC hit TV show investor, he believes that regulations are incoming, adding “As regulations come out, prices will come way down.”
Still, Herjavec is not yet sold on cryptocurrency due to its volatility and risk as an investment:
"There’s no base for it. When I buy a house and it’s overpriced, I can live in it. There’s some fundamental value. The challenge with cryptocurrency is, it could go to zero. There’s no one exchange that is making them. Exchanges that sell them now can be hacked. We recently saw the largest breach ever — $500 million in 24 hours. If you had bought that exchange, it’s not that you’ve gone down 20% or 40%, you’ve actually gone to zero.”
Herjavec, being a cybersecurity expert, was also asked about the security of cryptocurrencies. He does not believe crypto exchanges are “prone to great security,” citing the recent hack of Japanese-base crypto exchange Coincheck which had over $500 million in NEM stolen from the exchange in a hack.
You can view the rest of the interview with Robert Herjavec here.