Peter Doyle, co-founder of $7 billion asset manager Horizon Kinetics, told the Financial Times in a commentary that the company has bet on digital assets and real estate to protect against inflation.
"The world needs bitcoin or some cryptocurrency that doesn't depreciate at the whim of banks or politicians. In the future, bitcoin will not rise as much and will only go up by the relative amount of depreciation of other currencies on an annual basis," he said.
According to Doyle, people should have access to digital assets. He also noted the limited issuance of bitcoin and the rise in the price of the first cryptocurrency amid inflation.
"After the pandemic there is no turning back, there is a debt problem in the world which means either default or currency depreciation," Doyle added.
In addition to cryptocurrencies, Horizon Kinetic invests in real estate. The company holds stakes in Texas Pacific Land, Canadian property developer Dream Unlimited and asset manager Brookfield Asset Management.
"Our investment philosophy is to own companies that are managed with a long-term focus, and we want investors to think the same way," Doyle explained.
He also added that the best long-term investors "tend to have concentrated portfolios and low asset turnover", which allows them to increase returns.
Recall that in May, Larry Fink, head of $9 trillion asset manager BlackRock, said cryptocurrencies have high potential in the long run. However, in July he noted minimal customer interest in digital assets.
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