KITCO NEWS - Cryptocurrencies have taken markets by storm, with leading alternative currency bitcoin hitting all-time highs this year, so much so that mining mogul and Lions Gate Entertainment founder Frank Giustra has started to take notice. 'I think bitcoin has legs,' he told Kitco News while in New York City. 'I would've never said that a year ago but I think this blockchain technology is going to revolutionize the world.' Despite a recent pullback, Bitcoin has managed to move higher this year, last trading near $2,700 based on Kitco's aggregated markets. Giustra said the new age currency is interesting enough to get him 'dabbling' in it. However, he said he is staying true to his first love: gold. 'I don't see it quite like gold but I see it as another means of avoiding fiat currencies.' And even if he thinks Bitcoin has room to grow, he does see potential roadblocks ahead, especially if the government starts to get involved. 'I think bitcoin is here to stay for a long time...until it starts to put sovereign currencies at risk,' he said. 'When it becomes big enough to threaten sovereign currencies, I suspect someone will try to do something about it.'
This article is commentary by an independent contributor.