Who is Robert Herjavec?
Robert Herjavec is a Croatian-Canadian businessman, investor, and television personality. Most famously known for his role on NBC's Shark Tank. He is a native of Varaždin, Croatia, and later he moved to Halifax, Canada after living and working on a farm with his family. After spending his youth in the relative middle class, he gained admission to the University of Toronto where he graduated with a double degree in political science and English.
He began his business career as a film producer and director before joining Logiquest selling IBM mainframe emulation boards. Herjavec eventually rose in the ranks to become general manager, but he left soon after he founded his first company. BRAK Systems, a Canadian integrator of Internet security software, was founded from the basement of his home, and later sold to AT&T Canada in 2000 for $30.2 million. His rapid success in business and connection to television prompted producers to feature him on investing reality shows, such as CBC Television series Dragons' Den, and eventually ABC's version of the series, Shark Tank; he dispenses investment advice and acquires stakes in start-up companies along with his co-stars, Mark Cuban, Lori Greiner, Daymond John, Kevin O'Leary, and Barbara Corcoran. He has written various books on advancing in business including, Driven: How to Succeed in Business and Life (2010) and The Will to Win: Leading, Competing, Succeeding (2013).
On Twitter RMr. Herjavec promotes the tech behind cryptocurrency and its future.
— Robert Herjavec (@robertherjavec) February 12, 2018
Why is this such a big deal?
Not only does he have a reputation as an entrepreneur, but he has a valued and respected background in cybersecurity. Hacks and cybersecurity breaches have been all too common in the cryptocurrency space, so hearing his support of cryptocurrencies validates its future. Even with all the cybersecurity issues.
One signifying feature from Shark Tank, is when the Sharks smell "blood in the water" they go after it. He recently told MONEY that we’ll see cryptocurrency eventually chase away the concept of fiat. Keep this in mind moving forward.
One reason why Herjavec is bullish on cryptocurrency’s future is that he’s a big believer in blockchain technology. He says that this new technology is an absolute game-changer that will revolutionize how businesses verify transactions. This viewpoint is shared by his Shark Tank compatriot, Mark Cuban.
Herjavec then goes on to add:
It’s going to have massive benefits for humanity, in all kinds of transactions.
As for virtual currencies, he says:
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.
While his comments above suggest that Robert Herjavec fully supports cryptocurrency, he still has his reservations, in particular to the volatility.
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.
The exchange breach he references is, of course, the recent Coincheck hack. It is understandable for a businessman to be wary of any type of currency that can swing wildly in value from one day to another. Still, the ups and downs of crypto is what makes it so exciting to many people.
As for cryptocurrency replacing fiat in 25 years, that’s probably a bit of a stretch. It’s highly likely that virtual currencies will become as everyday as debit and credit cards are now, but cold, hard cash will probably be sticking around for some time.