I'm nothing short of amazed at the growth Bitcoin has seen this year. Bitcoin has truly seized the interest of millions of investors across the world and has many believing what we are looking at is nothing short of a financial revolution. But there are many on the other side of the fence who have taken the stance that Bitcoin is nothing short of 'speculative mania' and there is even one Nobel laureate who has gone so far as to recommend that it be outlawed!
As you probably know already (Steem / Steemit users are usually quite knowledgable about cryptocurrencies because after all, we work with them everyday), Bitcoin is without a doubt, the world's most discussed asset class and currency of 2017.
Many countries contest its status as a real currency while other countries have embraced it legally such as Japan and Belarus. Then there are countries that absolutely detest it and have gone so far as to outlaw it such as Bangladesh, Ecuador and Nepal.
Finally there is another batch of countries that is still on the fence as to what to do about it. So, while the uncertainty over bitcoin and its future continues to prevail, some economists, central bankers, finance ministers experts have either encouraged or warned the investors.
Lets see what these so called 'experts' have to say about Bitcoin shall we?
Ten Most Important Quotes By Experts On Bitcoins
Nobel laureate and famous economist Joseph Stiglitz once said that 'bitcoin is successful only because of its potential for circumvention, lack of oversight. So, it seems to me it ought to be outlawed'
Governor of the Bank of Japan Haruhiko Kuroda said, the price increase in bitcoin was "abnormal" and bitcoin is "being traded for investment or speculative purposes".
Reserve Bank of Australia's governor Philip Lowe said the fascination with virtual currencies such as bitcoins a "speculative mania".
Union finance minister of India Arun Jaitley said, "The government's position is clear, we don't recognize bitcoins as legal currency as of now."
Nobel-Prize winning economist Robert J Shiller called bitcoin "the best example" of a speculative bubble. He said this early this year when the bitcoin price was around $5,000. He also said, "The Bitcoin price is like a thermometer measuring the intensity of the epidemic."
Yale University's Jackson Institute for Global Affairs' senior fellow Stephen S. Roach called bitcoin a "dangerous speculative bubble by any shadow or stretch of the imagination" and a "toxic concept for investors." He also said, "I've never seen a chart of a security where the price really has a vertical pattern to it. And bitcoin is the most vertical of any pattern I've ever seen in my career."
JPMorgan CEO Jamie Dimon called bitcoin a "fraud". "I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you're stupid enough to buy it, you'll pay the price for it one day," said Dimon.
Stock market expert and Birinyi Associates founder Laszlo Birinyi called bitcoin a catalyst for a lot of interest. "It's also giving the guy on the trading desk, sitting at a hedge fund, a shot in the arm...All of a sudden more and more people are aware there's a market going on, the stock market and there's a way to make money."
Jordan Belfort, the former stockbroker, said there's no regulation on the actual level of bitcoin itself. "There's futures regulation but the underlying asset is completely unregulated. It's a dark market." Belfort is the inspiration for the Martin Scorsese's movie 'The Wolf of Wall Street'.
European Central Bank (ECB) vice president Vitor Constancio compared bitcoins with tulip mania, the 17-century tulip craze that eventually went bust. Tulipmania is cited as one of the oldest examples of a financial bubble.
Now it's time to have a discussion about these statements and see what we can learn by further introspection. For example, do you believe that Bitcoin's real and only use case is to hide money? That is what was suggested in quote #1.
Do you believe that this cryptocurrency craze is nothing more than 'financial mania'? That was what Reserve Bank of Australia's governor Philip Lowe had to say about it...
Do you really think that Bitcoin could be a 'fraud' as Jamie Dimon so elegantly put it?
What are your thoughts on these 'expert' opinions and statements?
Please leave comments and questions below!
Thanks for dropping by @techblogger.
Source:
https://www.ndtv.com
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The bitcoin and other cryptocurrency graphs are definitely crazy "vertical". The last week also shows that even with all the crypto currencies out there, there is no safe haven cryptocurrency to hide into. When the whales and funds trade, violatitity is very high.
The volatility is high, but EMA 50 over 3-6 month shows constant exponential growth because of wider adoption.
Price development:
Negative factors:
Positive factors:
I'm not sure if anyone has done research into Lightning network which is looking promising makeing Bitcoin super viable option hence if it works all those pros will look silly. However government n other bans are still big risks imo and wider adoption is needed.
BITCOIN is the momma of the crypto world but i think there are many others that will help society as it is, the ability to share so much tech strength and combine it all into one force is world changing , we may not even know as of yet what can really be accomplished with what bitcoin has started . For now though bitcoin is and will be the momma bear where the rest are under her wing ,, bright future for many..thanks for the content -- upvoted
Yes. I also agree with this... Trading will follow the momma bear for the time being until she is dethroned officially through a sort of flippening. If and when that ever happens, it will be quite a sight to see!
Risk is there everywhere but one should do a thorough research and do investing .You will definately emerge winner
i'm excited about the future for cryptos i think in the future money will become more and more decentralized--good post!
They were the experts of the pre-crytocurrency era. Things have changed now and these experts look just like noobs talking about this revolutionary technology.
Bitcoin is the crypto currency 1.0 There are cryptos 2.0 and 3.0 And there will be 4.0 cryptos. For them Bitcoin will be the great grandfather, which could only handle 15 transactions per second.
https://blockchain.info/unconfirmed-transactions
(Nice picture, besnopile! Join us and we'll steem you up!)
Nice contribution. Thanks for your opinion here. This kind sir deserves an upvote!
Crypto 3.0 - which one do you have in mind? Neo?
I agree that cryptos will evolve and in the coming years we will see bitcoin dominance go lower and lower my bet is on Litecoin, Monero, Steem and Substratum.
You can check my post on Substratum.
https://steemit.com/cryptocurrency/@amit-negi/substratum-could-be-the-next-10x-coin
Bitcoin is an outsider an enemy for them , thoses statements are today wrong cause price went up and thousand new cryptos and investor are coming ,a total new market is emerging , the most perfect exemple is that russia estonia ... are creating their own crypto proov that crypto-currencies will have a real status on 2018 definetly with more RESPECT .
Bitcoin will be like Yahoo, waiting for a google to come along
Perhaps, Bitcoin is Google and the current technology is Yahoo?
Funny story... So my sister tells me "I would have gave you money for Christmas, but you would have just went and bought bitcoin" lmao yup
My Friend you shared a very good information about the bitcoin and in my opinion too there is a bit risk in investing this bitcoin because every thing has reession after the boom and as i also predicted that bitcoin will go up more but it will down after some time and you also said that some of the countries also stop the investors to stop investment
how do you think about the development of bitcoin 2018 to the future @techblogger
The unconfirmed transactions will grow. The fees will grow further. Then decline as people realize and use other cryptos.
Interesting prediction but that isn't taking into consideration their coming play with lightning network and future forks!
I personally think experts don't always know/get everything right, but crypto-currency will continue to expand as more and more people get into and adopt its ways. It's also a good way for companies to get right into the mix with a successful coin while helping to fund their goals and company ambitions, (preferably legit ones anyway). @techblogger
Yep. That was sort of my point in this article... A bit of dry humor I suppose. I also agree that it doesn't really matter because it looks to be a certainty that cryptocurrency is here to stay and that will be something that the mainstream populations of the world will need to get used to.
my thing isnot anyone predict this market fuure
so not disscussion with the bitcoins futures
big experts failure about prediction
Do you think bitcoin is actually a bubble?
I think so. Technologically inferior after being superior initially.
I don't doubt it, but I'm in it. Lot's of pump and dump news out there that bitcoin will reach much higher.
one way or another, bitcoin will continue to grow. These people are trying to compare it with speculation, but the entire stock market lives at the expense of speculation, this is the basis. Interest in bitcoin was warmed up because of his technology, because he provides people with new multiplicities. And what opportunities can other assets provide, shares of companies for example? That's exactly the difference in the Polish crypto currency. Another thing is that before Christmas there was a strong pampa of some altkoins and bitcoins. Now we see the result, and this fall or speaking in the exchange language-correction.
so there are all prepositions for further growth in 2018, and you need to be smart and choose the right asset in the second you have to invest. No one wants to miss such an opportunity to get a profit.
Thank you
For you who are long term investors like myself: (those who allways make the most returns), BITCOIN is still the crypto giant. It is at a low price, and will never be cheaper. It will be ten times this price in 2018. Remember - it has the lowest circulating supply of any coin.
BCH has the same number of coins and a fraction of the transaction costs. Thanks for your opinion regardless. Take care.
Well informed article @techblogger
These experts are simply stating that the speculation behind cryptocurrencies is present because they likely believe that there is no real value backing them up- you are simply buying a line of computer code. Well, once they realize people are becoming as rich as them from this 'speculative mania' then they will think back to the time they made those comments lol take your profits as you go- 2018 gold rush is just about underway
@techblogger enjoying your posts and will continue to weigh in and comment what I think... thanks for sharing
regards @conradsuperb
Thank you for posting