Some of the key people disregarding bitcoin and who call bitcoin a bubble
Bitcoin has been witnessed as one of the most successful cryptocurrencies to date. Bitcoin’s success can be attributed to the fact that a large population of people believes that it can be used as a currency. Basically, anything which has value, actually has it, due to the reason that people believe that it has value. If the people don’t believe, then no centralized organization can force us to consider it as a currency. It’s the voluntary decision and belief of a person which makes any particular commodity valuable. Bitcoin has a huge fan following due to the reason that it is not centralized. After the 2008 economic crisis which the world experienced, the citizens had left hopes from the centralized financial authorities and amidst this, when a cryptocurrency like Bitcoin came into existence people couldn’t resist its adoption.
However, on the other hand, due to its increased adoption, a number of financial experts even speculate its functioning and are of the opinion that Bitcoin is nothing but a Bubble which might burst anytime, similar to the economic crisis which occurred in 2008.
Here is a list of 15 people in the crypto industry who assume that Bitcoin is nothing but a Bubble:
Co-founder at Broadcast.com and Shark Tank star, the billionaire, had once tweeted that Bitcoin was under a speculative bubble and could burst at any point in time. He wished that the cryptocurrency Bitcoin had any other better alternatives. He has also come forward and showed his interest in the venture capitalist firms which are looking forward to supporting the startups which are aiming to create Bitcoin Rivals.
He calls cryptocurrency as the ‘mother of all bubbles‘.
The economic advisor of Allianz SE praised the Blockchain Technology for the amazing implementations it provides, but at the same time, warned about the Bitcoin price burst that might occur, leaving the whole crypto space in denial. According to him, mass adoption of the cryptocurrency is happening at the current price rating and he warned that the government wouldn’t allow adoptions at such scales.
CEO at Berkshire Hathaway, the second richest person on the planet doesn’t seem to frequently put forth his belief regarding the cryptocurrencies, but whenever he does, spills out venom. Anyhow, he does believe that the technology that the Bitcoin uses is very interesting, but at last, he considers cryptocurrency nothing more than a mirage. He even speculates about the way the cryptocurrency coin transfers the money.
The most famous Yale University Economist, who is well known for his previous bubble predictions such as the 1996 Dotcom bubble as well as the 2006 housing bubble. When he was interviewed about the current bubble which is existing in the market, without skipping a beat he mentioned “Bitcoin.” He mentions that the main reason for its popularity is the motivating story which led to the Bitcoin initiation. He even said that whenever anyone starts speaking about Bitcoin a sense of excitement can be observed. Anyone could get rich easily, in the cryptocurrencies space, and, which he pointed out, that is against the fundamental rule.
Founder of one of the largest hedge fund company, Bridgewater Associates. He is of the opinion that the inability to use the cryptocurrency as a currency is its main drawback. The people cannot use it for their daily transactions. He pointed out Bitcoin volatility as the main cause behind it, unlike gold which is not that volatile. He even mentions that Bitcoin is a highly speculative market and is a bubble.
The billionaire hedge fund manager is well known to keep himself away from popularity. He even warned his followers, not to get swept away in the craze of Bitcoin. He mentioned that the online digital currency is only good during its increase in value but one must control themselves and let the Bitcoin bandwagon pass by peacefully.
One of the most famed hedge fund managers repented that he has missed a great opportunity for making money easily in the Bitcoin spike. He mentioned that all the actions were leading him to the speculative bubble. Although he mentioned that he was no one to comment on Bitcoin because he has never bought one, he made it a clear point that whenever he describes the facts and figures relating to Bitcoin it seems to be perfectly correlating with the descriptions of previous bubbles.
Founder at DoubleLine Capital, even get has expressed his distaste regarding the Bitcoin and considers it as a bubble.
At first, he mentioned the positive side of Bitcoin and then went on to describe the high volatility and hence lesser stability, support the fact that it is a bubble.
The famous economist doesn’t seem to get a straight answer as to how does Bitcoin provide a store of value.
He considers it to be as a commodity rather than a currency.
He considers Bitcoin as nothing but a pump and dump scheme and a scam.
He marks the anonymity of Bitcoin to be one of the disregarded features of the coin as it is used for the illegal activities.
Vice Chairman at Berkshire Hathaway Inc. considers Bitcoin as a noxious poison.