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It is only to be expected that economists and other financial experts remain wary of Bitcoin and other cryptocurrencies at this stage. After the onslaught which traders have witnessed throughout most of 2018, the future price direction remains unclear. Economist Joost van der Burgt is confident Bitcoin will fall even further in value pretty soon. Another Doom Scenario for Bitcoin Anyone who has paid attention to Bitcoin price predictions over the past year may have noticed that financial ‘experts’ don’t expect a bright future for Bitcoin or other cryptocurrencies. That is not entirely surprising, especially considering that the year 2018 hasn’t been tooPowered by WPeMatico
There exists a decent probability that the price of Bitcoin will eventually go to zero, according to Joe Davis, the head of Vanguard Investment Strategy Group, a division of the global giant Vanguard Group. In a blog post published on Tuesday, May 21, Davis broke down his argument that cryptos don’t qualify as currencies and may soon be replaced by centralized blockchain-based currencies. Bitcoin Presents A Quandary A proponent of the ‘blockchain is good but cryptos are bad’ narrative, Davis is optimistic that the blockchain has great potential to revolutionize many industries, even stating that Vanguard is already using it. However, he isPowered by WPeMatico
Throughout history, people have tried to reinvent money, and while new inventions have created a buzz for some time, none of them have succeeded. Bitcoin and other cryptos are just the latest in a long line of such inventions, according to renowned American economist and crypto critic Robert Shiller. In a blog post appropriately titled “The Old Allure of New Money”, Shiller recounted various instances in which new forms of currency have been invented, including the Cincinnati Time Store of 1827, all of which have faded away after the initial excitement died off. Deep Yearning For A Revolution Among the examples Shiller referencedPowered by WPeMatico
In case you were wondering, Nouriel Roubini’s stand on Bitcoin and other cryptos hasn’t changed a bit. He still thinks cryptos are a scam, and believes Bitcoin is “bulls**t”. In a panel discussion at the Milken Institute in Los Angeles, the economist who lectures at New York University referred to late Bitcoin entrants as “suckers” who would end up being preyed on by the earlier entrants. The panel consisted of Abra’s CEO and founder, Bill Barhydt, Alex Mashinsky, CEO of crypto lending pool Celcius Network, and Brent McIntosh, general counsel for the U.S. Treasury. It was moderated by Anna Irrera, a journalist fromPowered by WPeMatico
Contrary to what most people expect, there is a growing demand for cryptocurrencies among investors. Even though the current market sentiment may not show it, there are plenty of ways to become a millionaire with cryptocurrencies. Erik Finman, a well-known Bitcoin millionaire, claims everyone can make money with crypto. Moreover, he is convinced no one should worry too much about bubbles or lower prices as of right now. It’s an interesting train of thought, and one that has a lot of merit. Erik Finman is Still Bullish on Cryptocurrencies It is safe to say Erik Finman is a self-made millionaire courtesyPowered by WPeMatico
The People’s Bank of China (PBOC) today had a closed-door meeting on the use of electricity for bitcoin mining. The legitimacy of the news has been confirmed by Tencent Finance. Also Read: Peter Thiel, Bitcoin Astronaut, Moves Markets with Crypto Moonshot The PBOC Investigates the Power Usage of Bitcoin Mining Tencent Finance said that China’s central bank recently […]
The post Chinese Central Bank Hosts Closed-Door Meeting on Electricity Usage of Bitcoin Miners appeared first on Bitcoin News.
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