What bankers think about bitcoin and their reviews?

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What bankers think about bitcoin and their reviews?

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Bitcoin will be a bubble? Or its price continues to grow through out few years?

Bankers, Economist and investors have varied in view about bitcoin and have weighted in over past year while some believe investors should hold their funds. But many also have sounded the alarm on bitcoin while discussion about different cryptocurrencies.

Following are the different remarks on bitcoin by different experts.

The Bears

Peter Schiff

“There’s certainly a lot of bullishness about bitcoin and cryptocurrency, and that’s the case with bubbles in general. The psychology of bubbles fuels it. You just become more convinced that it’s going to work. And the higher the price goes, the more convinced you become that you’re right. But it’s not going up because it’s going to work. It’s going up because of speculation.”

Jamie Dimon

“It’s a fraud … It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” – Dimon on Sept. 12

“Right now these crypto things are kind of a novelty. People think they’re kind of neat. But the bigger they get, the more governments are going to close them down.” – Dimon on Sept. 22.

“If you’re stupid enough to buy it, you’ll pay the price for it one day.” – Dimon on Oct. 13.

 

Ray Dalio

“It’s not an effective storehold of wealth because it has volatility to it, unlike gold. Bitcoin is a highly speculative market. Bitcoin is a bubble.”

John Hathaway

“Sure you can make money in bubbles any time but you have to get out. Let’s not forget that the total market value of these cryptocurrencies is $180 billion or so, maybe a little less now – that’s tiny compared to gold.”

Jordan Belfort

“I’m not saying you should or shouldn’t buy bitcoin, but [what] I’m saying is I personally, myself, would be very, very careful about investing a lot of money in something that could vanish very quickly.”

Warren Buffett

“People get excited from big price movements, and Wall Street accommodates … You can’t value bitcoin because it’s not a value-producing asset.”

Tidjane Thiam

“From what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”

Carl Icahn

“I got to tell you honestly, I don’t understand it … I just don’t get it. I just stay out of something if I don’t understand it.”

The Bulls

Bill Miller

“I’m highly confident to say that not one of them had actually studied it carefully,” he said during the podcast. “That is to say, they have strong opinions about something they haven’t really looked at.”

Mike Novogratz

“This is going to be the largest bubble of our lifetimes. Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it.”

The academics

Aswath Damodaran

“Bitcoin is not an asset, but a currency, and as such, you cannot value it or invest in it. You can only price it and trade it.”

Nouriel Roubini

“What’s more – it is also used by criminals, for their shady business. I think that more and more countries will start to make cryptocurrency exchanges illegal like China did. New regulations will be adopted. So, this will find its end.”

Joseph Stigliz

“Bitcoin is successful only because of its potential for circumvention, lack of oversight … So it seems to me it ought to be outlawed. It doesn’t serve any socially useful function.”

Robert Shiller

“I think the value of bitcoin is exceptionally ambiguous,” he said. “You might think people who are educated will transform the decision problem into something precise … But it doesn’t seem like the brain is doing that.”

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By | 2018-01-02T16:05:46+00:00 January 2nd, 2018|Blog Posts|Comments Off on What bankers think about bitcoin and their reviews?

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