Slashdot Mirror
More Wall Street Pundits Caution Against Investing In Bitcoins (cnbc.com)
Peter Boockvar is the Chief Investment Officer of Bleakley Financial Group, a $3.5B wealth management firm -- and he predicts "an epic crash will hit the cryptocurrency market," according to CNBC. "He isn't sure if it'll come to a grinding halt or be a slow and steady drop -- but he says it's coming."
"When something goes parabolic like this has, it typically ends up to where that parabola began," he said on CNBC's "Futures Now." Boockvar, a CNBC contributor, contends bitcoin is in danger of dropping 90 percent from current levels. He calls it a classic bubble. "I wouldn't be surprised if over the next year it's down to $1,000 to $3,000," he added. That's where bitcoin, the largest cryptocurrency player, was trading less than 12 months ago. Friday afternoon it was trading above $11,000.
Meanwhile, today the International Business Times chronicled the predictions of tech billionaire Mark Cuban. In June of last year as bitcoin was climbing toward the $3,000 threshold, Cuban cautioned potential investors about jumping in on the bandwagon... "[C]rypto is like gold. More religion than asset. Except of course gold makes nice jewelry." He told his followers at the time that he wasn't questioning the value of Bitcoin but was questioning the "valuation" and said , "I think it's in a bubble. I just don't know when or how much it corrects." Cuban suggested that when everyone is "bragging about how easy they are making [money]," that indicates there is a bubble happening...
Still, the Dallas Mavericks owner was open to the idea of using cryptocurrencies as a volatile investment vehicle. "If you're a true adventurer and you really want to throw the Hail Mary, you might take 10 percent and put it in Bitcoin or Ethereum," he said. Cuban also cautioned, "If you do that, you've got to pretend you've already lost your money"... Showing just have far Cuban has come on bitcoin and cryptocurrency, he announced earlier this week that his Dallas Mavericks will accept bitcoin and Ethereum as a method to pay for tickets starting next season. Even if the tech investor doesn't fully believe in cryptocurrency, he's clearly willing to try to profit off it...
Meanwhile, today the International Business Times chronicled the predictions of tech billionaire Mark Cuban. In June of last year as bitcoin was climbing toward the $3,000 threshold, Cuban cautioned potential investors about jumping in on the bandwagon... "[C]rypto is like gold. More religion than asset. Except of course gold makes nice jewelry." He told his followers at the time that he wasn't questioning the value of Bitcoin but was questioning the "valuation" and said , "I think it's in a bubble. I just don't know when or how much it corrects." Cuban suggested that when everyone is "bragging about how easy they are making [money]," that indicates there is a bubble happening...
Still, the Dallas Mavericks owner was open to the idea of using cryptocurrencies as a volatile investment vehicle. "If you're a true adventurer and you really want to throw the Hail Mary, you might take 10 percent and put it in Bitcoin or Ethereum," he said. Cuban also cautioned, "If you do that, you've got to pretend you've already lost your money"... Showing just have far Cuban has come on bitcoin and cryptocurrency, he announced earlier this week that his Dallas Mavericks will accept bitcoin and Ethereum as a method to pay for tickets starting next season. Even if the tech investor doesn't fully believe in cryptocurrency, he's clearly willing to try to profit off it...
Even if Bitcoins stay the same in value, it beats the living shit out of gold, and is far more secure against theft.
Probably not a lot of gold owners sweating it out over the fear of their gold being stolen via the internet, or becoming worthless if their computers crash or they forget a password. But now we're getting into the differences between a store of value and a currency. Gold is a store of value, you don't use it for transactions as it's not well suited for that. Bitcoin wants to be a currency, but has its own shortcomings there (and let's not even get started discussing the number of high profile thefts of bitcoin to date ...)
... which is why there is Monero