Bitcoin is a Bubble

Many have had their say over the past couple of weeks.  From Jamie Dimon (JP Morgan) slating Bitcoin and calling it a “FRAUD” to James Gorman, CEO of Morgan Stanley, recognizing that Bitcoin is “more than just a fad.”  Now Mike Novogratz, ex-hedge fund manager, formerly of the investment firm Fortress Investment Group says Bitcoin is the largest bubble we will see in our lifetimes.

 

An excerpt from Bloomberg article “A Crypto Fund King Says Bitcoin Will Be the Biggest Bubble Ever” “Remember, bubbles happen around things that fundamentally change the way we live,” said Novogratz. “The railroad bubble. Railroads really fundamentally changed the way we lived. The internet bubble changed the way we live. When I look forward five, 10 years, the possibilities really get your animal spirits going.”

 

Read the full article here

 

Coindesk writes – “Viktor Shvets, head of global and Asia-Pacific equity strategy for Macquarie, wrote this week that in spite of any “extreme speculation,” bitcoin relies on a “durable technology that is likely to continue to evolve and strengthen.”

In a note to clients, obtained by Business Insider, Shvetz then directly took on the allegation that bitcoin is a “fraud” – advanced by Dimon earlier this month.

“If one describes Bitcoin as a fraud, how would one describe a ‘financial cloud’ that is at least four to five times larger than the underlying economies?” Shvetz asked, writing:

“It is unlikely that $400 trillion+ of financial instruments circulating around the world would ever be repaid and most are now backed by assets that are already either worthless or are diminishing in value. How does one describe rates and the yield curve that are either directly determined by [central banks] ([Bank of Japan] or [People’s Bank of China]) or heavily influenced by them ([The] Fed or [European Central Bank])? People living in glass houses should not throw stones.”

 

 

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