Mainstream Media Lashes Out At Bitcoin $10KNovember 27, 2017 3:07 pm
Critics and analysts of Bitcoin are speaking out about the cryptocurrency and warning of an impending bubble burst for what they label an out-of-control investment with the UK’s Guardian the latest to join the critics, Cointelegraph reported Monday.
Neil Wilson, a senior analyst at London-based ETX Capital told the paper anyone prepared to buy Bitcoin for a higher price was the “greater fool,” the report said.
“Rather than a commodity or currency, Bitcoin is like owning stock in a company that will only ever issue 21 mln shares and never pay a penny in dividends.” – Neil Wilson, ETX Capital
“The only way it has value,” he continued “is if the next guy is willing to pay you more for it – the greater fool. With no intrinsic value to Bitcoin, it’s hard to see this as anything other than a giant speculative bubble,” Cointelegraph reported.
Bubble-oriented thinking is part of the increasing divide in the financial community, the report said. Surveys, however, have indicated fewer people believe a $7,000 Bitcoin is a bubble than a $2,000.
The analyst nonetheless conceded Bitcoin, which now has a bigger market cap than General Electric, had gained “very important legitimacy” from CME Group’s decision to offer regulated futures trading beginning next month, the report said.
Meanwhile, social media influencer Branden Hampton led the rebuttal, writing Sunday anyone calling Bitcoin a bubble is eligible for a “slap in the face,” Cointelegraph reported.
– WN.com, Jack Durschlag