No border, no regulation, no interference. Sounds like a dream currency. January the 3rd, 2009 we found this dreamlike intangible virtual currency. Now this time, it’s more real than anything. Defeating many ups and downs, Bitcoin is flying high even defying the gravity. Many of us are still confused about this volatile cryptocurrency, however. Both sides of the optimism and pessimism are heavy. Moreover, none can ignore the confusion. How will this wild ride come to an end? Will the bullish Bitcoin be bearish soon? Let’s look at what the Business Experts’ have to say about the future of Bitcoin.
Lloyd Blankfein isn’t investing in Bitcoin yet
A month ago Gloman CEO Llyod Blankfein said he’s open to Bitcoin though he doesn’t have any investment in this currency. In Bloomberg TV with Michael Bloomberg, Blankfein said, “if it works out—and it gets more established, and it trades more like a store of value, and it doesn’t move up and down 20%, and there is liquidity to it—we’ll get to it”.
Jeff Currie Sounds Confident about Bitcoin
Unlike his CEO, Lloyd Blankfein, Currie is confident on Bitcoin. Jeff Currie, global head of commodities research, Goldman Sachs Group Inc. sees Bitcoin as a commodity. A commodity as valuable as gold. He says Bitcoin “is a commodity… not different than gold”. Mr. Currie doesn’t even find any reason behind “all this hostility to it”.
Ray Dalio wraps Bitcoin as a Bubble
Founder of world’s largest hedge fund company Ray Dalio seems not a fan of Bitcoin. In a CNBC interview, Dalio questions Bitcoin’s usability. He says, you cant make many transactions in it. You can’t spend it very easily”. He further says It’s not an effective store hold of wealth because it has volatility to it, unlike gold. Bitcoin is a highly speculative market. Bitcoin is a bubble”.
Bill Gates likes Bitcoin
The former richest man on earth, Bill Gates finds Bitcoin flexible. In a Bloomberg TV show, Gates stated why Bitcoin is “better than currency”. The topnotch tech expert said, “Bitcoin is better than the currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient”.
Warren Buffett finds Bitcoin Valueless
Strong friendship doesn’t require similar perspective and thinking. Look at the Gates-Buffett friendship. Though, Bill Gates finds Bitcoin unstoppable, Buffett says, it’s a “real bubble in that sort of thing”. The Oracle of Omaha is the most revered finance and investment veteran. Makail Johannesson of Market Watch reported, Buffett said, “people get excited from big price movements, and Wall Street accommodates. The business sage further said, “You can’t value bitcoin because it’s not a value-producing asset”.
All in all, the current cryptocurrency market has a value of $337.22B. Nonetheless, to some, this is some sort of a cul-de-sac, while to others it’s the next big thing. However, before taking any major decision in terms of Bitcoin, understand the underlying value first. Remember Tulip Mania, the flowers cost even more than houses?