“Bitcoin is more like a limited edition toy than an investment,” says Zac Bissonette, the author of The Great Beanie Baby Bubble: Mass Delusion and the Dark Side of Cute. “It has no value except for the sheer hope that it will one day become valuable”.The economist, who has a background in investment consultancy, said that a similar “fear of missing out” is driving Bitcoin as people worry they won’t be able to join the digital gold rush. Items that are artificially scarce – like football cards, for example, “always fail”.Renowned economist Kenneth Rogoff is equally dismissive of “cryptomania”. He said that comparing Bitcoin to Beanie Babies was “much too generous”. The American chess grandmaster believes the currency is a good idea but that it will “eventually be obliterated by a better competitor”.“With anonymity and liquidity Bitcoin will have little value,” Rogoff warned. “This may take time but it will happen.”
Eulogy made by Zac Bissonette, Kenneth Rogoff
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