We now have enough information on cryptocurrencies to conclude that Bitcoin = Betamax, and Ethereum = VHS. One wins, but both soon obsolete.
Eulogy made by: James Rickards
“Bitcoin and Ethereum…both soon obsolete” – James Ricakrds | $2623.69
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I’m a regular reader of DailyReckoning since late 2008. Jim Rickards in among the writers whose articles I’d read. He claims to be using some proprietary program to predict events and the subsequent movements in the financial market. He had been right before. Among others, with Brexit and Trump winning. Including with those moments when polls `clearly showed the other side will win’. So, credit to him with those.
But he had been wrong too. He’s a huge cheerleader of gold, and had come up with why he thinks it could go to $10,000 an ounce. Plausible. When it comes to the future, no one can quite say with certainty. He could be proven right… eventually. Which might mean in the reasonably near future. Or 200 years from now. Or never.
Anyway on his declaration about bitcoin and ether – I feel he shouldn’t have been so cocksure about these becoming obsolete. Sure, they might suddenly see a sharp fall due to some event. But I believe they are now resilient enough to not become obsolete. Unless if something better were to supplant them as better cryptocurrencies. Too many people already have a taste of these and it’s unlikely they will just decide to dump and go back to the status quo. Only if there’s something better. Just like with how Uber and rides disrupted regular taxis. Consumers aren’t going to abandon these either.