Bitcoin Obituaries

People are buying Bitcoin because they expect other people to buy it from them at a higher price; the definition of the greater fool theory. …When the crash comes, and it cannot be too far away, it will be dramatic. Eulogy made by Buttonwood Source

The Bitcoin price has set new records above $6,500 and nothing seems capable of stopping it on its way towards the infinity. As you know, I think that the only justifiable price of it is zero and everyone who doesn’t see it is a moron. The whole capitalization of over $100 billion is a measure..

Digital currencies, in their current form, should be prohibited by law. And not because they are a Ponzi scheme (which they are), and not because they can help facilitate criminal activity (which they do), but because they incur colossal social waste…. An important part of the deception is that mining is mathematically guaranteed to become..

“It just doesn’t make sense. This thing is not regulated, it’s not under control, it’s not under the supervision” of any central bank, Alwaleed said in an interview on CNBC’s “Squawk Box.” “I just don’t believe in this bitcoin thing. I think it’s just going to implode one day. I think this is Enron in..

The conclusion is that the incentive to buy BitCoin or any other virtual cryptocurrency is the speculation that someone else will pay more real world currency (real purchasing power) at some time in the future. That is the essence of the Greater Fool Theory. Eulogy made by Jeffrey Smith Source

…That’s bad news for Bitcoin investors, as central banks and banks can find ways to taper the demand for Bitcoin, taming any further price gains and occasionally crushing it, as the Chinese government did recently…. A larger supply of cryptocurrencies could eventually crush Bitcoin prices for good, the way a larger supply of different varieties..

Bitcoin is a fad, just like bimetallism before it, according to one Nobel Prize-winning economist. The observation came from American economist Robert Shiller, who compared the cryptocurrency to the bimetallism fad of the late 19th century when both gold and silver were accepted as legal tender. Eulogy made by Robert Schiller Source

“Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success,” …“Eventually governments will take any action they need to prevent [that].” Eulogy made by Ben Bernanke Source

“I believe it’s not going to succeed in delivering the monetary utility that people [expect],” Schiff said. “I do not think it’s going to be the money of the future. I think it’s the bubble of the present.”  “I think a lot of people unfortunately, have attributed properties to Bitcoin and other cryptocurrencies that do not..

“I could care less about bitcoin…. I don’t personally understand the value of something that has no actual value. You all can do whatever you want and I don’t care….. If you’re stupid enough to buy it, you’ll pay the price for it one day. I’ve also told people that it can trade at $100,000 before it..

Cryptocurrencies like bitcoin can make an attractive investment for many people on Wall Street. But famed financial analyst Gary Shilling, president of A. Gary Shilling & Company says that this emerging currency is too opaque and complicated for him to invest. Gary Shilling: It’s a black box and I’m not a believer in black boxes…

My best guess is that in the long run, the technology will thrive, but that the price of bitcoin will collapse….it is folly to think that bitcoin will ever be allowed to supplant central-bank-issued money. Eulogy made by Kenneth Rogoff Source