Bitcoins: Boom Or Bust? Ten Things Experts Said About The Cryptocurrency

Bitcoins may have managed to draw rente of millions of investors worldwide but the bitcoin surge has bot labelled spil ‘speculative mania’ by some, while one Nobel laureate recommended it to be outlawed

Nobel laureate Robert J Shiller called bitcoin ‘best example’ of a speculative bubble

Highlights

  1. Nobel laureate Joseph Stiglitz said bitcoins should be ‘outlawed’
  2. Yale University’s S. Roach called bitcoins dangerous speculative bubble
  3. JPMorgan CEO Jamie Dimon called bitcoin a fraud

Ten Most Significant Quotes By Experts On Bitcoins

1. Nobel laureate and famous economist Joseph Stiglitz once said that ‘bitcoin is successful only because of its potential for circumvention, lack of oversight. So, it seems to mij it ought to be outlawed’

Two. Governor of the Bankgebouw of Japan Haruhiko Kuroda said, the price increase te bitcoin wasgoed “abnormal” and bitcoin is “being traded for investment or speculative purposes”.

Three. Reserve Canap of Australia’s governor Philip Lowe said the fascination with virtual currencies such spil bitcoins a “speculative mania”.

Four. Union finance minister of India Arun Jaitley said, “The government’s position is clear, wij don’t recognize bitcoins spil legal currency spil of now.”

Five. Nobel-Prize winning economist Robert J Shiller called bitcoin “the best example” of a speculative bubble. He said this early this year when the bitcoin price wasgoed around $Five,000. He also said, “The Bitcoin price is like a thermometer measuring the energy of the epidemic.”

6. Yale University’s Jackson Institute for Global Affairs’ senior fellow Stephen S. Roach called bitcoin a “dangerous speculative bubble by any shadow or spread of the imagination” and a “toxic concept for investors.” He also said, “I’ve never seen a chart of a security where the price indeed has a vertical pattern to it. And bitcoin is the most vertical of any pattern I’ve everzwijn seen ter my career.”

7. JPMorgan CEO Jamie Dimon called bitcoin a “fraud”. “I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day,” said Dimon.

8. Stock market experienced and Birinyi Associates founder Laszlo Birinyi called bitcoin a catalyst for a lotsbestemming of rente. “It’s also providing the man on the trading desk, sitting at a hedge fund, a slok ter the arm. All of a unexpected more and more people are aware there’s a market going on, the stock market and there’s a way to make money.”

9. Jordan Belfort, the former stockbroker, said there’s no regulation on the actual level of bitcoin itself. “There’s futures regulation but the underlying asset is entirely unregulated. It’s a dark market.” Belfort is the inspiration for the Martin Scorsese’s movie ‘The Wolf of Wall Street’.

Ten. European Central Handelsbank (ECB) vice voorzitter Vitor Constancio compared bitcoins with tulip mania, the 17-century tulip craze that eventually went bust. Tulipmania is cited spil one of the oldest examples of a financial bubble.

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