Here we go again. This time the World's Largest Hedge Fund Founder says Bitcoin is a bubble.
Every morning when I wake up I go downstairs, make coffee and sit behind my computer.
I usually check Steemit first and then some crypto website to get my fix on the latest news.
Last week it was Jamie Dimon of JP Morgan telling me Bitcoin is in a bubble.
This week it's Ray Dalio, The founder of the world’s largest hedge fund.
You can read it Here.
Crypto markets seem to have reacted to the news a little bit (BTC down $200) but already less than before.
As expected.
Dalio is the next in line of a group of growing skeptics.
All these people have, of course, have one thing in common. They all work in finance.
It makes one wonder why all of the sudden now these good people, collectively, feel the need to warn us of a Bitcoin bubble.
They never seem to warn us about bubbles when it's in their own interest.
It makes me tired at times. Because for me, it's already clear that blockchain and cryptocurrencies will reshape the world.
Why?
Because, never in the history of the world has there been decentralized currencies.
Currencies that make it possible to do trades between two parties without a third party anywhere in the world.
Currencies that have a limited supply but are infinitely divisible.
Currencies that can't be created by banks and governments, out of thin air, whenever they please causing inflation and slowly killing the value of the currency itself.
Currencies that can only be created by putting value into them first (huge amounts of energy for a bitcoin, content creation for STEEM).
Just to name a few.
I believe, the volatility in all cryptocurrencies comes from the fact that the world is trying to figure out what this technology is worth and that is a very bumpy ride for sure (I have been on it for almost 5 years, it's awesome, lol)
What can be true is that the markets are currently overbought and that a correction is coming.
But a correction and a bubble are not the same things.
In the long run, I can only see it go up.
Have a great day!
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The world of finance has turned into a speculative cesspool. Everybody is trading racing after the fast money and the way of the fundamental investor has fallen by the wayside. Renown hedge fund manager Hugh Hendry recently just closed his hedge fund citing "overbought, broken markets" and the fact that the macro model is simply "broken". It's quite apparent that stocks, bonds, housing, hell, about every market is severely over bought and in tremendous bubbles, that they're trying to lump BTC in with the rest of the Frankenmarket they have built.
The comments from Dimon and Dalio are laughable and I think there will be more financial "experts", I use that term very loosely, come out of the wood work claiming BTC is in a bubble or saying something negative about BTC in the coming weeks. The FUD narrative I believe has a 2 fold meaning. They want to shake out all the weak hands holding BTC and crypto and have as much of that money as possible to move into more traditional investment vehicles, which they control.
It still surprises me why anybody would listen to these fools when it comes to investment advice. I hope as time goes on more and more people realize the long term problems crypto can solve and quit the speculation and become investors. Speculation has ruined all markets, well along with trillions of dollars of money printed out of thin air. They can't do that crypto and it will very interesting to see how governments approach BTC in the near future as crypto curriencies are actually a way they can create additional liquidity without having to weaken their own currencies.
Great post man! Have a great day!
Amazing reply man! thank you.
Yes this is true @exyle bitcoin is coming up on the news only to mostly tell people its a bad deal and china knows it??? Anyway everybody is now piping up and claiming they knew it already but many say this will only make bitcoin stronger I think crypto is the way forward so gooo steem!
No wonder why bitcoin touches the ceiling of $4k and went down.
It actually work on their favor or it could be folks with a lot of money are asking them if they can invest in crypto.
thanks for this value content.
Big "money," is . . . scared.
Same ole FUD, maybe he's mad because he sold all his bitcoins 😂
He's probably mad because they wil be irrelevant if bitcoin takes over.
Or Ray Dalio is the next investor. Same thing happened with JP Morgan. ^^
lol :)
Too much FUD these few weeks, can we just go back to March/April where every day some people would buy up and push the prices of that respective currency up for a few days. All you had to was buy just early enough. But then that's not sustainable in the long-run. Ah, the good days. We just have to buy and hodl!
Also, i think Poloniex re-enabled wallet transfers for steem.
I am quite sure this is done out of anxiety. They really, genuinly are scared about the future of the USD, EUR, YEN, etc...
Now they still think they can scare people out of it. Maybe they can, depends on what powers they will get to make people scared of using crypto currencies.
I know one thing though, that when a significant amount of people start using BTC or any other crypto to buy FOOD, then the change is irreversible, the past has proven that!
The future will tell, I hope you are right, but I do think they still have some tricks up their sleave...
I think he was misquoted. He could have said Bitcoin is going to DOUBLE and some of the media guys busy multitasking, got that as bubble!
Had a good laugh? Well, here is some good news after your laugh. Bitcoin is here to stay because it is offering a pillar of stability in the face of a high amount of volatility in fiat currency worldwide. It is the only asset that seems to be trending upward without any sign of losing momentum. True, there might be a correction possibly, but nothing which will make it lose much value.
Another reason is that people have invested their personal capital which makes sure that there is enough equity and interest in Bitcoin(and other cryptocurrencies like Steem). This will ensure that it will not become a bubble.
The only reason for such insecurity on the part of financial gurus is because they are not comfortable with something they are not familiar with and more importantly, threatens their livelihood that is built on fiat currency.
Even fiat currencies don't have any real value because their value is something that is created by the governments and manipulated according to their needs.
It's exactly that exyle. Their carreers are on the line and they're spreading useless FUD just to scare people away. Atleast we, early adopters, know how revolutionary the blockchain is and will be in the years to come.
@exyle I was a licensed Stock Broker here in the USA for 27 years and I have to admit that Wall Street is as SLEAZY as it comes. In Conjunction with the Big Banksters and the FED., we have the recipe for Disaster that is coming. Just look around the World at what has happened with Central Banking in Greece and Cyprus as well as Venezuela. It is not going to end well but cryptos could very well help to save peoples lives................@exyle time will tell..............Take care my Friend.