[2017-11-04] Credit Suisse CEO: Bitcoin Is The “Very Definition of a Bubble”

DannaWonder

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Quote from: vit05 on November 04, 2017, 08:18:17 PM

https://www.cryptocoinsnews.com/credit-suisse-ceo-bitcoin-is-the-very-definition-of-a-bubble/

At a time in which bitcoin reaches a new record high around the $7,500 mark and catapults the cryptocurrency market cap above the $200 billion mark for the first time in history, Credit Suisse CEO Tidjane Thiam makes it clear that he isn’t a fan of the cryptocurrency, as he stated it was the “very definition of a bubble” while speaking at a news conference in Zurich.

The CEO expressed caution as interest in bitcoin could eventually subside. He noted that right now people are buying the cryptocurrency expecting a price rise that will help them make money, not as a store of value, meaning it is a bubble. He notably stated:

“From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”

Another negative feedback from a bank executive despite the fact that bitcoin price is positively moving upward. What can we expect from people who will be affected by this development that bitcoin is experiencing. Why do people keep on comparing bitcoin to previous bubble wherein those bubble are from businesses who offered goods wherein bitcoin don't offer any product but something that can buy products.

Lukas Tarantas

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I fully agree with this definition. But it's so nice to watch the increase in the cost of bitcoins.

BitHodler

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Quote from: odolvlobo on November 05, 2017, 12:08:57 PM

As for all the people dismissing what he said for whatever reason, you need to put away your fanboy excitement and take a cold hard rational look at what is going on.

Bitcoin's speculative nature has always been a major reason for basically each and every bull run, so there isn't much new to see here. People are used to it and therefore just get excited about how this market keeps thriving.

Every time the price seems to break through another all time high, CEO's show up and attempt to talk down on Bitcoin in a way that it's purely speculative interest thriving this market, and that's what people are done with.

After everything we have been through, it's nothing more than normal to be excited about how Bitcoin has been progressing in all aspects. People dismissing this progress are delusional.

xFiber

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Quote from: odolvlobo on November 05, 2017, 12:08:57 PM

Quote from: vit05 on November 04, 2017, 08:18:17 PM

“From what we can identify, the ~~only~~ main reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”

If he said that instead, I would totally agree with him, and I own several bitcoins. I'm not selling because I don't know when it will pop and I'm in it for the long term anyway.

As for all the people dismissing what he said for whatever reason, you need to put away your fanboy excitement and take a cold hard rational look at what is going on. Sure, Bitcoin has the potential to change the world, but that is not what is driving the price right now.

I'm not selling either because I'm in it for the long haul as well but I think too many people only look at the price and disregard the bigger picture. Bitcoin is not only a store of value it's also a network. And what is so exciting is the underlying technology, probably even more exciting and revolutionary than the internet.

I'm a realist myself and I recognize that the growth we've seen is completely insane, but I refuse to think that we are in a bubble... yet. Reason being is because the normal people don't want it yet. Right now we're seeing big players enter the space. That's what's causing the price surge right now. As soon as my neighbors are interested in buying bitcoin I will consider calling the state of bitcoin as being a bubble.

marckenigsberg

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Quote from: Falgorn on November 05, 2017, 01:07:56 AM

Partly with such a statement one can not but agree. Indeed, the significant interest of people in bitcoin arises from the fact that most of them hope that the bitcoin rate will grow and they will have a profit. If bitcoin does not rise so sharply in price, interest in it will significantly weaken. At the same time, it is impossible to reject other advantages of crypto currency that are not related to profit, but with simplicity, accessibility, relative anonymity and ease of use.

I agree.
There is also a huge failure among many of these "experts" to distinguish between new people speculating and believers who know it is a true store of value.
Just because some new people came to the market speculating does not mean everyone holding or buying bitcoin is speculating.

glowing10

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Quote from: gemelnik on November 05, 2017, 08:42:37 AM

People with big names say it's a bubble....so its price drops...and they can buy cheaper

It's that simple.

This is what people are feeling for China as well that by banning ICO at that time they were aware of the prices to drop and as soon as btc reached 3k they might have started buying due to which afterwards prices just started rising only and never stopped.

odolvlobo

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Quote from: vit05 on November 04, 2017, 08:18:17 PM

“From what we can identify, the ~~only~~ main reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”

If he said that instead, I would totally agree with him, and I own several bitcoins. I'm not selling because I don't know when it will pop and I'm in it for the long term anyway.

As for all the people dismissing what he said for whatever reason, you need to put away your fanboy excitement and take a cold hard rational look at what is going on. Sure, Bitcoin has the potential to change the world, but that is not what is driving the price right now.

1Referee

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Quote from: gemelnik on November 05, 2017, 08:42:37 AM

People with big names say it's a bubble....so its price drops...and they can buy cheaper

It's that simple.

People more and more start to discard the opinions of the people you are referring to as 'big names', self claimed experts, self clamed analysts, etc. Bitcoin has been stated to be a bubble when it reached the $100 level for the first ever time back in 2013. It first was said that the market will never reach there, but then they somewhat lowered their tone, and said that if the market does end up touching $100, it would never be able to reach that level again afterwards. Current levels prove that this market can't be put to a stop. Not by China, not by corrupted banksters, governments, etc. I wait for the day that governments start adopting Bitcoin in whatever shape or form, just because they know they are near losing this battle. Saying is that when you can't beat your enemies, join them. Wink

gemelnik

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People with big names say it's a bubble....so its price drops...and they can buy cheaper

It's that simple.

TagaMungkahi

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Bounty Campaign Manager? --> https://goo.gl/YRVVt3

THE ONLY REASON TO BUY BITCOIN IS TO MAKE MONEY FROM IT?. What a Dumb reason, He should try surfing the internet or do a research on all Bitcoin enthusiasts on why are they buying Bitcoin. YES it is pretty popular especially to the normal people see bitcoin as a money generator thing but some tech enthusiasts and Businesses buy bitcoin for their ICO and some of them use Bitcoin as a currency. It is a "VERY DEFINITION OF A BUBBLE" but as of now, i doubt that it is acting like a bubble to me.

Jating

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I totally agree with him that bitcoin today is for making money and its really based on purely speculation. But I don't think that its a bubble, and let say his argument is true, when it burst I think people will still buy bitcoin as used it as we may see it. So there is nothing to be afraid of. People has been pouring cash on the market to earn money. And its also a good investment of most of us. And as much as they call it a bubble that is waiting to be burst, people will still buy because FOMO is real and that bitcoin will hear to stay, bubble or not.

Karakyli

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In this age, virtually everything that replaces the price of the product also has all the signs of a soap bubble. Gold, in principle, is nothing like ordinary metal, like aluminum. However, due to the fact that gold is very rare, people have agreed that it will be a measure of value. If significant deposits of gold are found in the bowels of the earth, it will immediately fall sharply in value and will be valued only as metal. The same can be said about paper money. If all people do not perceive, say, the dollar as a means of payment, it will also turn into a beautiful, worthless piece of paper. Until people support bitcoin and consider it a measure of value, it will not be a soap bubble, but a full-fledged digital currency.

ImHash

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If he had 50,000 bitcoins he wouldn't have called it a bubble, People will buy and sell every day and will earn profits while people like him will stand idle and miss the train, You say it's a bubble? Ride it then with all of us together Cheesy

Money is a strong motivation for everyone, Without it we would be living in caves. Maybe price is moving too fast but it's not a bubble.

Falgorn

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Partly with such a statement one can not but agree. Indeed, the significant interest of people in bitcoin arises from the fact that most of them hope that the bitcoin rate will grow and they will have a profit. If bitcoin does not rise so sharply in price, interest in it will significantly weaken. At the same time, it is impossible to reject other advantages of crypto currency that are not related to profit, but with simplicity, accessibility, relative anonymity and ease of use.

vit05

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https://www.cryptocoinsnews.com/credit-suisse-ceo-bitcoin-is-the-very-definition-of-a-bubble/

At a time in which bitcoin reaches a new record high around the $7,500 mark and catapults the cryptocurrency market cap above the $200 billion mark for the first time in history, Credit Suisse CEO Tidjane Thiam makes it clear that he isn’t a fan of the cryptocurrency, as he stated it was the “very definition of a bubble” while speaking at a news conference in Zurich.

The CEO expressed caution as interest in bitcoin could eventually subside. He noted that right now people are buying the cryptocurrency expecting a price rise that will help them make money, not as a store of value, meaning it is a bubble. He notably stated:

“From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”

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