Topic: [2017-12-03] Billionaire Investor Carl Icahn Weights in on Bitcoin: “Seems Like (Read 3109 times)
December 04, 2017, 11:11:55 PM
He is was one of the most trusted advisors of Trump about finance. I think Trump still listening to him. If he has this opinion, something bad could happen. But, the fact that he is talking about, is really great. People are giving attention to BTC and could eventually invest some to understand better.
December 04, 2017, 10:00:53 PM
If he don't understand bitcoin then give time and study it. It has been discussed many times on how bitcoin's usefulness will change the financial system and improve it drastically. And people are still too stupid on that era when mississippi bubble happened so the comparison is very distant.
December 04, 2017, 04:08:42 PM
“I got to tell you honestly, I don’t understand it. I’m the last guy — I just don’t get it. I just stay out of something if I don’t understand it.”
When I don't know anything about a given topic I tend to stay away from it as well and this staying away includes commenting on it! When you're not a mechanic and you start telling people how their cars should be repaired you'll just look like a fool and sooner or later somebody will call you out. This guy seems like a smart guy but he can't understand this simple rule.
When I don't know anything about a given topic I tend to stay away from it as well and this staying away includes commenting on it! When you're not a mechanic and you start telling people how their cars should be repaired you'll just look like a fool and sooner or later somebody will call you out. This guy seems like a smart guy but he can't understand this simple rule.
December 04, 2017, 01:34:05 PM
The contrast to the Mississippi bubble is that the bubble became obvious the more people bought in. It has been the opposite with bitcoin so far, mass adoption has even led to bitcoin futures which will come to the market in the near future. I mean if bitcoin really does turn out to be a bubble then it has to be the biggest bubble ever because the indicators are all green so far, and they look like they will continue to be so.
December 04, 2017, 11:46:59 AM
He admitted that he doesn't understand it.
Why did he now call it a bubble?
Maybe he thinks his words have weight like Dimon's and he will cause a crash.
Fat chance!
Why did he now call it a bubble?
Maybe he thinks his words have weight like Dimon's and he will cause a crash.
Fat chance!
He isn't the only one who doesn't understand Bitcoin and at the same time thinks it has no value or purpose behind it. Nowadays the floodgates have opened with Bitcoin breaking through new record highs continuously, and for that reason we'll see many more economists, experts, bank CEO's, nobel prize winners, goats, cows, clowns, etc talk down on Bitcoin. People who don't understand why Bitcoin has value in the first place, will always consider this market to be a bubble, regardless of its price. Let them talk as much as they want, we don't care, and Bitcoin doesn't care. The higher the price goes up, the more bitter these individuals will become, which is a feeling that will keep burning them from inside.
December 04, 2017, 10:13:47 AM
He admitted that he doesn't understand it.
Why did he now call it a bubble?
Maybe he thinks his words have weight like Dimon's and he will cause a crash.
Fat chance!
Why did he now call it a bubble?
Maybe he thinks his words have weight like Dimon's and he will cause a crash.
Fat chance!
December 03, 2017, 05:34:30 PM
Billionaire Investor Carl Icahn Weights in on Bitcoin: “Seems Like a Bubble”
Recently, bitcoin hit a new all-time high above $11,000 before its price corrected, and subsequently started clawing back to $10,000. At press time, according to data from CoinMarketCap, bitcoin is back above $11,000, trading at $11,179. The cryptocurrency’s advances, as well as its intense volatility, led various prominent Wall Street personalities to weight in on the cryptocurrency, including business magnate and investor Carl Icahn.
While speaking to CNBC, Icahn, the founder of Icahn Enterprises, recently admitted that he doesn’t understand much about bitcoin, and added that to him it “seems like a bubble,” specifically reminding him of a bubble involving swampland in Mississippi.
After stressing that he “just doesn’t get” the enthusiasm behind bitcoin and other cryptocurrencies, he compared it to the 18th-century land bubble, stating:
“If you read history books about all these bubbles, like in Mississippi — where John Law went around selling all this land in Mississippi that was sort of worthless and the French were going crazy giving him all this money. And then one night it all blew up … to me, this is what this is.”
The famous Mississippi Bubble, brought by Scottish adventurer and economist John Law, essentially consisted of him being granted authority to open up a company to manage trade in the French’s territorial claims near the Mississippi River. To fund the venture he issued paper shares to investors, who under the “lure of gold and silver” eagerly bought these shares, leading to a 1,900% increase in under a year, according to historian Jon Moen at the University of Mississippi.
Per Moen, many turned into millionaires at the time, but things went south when people realized much of the lands were just worthless swamps. Icahn’s comparison suggests that same thing will happen to bitcoin, which is up over 1,000% year-to-date, once people no longer see value in it.
What it neglects, however, is that the cryptocurrency’s growth has been accompanied by a surge in its adoption, popularity and userbase. Coinbase, the largest U.S.-based cryptocurrency exchange, added 100,00 new users in a single day last month.
Icahn added:
“I got to tell you honestly, I don’t understand it. I’m the last guy — I just don’t get it. I just stay out of something if I don’t understand it.”
Recently other prominent financial big shots bashed the cryptocurrency as well. Goldman Sachs CEO Lloyd Blankfein recently derided the cryptocurrency as a “vehicle to perpetrate fraud,” while Nobel Prize-winning economist Joseph Stiglitz claimed that bitcoin “ought to be outlawed.”
Source: https://www.cryptocoinsnews.com/billionaire-investor-carl-icahn-weights-bitcoin-seems-like-bubble/
Recently, bitcoin hit a new all-time high above $11,000 before its price corrected, and subsequently started clawing back to $10,000. At press time, according to data from CoinMarketCap, bitcoin is back above $11,000, trading at $11,179. The cryptocurrency’s advances, as well as its intense volatility, led various prominent Wall Street personalities to weight in on the cryptocurrency, including business magnate and investor Carl Icahn.
While speaking to CNBC, Icahn, the founder of Icahn Enterprises, recently admitted that he doesn’t understand much about bitcoin, and added that to him it “seems like a bubble,” specifically reminding him of a bubble involving swampland in Mississippi.
After stressing that he “just doesn’t get” the enthusiasm behind bitcoin and other cryptocurrencies, he compared it to the 18th-century land bubble, stating:
“If you read history books about all these bubbles, like in Mississippi — where John Law went around selling all this land in Mississippi that was sort of worthless and the French were going crazy giving him all this money. And then one night it all blew up … to me, this is what this is.”
The famous Mississippi Bubble, brought by Scottish adventurer and economist John Law, essentially consisted of him being granted authority to open up a company to manage trade in the French’s territorial claims near the Mississippi River. To fund the venture he issued paper shares to investors, who under the “lure of gold and silver” eagerly bought these shares, leading to a 1,900% increase in under a year, according to historian Jon Moen at the University of Mississippi.
Per Moen, many turned into millionaires at the time, but things went south when people realized much of the lands were just worthless swamps. Icahn’s comparison suggests that same thing will happen to bitcoin, which is up over 1,000% year-to-date, once people no longer see value in it.
What it neglects, however, is that the cryptocurrency’s growth has been accompanied by a surge in its adoption, popularity and userbase. Coinbase, the largest U.S.-based cryptocurrency exchange, added 100,00 new users in a single day last month.
Icahn added:
“I got to tell you honestly, I don’t understand it. I’m the last guy — I just don’t get it. I just stay out of something if I don’t understand it.”
Recently other prominent financial big shots bashed the cryptocurrency as well. Goldman Sachs CEO Lloyd Blankfein recently derided the cryptocurrency as a “vehicle to perpetrate fraud,” while Nobel Prize-winning economist Joseph Stiglitz claimed that bitcoin “ought to be outlawed.”
Source: https://www.cryptocoinsnews.com/billionaire-investor-carl-icahn-weights-bitcoin-seems-like-bubble/
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