BlackRock Chief: Bitcoin is a Bubble

soham

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Quote from: TheCoinGrabber on October 22, 2017, 11:03:28 AM

https://www.youtube.com/watch?v=YAVOrCPBVzU

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Business Insider executive editor Sara Silverstein speaks with Richard Turnill, global chief investment strategist at BlackRock, which oversees $6 trillion. He says that while he thinks blockchain technology will be adopted more over time, but that doesn't mean that cryptocurrencies should keep going higher and higher. He says they show a lot of the characteristics of a bubble. Lastly, he argues that bitcoin has no fair value right now, which is why he doesn't own it.

So what are your thoughts on this? I also believe nothing can keep on going up forever but when do you think the price increases would stop and we'd get a plateau?

I expect no better comments from them on bitcoin related matters. They are all a part of organized financial sector and they strongly believe that bitcoin is a threat to their business. So their statements will never talk about the real fact that their business is unable to generate that much profit what bitcoin have generated in a single year. So they have lost the competition to bitcoin and now trying to discourage us by saying it as a bubble.

But I honestly thing the price increase is a sign that investors from every corner of the world is thinking positive about bitcoin. As per the normal market dynamics, the price will go down to a certain extent soon and then it will rise again. That's normal for bitcoin. 8-10% of price fluctuation is a very normal sign for bitcoin and nothing to worry about. These fluctuations are the only thing for bitcoin which made a lot of investors and traders interested in it because they earn a profit from these fluctuations. No reason for worry here!

blockman

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Quote from: usorin on October 24, 2017, 11:30:42 AM

A bubble you say, a valuable bubble, you should ask JP Morgan related the profits he made from crypto. The value of bitcoin will evaluate considering the markets but i don't believe it will become 1$ or 100$. Out there we have to many projects based on blockchain technology

I doubt it he will disclose on how much he made after spreading a FUD with the entire bitcoin ecosystem.

Quote from: ?? on ??

As long as they continue to create substantially more fiat money every year, there will be more money available to buy bitcoin and this will drive the price upwards.

I can't understand what he means with bitcoin has no fair value right now? If you purchase for $6,000 today then you can buy or pay things for $6,000 and this is fair.

It will likely going to happen because it's a need for a entire economy to product if there's a need. He just didn't understand what "fair value" means bitcoin has it's own value depending on the market and it dictates it how much it costs.

Koadharber

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Quote from: Virtual miner on October 22, 2017, 01:06:07 PM

Quote from: squatz1 on October 22, 2017, 01:01:10 PM

I'm one of the thinkers that thinks that a correction is imminent, if you look at the price increases it's like a straight line UP. We haven't had much of a hard time cruising to the area of 6000, which is a land where people thought we could never go. Plus, it's not like more and more people are actually using Bitcoin anyway, it's that more and more people are TRADING Bitcoin in the hopes that they're going to get RICH fast.

Sadly they're going to see that a correction is coming, and who knows if it's going to be a large correction but it will come at some point. That's when Bitcoin will stabilize and stay at a price, and then and only then can Bitcoin be an accepted currency.

I agree with you bitcoin has grown too strong in past few days. A correction is surely coming and most probably just after the hardfork of btg. May be people are selling all the alts to buy btc which has taken price so high. Lets see what happens after the fork.

I do already somehow anticipated on what would be the possible things to happen later on or on this upcoming few days after the fork. If we can able to see sudden price increase then expect there would really be a similar thing to happen when it comes to price decrease.Its just like that and onto those words being said on OP.Every people can say on whats their own view on bitcoin but yet as long we people or users are making money then it should be fine.

Hydrogen

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Quote

Lastly, he argues that bitcoin has no fair value right now, which is why he doesn't own it.

That's a good point.

Bitcoin is a new technology. We lack decades of past financial data with crypto currencies to project what an accurate picture of bitcoin's future might look like. One reason climatologists have difficulty with global warming projections involves a lack of sufficient data to accurately predict what effect cloud formations have upon weather patterns. IIRC, scientists didn't record data on cloud patterns until around the 1950's. So while we have temperature data going back 200+ years, our records on cloud formations isn't as deep which makes weather prediction more difficult. Crypto could be similar in that we lack historical data to generate precedents and so it being a new technology makes it difficult to quantity what normal price patterns or expectations for crypto might be.

batang_bitcoin

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A lot of news being published through online articles keeps on talking this way but what happened, did they ever stopped the people to keep on investing in bitcoin? We are worried because it's keep on pumping, basic supply and demand isn't hard to understand with some of big players and whales are in the market.

Quote from: bitcoinmaniac52 on October 22, 2017, 01:12:17 PM

I think the current price will not go much higher than $7,000. If it does, I will be very surprised!!!

You'll be surprised soon mate. Cheesy

smokeydog

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Quote from: bitcoinmaniac52 on October 22, 2017, 01:12:17 PM

I think the current price will not go much higher than $7,000. If it does, I will be very surprised!!!

If mining costs are around 1000, why is 6000 - 7000 rational? To far out for me, I sold and will not buy until the mining V market price spread closes. I still can't use bitcoin at any place I need to do business and that forces me to the exchanges which defeats the whole purpose.

joinfree

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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

Yes, another FUD, this doesnt impress me anymore, there are a lot of fuds and failed fuds being created during this days because this recently dump of the price of bitcoin. But i dont care, this kind of news doesnt affect me anymore because they are the ones who make the price go down, and no one of us know the real purpose of this, but it is okay, maybe they want to make bitcoin go down so they can buy them at a cheap rate.
But blackrock? I have never heard anything from them..

nidacoinlove

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Many people will see this comment in a different perspective. I look at it as bitcoin and the whole cryptocurrency is once again attacked by another business expert, these attacks are just for the sake to bring down the bitcoin price so that they could get bitcoin in a cheap price.
Bitcoin users are now mature and well aware of all the conspiracies against it. We are not going to be in a panic with all these hippocratic statements.

G2z_Riya

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In the past this has been a bubble, and now things happening with bitcoin is different. Also those days it gets risen and explodes, now such situations were not there, people term it as an bubble when it provides a large scale bumping and indicates as an failed system on decreasing in value.

edmond_dantes

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Bitcoin is kind of overpriced for the timeline I think it's worth more then it is valued at but we went up so fast I think we might drop after hitting 10k and sleeping for another 4 years

Opquar

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We'd plateau somewhere, of course. That's how the natural order of things work. The question is when, and where. I'm guessing it's further down the road, and much higher than what Richard Turnill would expect. Everyone calling bitcoin a bubble doesn't make it true.

VanDeinsberg12

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This is not the first time if someone said about the bitcoin as a bubble, i remember some bankers are said the same thing with it. But if that was caused by the bitcoin full with speculation and that was true.
But remember bitcoin is only build from the people's speculation about the price of crypto.
Since the more people in the development countries are needed the bitcoin and this will make another thing just like adoption of the bitcoin itself. as the japan already legalized the bitcoin and that can be a real proof.

usorin

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A bubble you say, a valuable bubble, you should ask JP Morgan related the profits he made from crypto. The value of bitcoin will evaluate considering the markets but i don't believe it will become 1$ or 100$. Out there we have to many projects based on blockchain technology

Fire Rabbit

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In my opinion nothing can stop bitcoin. Last two days, I saw a decrease in bitcoin's price. I believe its because of the upcoming fork. But it will definitely regain its value. Everyday bitcoin is getting popular. And all wants to own bitcoins because of its features. As the demand for it increases its price will also increase automatically. By the end of this year its price will definitely touch atleast 8500 dollars .So no need to worry.

TheCoinGrabber

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Quote from: player514 on October 22, 2017, 03:27:31 PM

Quote from: MissionPhailed on October 22, 2017, 01:31:07 PM

Bitcoin is not a bubble but is experiencing some sort of bubble right now for sure. With the HF and SX2 around the corner, masses of people are flocking into cryptocurrencies these days with sometimes huge amounts of funds. Also, a lot of funds have been allocated from alts to Bitcoin in the last few weeks; bitcoin dominance in the market cap of crypto as a whole was 48% at the start of this month, now 58%.

Exactly. I don't understand why people call the currency itself a bubble. That's not true. It's a legitimate currency built on blockchain technology. However, it definitely is in a bubble state.

One thing I didn't particularly like about the video was when it was claimed that the adoption of blockchain technology does not mean bitcoin will go up. For now, the more that blockchain is adopted, the more people end up learning about bitcoin and the more investors there are. There will definitely be a limiting factor to this, but for now, not enough people know about bitcoin. It has the potential to rise even more, although, there will be a point where we won't be able to go higher in my opinion.

I think they were referring to other blockchain technologies. I heard Estonia is testing one for use in elections but that's a different blockchain from the one bitcoin uses.

Still, bitcoin is one of the first to use such a technology and anyone who would become familiar with the basics of blockchain would also probably see the benefit of using bitcoins.

As for the price, I wonder if the price will plateau long before all bitcoins are mined.

player514

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Quote from: MissionPhailed on October 22, 2017, 01:31:07 PM

Bitcoin is not a bubble but is experiencing some sort of bubble right now for sure. With the HF and SX2 around the corner, masses of people are flocking into cryptocurrencies these days with sometimes huge amounts of funds. Also, a lot of funds have been allocated from alts to Bitcoin in the last few weeks; bitcoin dominance in the market cap of crypto as a whole was 48% at the start of this month, now 58%.

Exactly. I don't understand why people call the currency itself a bubble. That's not true. It's a legitimate currency built on blockchain technology. However, it definitely is in a bubble state.

One thing I didn't particularly like about the video was when it was claimed that the adoption of blockchain technology does not mean bitcoin will go up. For now, the more that blockchain is adopted, the more people end up learning about bitcoin and the more investors there are. There will definitely be a limiting factor to this, but for now, not enough people know about bitcoin. It has the potential to rise even more, although, there will be a point where we won't be able to go higher in my opinion.

Mometaskers

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Well, with the trend it surely looks like a bubble. I don't know the underlying economics but I still see it as not a useless commodity (you know, like tulips) in that the technology have a value of its own. Whether the price crashes or not, those features would still be there, we can still use this to send money (albeit might be smaller after a crash).

MissionPhailed

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Bitcoin is not a bubble but is experiencing some sort of bubble right now for sure. With the HF and SX2 around the corner, masses of people are flocking into cryptocurrencies these days with sometimes huge amounts of funds. Also, a lot of funds have been allocated from alts to Bitcoin in the last few weeks; bitcoin dominance in the market cap of crypto as a whole was 48% at the start of this month, now 58%.

warrior333

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It seems to me that such experts do not understand that the price of bitcoin only shows people's attitude to the dollar. Every year more and more people understand that we live in a bubble and the bubble dollar. The Americans spread it around the world and hoping that people will never be on the dollar to get rid of. Bitcoin is only an indicator of how devalued the dollar.

bitcoinmaniac52

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I think the current price will not go much higher than $7,000. If it does, I will be very surprised!!!

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