• About
  • FAQ
  • Landing Page
  • Buy JNews
Newsletter
Crypto News
Advertisement
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Crypto News
No Result
View All Result

Economist Calls Bitcoin “Massive Bubble” After Price Hits Record High

by
December 17, 2020
in Uncategorized
0
Economist Calls Bitcoin “Massive Bubble” After Price Hits Record High
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Bitcoin’s potential as an emerging safe-haven alternative to gold raised its demand among institutional players in 2020. But a prominent economist is still skeptical about the cryptocurrency’s growth.

David Rosenberg, the chief strategist at Toronto-based Rosenberg Research & Associates, said in an interview with Bloomberg that Bitcoin is a “massive bubble.” He criticized the flagship cryptocurrency for having zero evidence about its “future supply curve,” noting that it’s nothing but an “extremely crowded” trade.

Related articles

Enjin Coin Becomes the First Gaming Cryptocurrency Approved by Japanese Regulators

Enjin Coin Becomes the First Gaming Cryptocurrency Approved by Japanese Regulators

January 21, 2021
Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks

Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks

January 21, 2021

“The one thing we know about gold, we know the supply curve of gold with certainty,” Mr. Rosemnberg explained. “We don’t know the future supply curve of bitcoin, people think they know but they don’t really know.”

What Pumped Bitcoin

The statements appeared hours after Bitcoin established a new record high of $23,776 on Thursday following a breakout move above its psychological resistance of $20,000 a day before. The cryptocurrency caught global attention for its limited supply cap of 21 million tokens that gave it qualities of another scarce asset, gold.

Enthusiasts projected Bitcoin as a hedge against inflationary fiat currency models that focused on unlimited money printing. After the US dollar fell by almost 12 percent in global foreign exchange markets, led by the US government’s $2.3 trillion COVID-19 relief package, investors started taking Bitcoin’s anti-fiat narrative seriously.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin is trading above its ICO bubble top of 2017. Source: BTCUSD on TradingView.com
Bitcoin is trading above its ICO bubble top of 2017. Source: BTCUSD on TradingView.com

As a result, the cost to purchase one Bitcoin surged from $3,858 in March 2020 to as high as $23,776 on Thursday. That is a 516 percent pump. Many top analysts, including Scott Minerd, the CIO of Guggenheim Partners, projected BTC/USD to hit $400,000.

Mr. Rosenberg rubbished the grossly bullish call, explaining that it is challenging to value Bitcoin’s worth.

Backlash

Meanwhile, the economist received backlash from the Bitcoin community for “failing to understand” the cryptocurrency’s economics.

“When people with this much resources, advisers, and experience on their hands still can’t understand concepts of protocol decentralization and the necessity of hard forks well, we’re still good,” said a Bitcoin trader. “Lots of upside potential still.”

Earlier, another prominent economist Nouriel Roubini had also criticized Bitcoin as a zero sum game, noting that it’s “the mothers and fathers of all scams.” Gold bull Peter Schiff also showed his skepticism over the cryptocurrency’s scarcity, stating that anybody can copy its source code to create a twin token, which makes it’s replicable instead of scarce.

Bitcoin enthusiasts have argued that all the copycat projects will never have the same community support, led by developers and users alike.

Share76Tweet47

Related Posts

Enjin Coin Becomes the First Gaming Cryptocurrency Approved by Japanese Regulators

Enjin Coin Becomes the First Gaming Cryptocurrency Approved by Japanese Regulators

by
January 21, 2021
0

Enjin coin became the first gaming cryptocurrency approved in Japan after clearing out the well-known tough country regulator’s requirements. The...

Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks

Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks

by
January 21, 2021
0

Bitcoin has now retraced as much as $11,000 and 27% from its 2021 peak, and while the current high might...

Another day, another airdrop: Power DeFi users can now claim Stake DAO tokens

Another day, another airdrop: Power DeFi users can now claim Stake DAO tokens

by
January 21, 2021
0

Multiple problems with Stake DAO's token airdrop have left some users on the outside looking in Active decentralized finance (DeFi)...

While China’s CBDC sets the pace, the yuan stumbles in usage abroad

While China’s CBDC sets the pace, the yuan stumbles in usage abroad

by
January 21, 2021
0

The past two years were much harder on the dollar, however. Despite rapid advancement of a digital yuan, China's progress...

Tarbert makes way for Biden’s CFTC chair, but will remain a commissioner

Tarbert makes way for Biden’s CFTC chair, but will remain a commissioner

by
January 21, 2021
0

Tarbert's brief term was nonetheless notable for clarity on cryptocurrency in U.S. regulation. Heath Tarbert is no longer the chairman...

Load More
  • Trending
  • Comments
  • Latest
Privacy Coins Monero, Dash, and Zcash to be Delisted on Bittrex, Dash Unhappy with Decision

Privacy Coins Monero, Dash, and Zcash to be Delisted on Bittrex, Dash Unhappy with Decision

January 4, 2021
SushiSwap’s SUSHI Surges 20% Again After Ethereum Price Correction

SushiSwap’s SUSHI Surges 20% Again After Ethereum Price Correction

December 6, 2020

New Mining Centers Increase North American Market

December 6, 2020

Services Could Help Investors Rate Crypto Currencies

December 6, 2020
Enjin Coin Becomes the First Gaming Cryptocurrency Approved by Japanese Regulators

Enjin Coin Becomes the First Gaming Cryptocurrency Approved by Japanese Regulators

0

China Is Reportedly Moving To Clamp Down On Bitcoin Miners

0

Inside the Chinese Bitcoin Mine That’s Grossing $1.5M a Month

0

All You Need to Know About This Whole SegWit vs. SegWit2x Thing

0
Enjin Coin Becomes the First Gaming Cryptocurrency Approved by Japanese Regulators

Enjin Coin Becomes the First Gaming Cryptocurrency Approved by Japanese Regulators

January 21, 2021
Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks

Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks

January 21, 2021
Another day, another airdrop: Power DeFi users can now claim Stake DAO tokens

Another day, another airdrop: Power DeFi users can now claim Stake DAO tokens

January 21, 2021
While China’s CBDC sets the pace, the yuan stumbles in usage abroad

While China’s CBDC sets the pace, the yuan stumbles in usage abroad

January 21, 2021
Crypto News

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Abra
  • Altcoin News
  • altcoins
  • Altseason
  • Binance
  • Binance (BNB) News
  • Binance Coin (BNB)
  • Binance Ecosystem
  • Binance Smart Chain
  • bitcoin
  • Bitcoin
  • Bitcoin (BTC) Adoption
  • Bitcoin (BTC) General News
  • Bitcoin (BTC) News
  • Bitcoin (BTC) Predictions
  • Bitcoin Cash (BCH)
  • Bitcoin Cash (BCH) General News
  • Bitcoin dominance
  • bitcoin network
  • Bitcoin price
  • Bitstamp
  • Bittrex
  • Blockchain
  • Blockchain News
  • bloomberg
  • Brad Garlinghouse
  • Business
  • Cameron Winklevoss
  • ChainLink
  • ChainLink (LINK)
  • Chainlink (LINK) News
  • Chainlink Price Prediction
  • Changpeng Zhao
  • charlie lee
  • CME Ethereum Futures
  • CME Group
  • coinbase
  • Coinmarketcap
  • cryptocurrency
  • Dash (DASH)
  • DeFi
  • DeFi Pulse
  • Deribit
  • Electric Coin Company
  • ETH 2.0
  • ETH2.0
  • Ethereum
  • Ethereum (ETH)
  • Ethereum (ETH) News
  • Ethereum 2.0
  • Ethereum Classic (ETC)
  • Ethereum Futures
  • Ethereum Network
  • ethereum price
  • Ethereum price analysis
  • Ethereum Staking
  • Ethereum Upgrade
  • Ethereum Upgrades
  • Flare Networks
  • Flare Networks Snapshot
  • Gemini
  • google
  • Grayscale
  • Grayscale Bitcoin Trust (GBTC)
  • Guide
  • Guides
  • Institutional Investors
  • justin sun
  • JustSwap
  • LINK Marines
  • Litecoin
  • Litecoin (LTC)
  • Litecoin (LTC) News
  • Litecoin Development
  • litecoin foundation
  • Litecoin MimbleWimble
  • Market
  • MicroStrategy
  • MimbleWimble
  • Mining
  • Monero (XMR)
  • News
  • NFT
  • NFTs
  • Non-Fungible Tokens
  • Other
  • Pantera Capital
  • Poloniex
  • Prices
  • Regulation
  • ripple
  • Ripple
  • Scams and Hacks
  • sec
  • Securities and Exchange Commission
  • Spark Token (FLR)
  • Spark Token Airdrop
  • Spark Tokens (FLR)
  • Tether (USDT)
  • Tron (TRX)
  • TRON (TRX) News
  • Tron Foundation
  • Twitter
  • Tyler Winklevoss
  • Wallets and Exchanges
  • XRP
  • XRP News
  • XRP Price Prediction
  • Yearn Finance (YFI)
  • Zcash (ZEC)
  • ZCash Halving
  • Zeus Capital
  • Zilliqa (ZIL)
  • Zilliqa (ZIL) News
  • Zilliqa Staking

Tags

Altcoin Bitcoin drops Bitcoin Wallet Cointelegraph Cryptocurrency ICO Investment Lending Market Stories Mining Bitcoin

Newsletter

[mc4wp_form]

  • About
  • FAQ
  • Support Forum
  • Landing Page
  • Buy JNews
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2018 JNews by Jegtheme.