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Bitcoin (BTC) At $23,000: Here’s What Critics Are Saying
It’s a joyous moment for Bitcoin bulls as the cryptocurrency finally smashed its 2017 All-time high price of $20,000. At the time of writing, the leading crypto asset is currently trading above $23,000 after hitting a new ATH record of $23,800 across multiple exchanges.
Since the COVID-19 pandemic-induced crisis that sent bitcoin crashing below $4,000 in March, the cryptocurrency has recorded over 500% gain. Following the massive sell-off, millennials and large corporations have been flocking the assets because they believe it provides a reliable hedge against inflation and economic crises.
Analysts believe that the increased adoption from institutional investors and Pornhub’s recent announcement is the catalyst for the long-awaited bull run.
As the crypto industry celebrates Bitcoin’s latest milestone, critics, including renowned economists and billionaire investors, have started blasting the cryptocurrency just as we saw during the bull run of 2017.
While we expect more bashing as the bull run continues, here are what some Bitcoin critics are saying about the best-performing asset of the last decade and 2020.
David Rosenberg: Bitcoin Is In A Massive Bubble
Economist David Rosenberg thinks that “Bitcoin is in a massive bubble” and that investors don’t understand how the supply works. In an interview with Bloomberg, Rosenberg expressed doubts about Bitcoin’s scarcity and its supply curve.
“Everybody seems to believe that we’re going to get to that 21 million caps on the supply constraint, but there’s really nothing in the protocol to suggest that the supply of bitcoin can’t go up once we hit that,” he said.
The economist further added that those asking him to invest his money in bitcoin couldn’t even identify Bitcoin’s creator or explain how the cryptocurrency is mined. He described the asset as “a classic, follow-the-herd, extremely crowded trade.” It is a massive bubble, Rosenberg added.
Mark Cuban: Bitcoin Is Not “A Hedge Against Doomsday Scenarios”
Long-time skeptic and billionaire investor Mark Cuban also shared his criticism against Bitcoin. According to him, the leading cryptocurrency does not have what it takes to hedge against financial crises, as proponents often claim.
Cuban told a Forbes contributor that his opinion about Bitcoin remains unchanged, and he sees the asset as a religion rather than a solution to any problem, just like gold.
According to the billionaire, the idea that bitcoin or cryptocurrency would replace fiat currency is “counterproductive.”
“No matter how much BTC fans want to pretend that it’s a hedge against doomsday scenarios, it is not,” the Dallas Mavericks’ owner explained. He added that governments would protect their national currencies using different measures or alternatives like the Central Bank Digital Currencies.
The bear added that “banana has more utility” than bitcoin and that the cryptocurrency is only investable because “enough people have agreed” it is an investable asset.”
Meanwhile, some Bitcoin skeptics like JPMorgan’s Jamie Dimon, Don Tapscott, and Joe Weisenthal have changed their minds about the leading cryptocurrency.