Everything was going smooth… Banks were raising debt, Governments were funding bailouts and repetitive boom and bust kept the stock market racing. A perfect economic chaos that keeps everyone busy and makes some people really rich.
Recently none other than our beloved investment icon Warren Buffet (CEO of Berkshire Hathaway) said bitcoin was
“probably rat poison squared.”
I wonder what makes him hate Bitcoin so much?
This is not the first time earlier in 2014 Buffet had called Bitcoin a mirage. Then it was trading at $600. Yeah! So Bitcoin has drastically outperformed skeptics, naysayers and the broader market in general including Berkshire stock and top Berkshire holdings like Apple (AAPL)
Do you get the picture?
What Mr. Buffet was rationalizing is that Bitcoin is like gold and it will not produce anything of value…
I have a question for Mr. Warren: If he had bought Gold at the time of Christ would he trade for Bitcoins today?
No seriously if he had 1000 kg of gold where will he keep it…? In a Bank?
Not just that his Vice President Charlie Munger thinks you would be suffering dementia if investing in Bitcoin.
And don’t forget other Bitcoin bashers…
Bill Gates:…Bitcoin is “…Pretty inconvenient” and dislikes its anonymity.
JPMorgan Chase and Co. CEO Jamie Dimon is particularly “sensitive” to mention of Bitcoin. He actually went on to say… he would fire employees if he found out they were investing in Bitcoin on grounds of stupidity.
He firmly believes that Bitcoin is for murderers and criminals.
And wait for the honors from Esteemed economist and columnist Paul Krugman. Who sees the “evil” in Bitcoin. He is not sure how Bitcoin is a “reliable store of value.”
So what do you do?
Whom do you believe in? Should you invest in Bitcoin or so-called Cryptocurrencies? How will the things shape up in future?
Well, you got to be clear that Block-chain technology is now seen as an alternative tech by many Banks. Almost every top name is jumping on the bandwagon in one name or the other…
With the state of things like that…you got to make yourself aware of what’s going on in this world. Research, educate and find out for yourself what cryptocurrencies are worth. And if you should put any of your money in any of them!
Now let me tell you this will not come easy. There is so much more going on here than anyone would think…
Ask yourself…
Why is Bitcoin or Cryptocurrencies such a touchy subject for some people?
Why is everyone jumping on the Blockchain bandwagon (Including Banks) despite that? When it was actually mocked by them not long ago? Ever heard of Fiat Crypto? (Watchout for Crypto like Ripple & Neo)
Long story short cryptocurrency still remains a big threat to the financial industry in many different ways…
“Cryptocurrencies pose a competitive threat to Bank of America‘s business,” the company said in a regulatory filing.
Blockchain technology behind bitcoin and other cryptocurrencies is seen as a threat to the existence of major financial firms.
The main reason being Blockchain eliminates the need for a third-party intermediary like a bank by creating an instant, permanent and secure record of transactions.
Worth mentioning the development of cryptocurrency trading is enabling the emergence of a brand new industry too… The exchanges and bitcoin “mining” companies.
Meanwhile, Bank of America has been quietly researching blockchain technology, as are other major banks.
Bank of America is known to have “more than 70 patents that can incorporate applications of the blockchain, and several dozen other patents for “digital wallets,” as means of authentication and other processes needed to apply the technology in banking and commerce, according to David Pratt, managing director at Mcam-International.” – CNBC
You have to admit Blockchain is disruptive for our financial markets. Some are protecting our financial system from such “toxicity”. Read the report below to sooth your concern in the collapse of crypto. (Seriously?)
“Rated Banks Largely Unscathed By A Collapse In Value”(Crypto) – S&P [Click Here]
While others are into the madness of investing in Bitcoin (Crypto) Your “Big Papa” may not like it and Hola! You may even get jailed for trading Bitcoin. Don’t believe it? Get the worldwide “Crypto legal” view by Clicking Here.
