[2017-10-21] BlackRock Strategist: There's No 'Right or Wrong' Price for Bitcoin

[tyz]

BlackRock Strategist: There's No 'Right or Wrong' Price for Bitcoin

The chief investment strategist for BlackRock, the world's largest asset manager, said in a new interview that he doesn't know where to peg the "fair" price of bitcoin.

Speaking with Business Insider, Richard Turnill said that cryptocurrencies have experienced "spectacular price increases" in recent months, leading him to conclude: "I would say that cryptocurrencies show many characteristics of a bubble right now."

His remarks echo those of other Wall Street-based analysts and investors, including Ray Dalio, who leads the world's largest hedge fund, that have argued that the cryptocurrency market is in bubble territory.

https://www.coindesk.com/blackrock-strategist-no-right-wrong-price-bitcoin/

[Bolt Brownie]

Of course he doesn't know the right price for bitcoin. He doesn't understand it's nature. This is the real problem that needs to be addressed if we want a good future for BTC. If people adopts bitcoin because of FOMO, then it will be a bubble, because they will always be scared. The only value they see it's their price and not it's utility, so if the price starts dropping they will just panic sell.

I recently read this article, and it's definitely aligned with my opinion, of one of the many valuable aspects of bitcoin:
"Bitcoin has achieved what is impossible for them, the creation of the first truly deflationary currency that’s free from the mismanagement of governments."
https://www.cointelegraph.com/news/clueless-central-bankers-regard-bitcoin-with-envy-hatred

If Richard Turnhill manages to see bitcoin like this, then he will be able to put a value on it.
I hope this happens in the future.