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Author Topic: [2017-09-13] Bitcoin should be valued at half of what it's worth today  (Read 2644 times)
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September 13, 2017, 12:39:22 PM

Bitcoin is 'disruptive technology' but pricing assumes massive adoption: Mohamed El-Erian   Bitcoin is 'disruptive technology' but pricing assumes massive adoption: Mohamed El-Erian 
1 Hour Ago | 01:19
Bitcoin, which has surged roughly 300 percent in 2017, is certainly a "disruptive" technology but won't see widespread use, economist Mohamed El-Erian said Wednesday.

"The current pricing assume massive adoption, and I don't think governments will allow the amount of adoption that's currently priced in," Allianz's chief economic advisor said on CNBC's "Squawk Box."

Asked what would be a reasonable price for bitcoin, El-Erian said: "I would say at least half of what it is, a third of what it is."

El-Erian believes the cryptocurrency will exist as a peer-to-peer means of payment. "It exists in that world," he said, "but the current prices assume massive adoption, which is not going to happen."

Bitcoin fell below $4,000 on Wednesday on the threat of a regulatory crackdown in China and negative comments from major business leaders.

On Tuesday, at the CNBC-Institutional Investor Delivering Alpha conference, JPMorgan chief Jamie Dimon called the digital currency a fraud and governments will step in. "Wait until someone gets hurt. Wait until it's used for illicit purposes, which it's somewhat used for illicit purposes. They close it down. That's my point," he said.

At the same time, Dimon's own bank has reportedly started a trial project using blockchain, the technology behind bitcoin, to try to cut trading costs.

At the conference, Social Capital founder and CEO Chamath Palihapitiya defended the currency, saying countries can control how bitcoin is traded but not the way it's used.

"It's a fundamentally distributive system that exists peer to peer," the venture capitalist and ex-Facebook executive said. "To the extent that you can eliminate the will and actions of every person in the world, you can eliminate it. But in the absence of that, the genie [is] out of the bottle whether we like it or not."

He added he's been "massively long" bitcoin for years.

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September 13, 2017, 07:58:15 PM

The price of crypto currency is regulated in the market on the basis of supply and demand. This is the basic law of the market. Now a lot of comments are published by different experts in the field of cryptothermia. Many of them are diametrically opposed in nature. And bitcoin in the meantime will grow regardless of these forecasts.

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September 13, 2017, 10:20:38 PM

Nobody expected Linux to achieve mainstream adoption either, but it has. My belief is that Bitcoin will achieve mainstream adoption much like Linux has, where most people don't access it directly.

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September 13, 2017, 11:27:00 PM

So picture the current "world" where there are about 16 million BTC.  Now many more people want to get their hands on coins.  Very few more coins will be mined except over many more years.  If my supposition proves to hold true then the price of BTC will only go up and not too slowly.  Sure there will be peaks and valleys along the path.  I have quite a few family members questioning me about BTC lately.  They don't know much about my collection, but they know I study coins!

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September 13, 2017, 11:35:54 PM

I love it. Keep the FUD coming. Yet somehow we keep hitting ATH after ATH. I don't agree with the article stating that the price had anything to do with old what'--his-face from some bank in America. I'm sure that made 0 difference, because, well, he's just ignorant and uneducated. He also said he would fire anyone in his company that invests in cryptocurrencies. He sounds like a cornered animal and he has chosen 'fight' rather than 'flight'. I wish him good luck!
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