TheCoinGrabber (OP)
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October 22, 2017, 03:03:28 PM |
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https://www.youtube.com/watch?v=YAVOrCPBVzUBusiness Insider executive editor Sara Silverstein speaks with Richard Turnill, global chief investment strategist at BlackRock, which oversees $6 trillion. He says that while he thinks blockchain technology will be adopted more over time, but that doesn't mean that cryptocurrencies should keep going higher and higher. He says they show a lot of the characteristics of a bubble. Lastly, he argues that bitcoin has no fair value right now, which is why he doesn't own it.
So what are your thoughts on this? I also believe nothing can keep on going up forever but when do you think the price increases would stop and we'd get a plateau?
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squatz1
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October 22, 2017, 05:01:10 PM |
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I'm one of the thinkers that thinks that a correction is imminent, if you look at the price increases it's like a straight line UP. We haven't had much of a hard time cruising to the area of 6000, which is a land where people thought we could never go. Plus, it's not like more and more people are actually using Bitcoin anyway, it's that more and more people are TRADING Bitcoin in the hopes that they're going to get RICH fast.
Sadly they're going to see that a correction is coming, and who knows if it's going to be a large correction but it will come at some point. That's when Bitcoin will stabilize and stay at a price, and then and only then can Bitcoin be an accepted currency.
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Virtual miner
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October 22, 2017, 05:06:07 PM |
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I'm one of the thinkers that thinks that a correction is imminent, if you look at the price increases it's like a straight line UP. We haven't had much of a hard time cruising to the area of 6000, which is a land where people thought we could never go. Plus, it's not like more and more people are actually using Bitcoin anyway, it's that more and more people are TRADING Bitcoin in the hopes that they're going to get RICH fast.
Sadly they're going to see that a correction is coming, and who knows if it's going to be a large correction but it will come at some point. That's when Bitcoin will stabilize and stay at a price, and then and only then can Bitcoin be an accepted currency.
I agree with you bitcoin has grown too strong in past few days. A correction is surely coming and most probably just after the hardfork of btg. May be people are selling all the alts to buy btc which has taken price so high. Lets see what happens after the fork.
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bitcoinmaniac52
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October 22, 2017, 05:12:17 PM |
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I think the current price will not go much higher than $7,000. If it does, I will be very surprised!!!
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warrior333
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October 22, 2017, 05:22:38 PM |
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It seems to me that such experts do not understand that the price of bitcoin only shows people's attitude to the dollar. Every year more and more people understand that we live in a bubble and the bubble dollar. The Americans spread it around the world and hoping that people will never be on the dollar to get rid of. Bitcoin is only an indicator of how devalued the dollar.
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MissionPhailed
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October 22, 2017, 05:31:07 PM |
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Bitcoin is not a bubble but is experiencing some sort of bubble right now for sure. With the HF and SX2 around the corner, masses of people are flocking into cryptocurrencies these days with sometimes huge amounts of funds. Also, a lot of funds have been allocated from alts to Bitcoin in the last few weeks; bitcoin dominance in the market cap of crypto as a whole was 48% at the start of this month, now 58%.
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Mometaskers
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October 22, 2017, 06:58:58 PM |
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Well, with the trend it surely looks like a bubble. I don't know the underlying economics but I still see it as not a useless commodity (you know, like tulips) in that the technology have a value of its own. Whether the price crashes or not, those features would still be there, we can still use this to send money (albeit might be smaller after a crash).
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player514
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October 22, 2017, 07:27:31 PM |
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Bitcoin is not a bubble but is experiencing some sort of bubble right now for sure. With the HF and SX2 around the corner, masses of people are flocking into cryptocurrencies these days with sometimes huge amounts of funds. Also, a lot of funds have been allocated from alts to Bitcoin in the last few weeks; bitcoin dominance in the market cap of crypto as a whole was 48% at the start of this month, now 58%.
Exactly. I don't understand why people call the currency itself a bubble. That's not true. It's a legitimate currency built on blockchain technology. However, it definitely is in a bubble state. One thing I didn't particularly like about the video was when it was claimed that the adoption of blockchain technology does not mean bitcoin will go up. For now, the more that blockchain is adopted, the more people end up learning about bitcoin and the more investors there are. There will definitely be a limiting factor to this, but for now, not enough people know about bitcoin. It has the potential to rise even more, although, there will be a point where we won't be able to go higher in my opinion.
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TheCoinGrabber (OP)
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October 24, 2017, 01:59:25 PM |
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Bitcoin is not a bubble but is experiencing some sort of bubble right now for sure. With the HF and SX2 around the corner, masses of people are flocking into cryptocurrencies these days with sometimes huge amounts of funds. Also, a lot of funds have been allocated from alts to Bitcoin in the last few weeks; bitcoin dominance in the market cap of crypto as a whole was 48% at the start of this month, now 58%.
Exactly. I don't understand why people call the currency itself a bubble. That's not true. It's a legitimate currency built on blockchain technology. However, it definitely is in a bubble state. One thing I didn't particularly like about the video was when it was claimed that the adoption of blockchain technology does not mean bitcoin will go up. For now, the more that blockchain is adopted, the more people end up learning about bitcoin and the more investors there are. There will definitely be a limiting factor to this, but for now, not enough people know about bitcoin. It has the potential to rise even more, although, there will be a point where we won't be able to go higher in my opinion. I think they were referring to other blockchain technologies. I heard Estonia is testing one for use in elections but that's a different blockchain from the one bitcoin uses. Still, bitcoin is one of the first to use such a technology and anyone who would become familiar with the basics of blockchain would also probably see the benefit of using bitcoins. As for the price, I wonder if the price will plateau long before all bitcoins are mined.
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Fire Rabbit
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October 24, 2017, 02:30:27 PM |
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In my opinion nothing can stop bitcoin. Last two days, I saw a decrease in bitcoin's price. I believe its because of the upcoming fork. But it will definitely regain its value. Everyday bitcoin is getting popular. And all wants to own bitcoins because of its features. As the demand for it increases its price will also increase automatically. By the end of this year its price will definitely touch atleast 8500 dollars .So no need to worry.
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usorin
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October 24, 2017, 03:30:42 PM |
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A bubble you say, a valuable bubble, you should ask JP Morgan related the profits he made from crypto. The value of bitcoin will evaluate considering the markets but i don't believe it will become 1$ or 100$. Out there we have to many projects based on blockchain technology
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VanDeinsberg12
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October 24, 2017, 03:56:30 PM |
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This is not the first time if someone said about the bitcoin as a bubble, i remember some bankers are said the same thing with it. But if that was caused by the bitcoin full with speculation and that was true. But remember bitcoin is only build from the people's speculation about the price of crypto. Since the more people in the development countries are needed the bitcoin and this will make another thing just like adoption of the bitcoin itself. as the japan already legalized the bitcoin and that can be a real proof.
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Opquar
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October 24, 2017, 04:35:43 PM |
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We'd plateau somewhere, of course. That's how the natural order of things work. The question is when, and where. I'm guessing it's further down the road, and much higher than what Richard Turnill would expect. Everyone calling bitcoin a bubble doesn't make it true.
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edmond_dantes
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October 24, 2017, 04:38:01 PM |
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Bitcoin is kind of overpriced for the timeline I think it's worth more then it is valued at but we went up so fast I think we might drop after hitting 10k and sleeping for another 4 years
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G2z_Riya
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October 24, 2017, 04:40:16 PM |
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In the past this has been a bubble, and now things happening with bitcoin is different. Also those days it gets risen and explodes, now such situations were not there, people term it as an bubble when it provides a large scale bumping and indicates as an failed system on decreasing in value.
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nidacoinlove
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October 24, 2017, 04:46:39 PM |
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Many people will see this comment in a different perspective. I look at it as bitcoin and the whole cryptocurrency is once again attacked by another business expert, these attacks are just for the sake to bring down the bitcoin price so that they could get bitcoin in a cheap price. Bitcoin users are now mature and well aware of all the conspiracies against it. We are not going to be in a panic with all these hippocratic statements.
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joinfree
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October 24, 2017, 09:52:38 PM |
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Yes, another FUD, this doesnt impress me anymore, there are a lot of fuds and failed fuds being created during this days because this recently dump of the price of bitcoin. But i dont care, this kind of news doesnt affect me anymore because they are the ones who make the price go down, and no one of us know the real purpose of this, but it is okay, maybe they want to make bitcoin go down so they can buy them at a cheap rate. But blackrock? I have never heard anything from them..
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smokeydog
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October 24, 2017, 10:11:10 PM |
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I think the current price will not go much higher than $7,000. If it does, I will be very surprised!!!
If mining costs are around 1000, why is 6000 - 7000 rational? To far out for me, I sold and will not buy until the mining V market price spread closes. I still can't use bitcoin at any place I need to do business and that forces me to the exchanges which defeats the whole purpose.
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batang_bitcoin
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October 24, 2017, 10:23:50 PM |
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A lot of news being published through online articles keeps on talking this way but what happened, did they ever stopped the people to keep on investing in bitcoin? We are worried because it's keep on pumping, basic supply and demand isn't hard to understand with some of big players and whales are in the market. I think the current price will not go much higher than $7,000. If it does, I will be very surprised!!!
You'll be surprised soon mate. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Hydrogen
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October 24, 2017, 10:41:49 PM |
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Lastly, he argues that bitcoin has no fair value right now, which is why he doesn't own it. That's a good point. Bitcoin is a new technology. We lack decades of past financial data with crypto currencies to project what an accurate picture of bitcoin's future might look like. One reason climatologists have difficulty with global warming projections involves a lack of sufficient data to accurately predict what effect cloud formations have upon weather patterns. IIRC, scientists didn't record data on cloud patterns until around the 1950's. So while we have temperature data going back 200+ years, our records on cloud formations isn't as deep which makes weather prediction more difficult. Crypto could be similar in that we lack historical data to generate precedents and so it being a new technology makes it difficult to quantity what normal price patterns or expectations for crypto might be.
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