BlackRock Chief: Bitcoin is a Bubble

[Koadharber]

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.

I do already somehow anticipated on what would be the possible things to happen later on or on this upcoming few days after the fork. If we can able to see sudden price increase then expect there would really be a similar thing to happen when it comes to price decrease.Its just like that and onto those words being said on OP.Every people can say on whats their own view on bitcoin but yet as long we people or users are making money then it should be fine.

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[blockman]

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

I doubt it he will disclose on how much he made after spreading a FUD with the entire bitcoin ecosystem.

As long as they continue to create substantially more fiat money every year, there will be more money available to buy bitcoin and this will drive the price upwards.

I can't understand what he means with bitcoin has no fair value right now? If you purchase for $6,000 today then you can buy or pay things for $6,000 and this is fair.

It will likely going to happen because it's a need for a entire economy to product if there's a need. He just didn't understand what "fair value" means bitcoin has it's own value depending on the market and it dictates it how much it costs.

[soham]

https://www.youtube.com/watch?v=YAVOrCPBVzU

Business 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?

I expect no better comments from them on bitcoin related matters. They are all a part of organized financial sector and they strongly believe that bitcoin is a threat to their business. So their statements will never talk about the real fact that their business is unable to generate that much profit what bitcoin have generated in a single year. So they have lost the competition to bitcoin and now trying to discourage us by saying it as a bubble.

But I honestly thing the price increase is a sign that investors from every corner of the world is thinking positive about bitcoin. As per the normal market dynamics, the price will go down to a certain extent soon and then it will rise again. That's normal for bitcoin. 8-10% of price fluctuation is a very normal sign for bitcoin and nothing to worry about. These fluctuations are the only thing for bitcoin which made a lot of investors and traders interested in it because they earn a profit from these fluctuations. No reason for worry here!