Bitcoin Burning of Money

[whisee]

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand  it

So what do you think about tha

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[Lancusters]

It really seems to be true. The US government has the world's largest public debt. About 20 trillion. If all who have dollars will present them for payment then America will be bankrupt. It is logical to assume that bitcoin will collect all those dollars and then go bankrupt. It is possible that bitcoin was invented and implemented by us intelligence agencies.

[junoreactor]

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand  it

So what do you think about tha

Then we are talking about very long term IMO.
I don't know. Fiat money will survive for a very long while, I cannot picture a world with only cryptos. The average Joe will shop with his dollars, or euros, or yen, you name it. Bitcoin however will be very convenient to buy cars, houses, etc.

[13abyknight]

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand  it

So what do you think about tha

I believe this is coming from the view that more common people are investing in digital currencies and using it further for other trading purposes. At this rate, fiat could become overvalued all of a sudden and usage of digital payment systems even for micro-trades could become a possibility. This causes a situation where a government's own money starts slipping out of their hands and they can do nothing about it (other than taxing cryptocurrencies which would be chaotic)

[andrew24p]

I dont really understand the context of the statement, but I would imagine they are saying its like pulling money out of the economy, but thats not true, its like trading two currencies.

[allthingsluxury]

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand  it

So what do you think about tha

Ask yourself this, when were the pundits on CNBC right about anything important? The dot com bubble? The 2008 housing crisis? Enron? Nope, nope, nope. Ignore them, you will improve your health.

[amaral1977]

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand  it

So what do you think about tha

Ask yourself this, when were the pundits on CNBC right about anything important? The dot com bubble? The 2008 housing crisis? Enron? Nope, nope, nope. Ignore them, you will improve your health.

This is exactly my thoughts. Around the world the same economists experts that didn´t see the Dot.com, the housing crises, that would advise clientes to go with MADDOF, that endorsed Goldman sachs while they were hidding many countries public debts and so on are the same ones who still advising on TV. this time against BTC. They can be right or wrong, we don´t know , all we know is that they are very incompetente:)

[pereira4]

For me, burning money is having it in a bank doing nothing as you slowly lose purchasing power over the years. Just look at how much purchasing power fiat currencies have lost in the past decades due inflation and negative interest rates.

It's pretty stupid to leave your money in the bank, and bitcoin is becoming a solid hedge to increase your purchasing power. Forget about the bureaucrats and enjoy the ride to the moon.

[Theb]

It is the first time I am hearing the term "burning of money" in economics which I suspect that CNBC just created the term in order to have a news article or something. It is something common now in which they will put up a so-called economist for an interview about what their views on something in an economical standpoint. Of course these kinds of news affects the price of Bitcoin negatively as it makes people sell or makes gives the players a catalysts to take profit.

[olubams]

It is the first time I am hearing the term "burning of money" in economics which I suspect that CNBC just created the term in order to have a news article or something. It is something common now in which they will put up a so-called economist for an interview about what their views on something in an economical standpoint. Of course these kinds of news affects the price of Bitcoin negatively as it makes people sell or makes gives the players a catalysts to take profit.

It would be better if OP could put the link of the news for everyone to understand the context in which the term is being used rather than speculation which quite a number of people are doing here. Quite a number of people might be taking it literally which is obviously not the case here. I have also not heard about the term before in economic sense but would appreciate to add to my knowledge base via the link if provided.

[neolexx]

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand  it

So what do you think about tha

What answer are You waiting for on this forum? Really, It's the worldwide center of crypto billionaires. Or You ask for reasons to buy first bitcoin?  

[Proton2233]

Maybe OP meant that bitcoin is a pyramid which attracts money and then vanish into thin air. If so then I am not sure that it can be regarded as "burning money." In bitcoin invested a lot of money. Such money do not burn. They always leave a trail and if that ever happens it will be impossible to hide such amount.

[EcoChavCrypto]

There are a lot of lies over bitcoin, i dont understand why does financial assesors or those professionals are trying to spread fud over bitcoin. But anyway, it doesnt make sense, if you are going to withdraw your bitcoin earnings you are going to get paid on fiat, that is logical, and that money doesnt came from air, because someone did use that cash before, it is all a cycle.
Anyway, i am tired of those kind of people who thinks that they have the entire power over everything.

[terrific]

many Economists in CNBC say bitcoin is burning money and they talk about many reason which not understand  it

So what do you think about tha

Burning means losing in other easy terms. Those economists in CNBC you have watched are really exposing themselves to stop people for investing in bitcoin simple as that. Jamie Dimon did helped the price to be at dip and that's the time his company bought a lot of it. And these economists knows the real stand of bitcoin and they don't want to expose it yet because it's either they have personal agenda to buy a lot of it at dip just like the strategy of Jamie Dimon.

[killerfrost]

Actually Bitcoin is burning a lot of money. With the current price of 1BTC nearly 6000 $, it takes a lot of money to own 1BTc. So, in the future, when there are no fiat, can people use BTC or not? Or will there be a hundred times smaller units?

[Pearls Before Swine]

OP, I would suggest that if you want to spark a discussion about something you
heard or saw on CNBC (or any other source), you really should provide a link to
whatever it is you're referring to.   This here is just lazy, and I don't have a clue
what you're talking about with the 'burning money' reference.   But the MSM gets
things wrong all the time, and their opinions are to be taken with an enormous
shaker of salt.  They report on bitcoin because of the bull market, not because they
have anything useful to say.   Bear that in mind for the future.

[wxa7115]

I dont really understand the context of the statement, but I would imagine they are saying its like pulling money out of the economy, but thats not true, its like trading two currencies.

Maybe they are saying this in reference to what Keynes said once about burying money in order to combat inflation, however the only reason that could be considered as such at the moment is because bitcoin is not being used as a currency and most of the people that invest in it do not withdraw their money immediately, but as soon as that changes bitcoin is going to be like any other currency.

[Pettuh4]

Actually Bitcoin is burning a lot of money. With the current price of 1BTC nearly 6000 $, it takes a lot of money to own 1BTc. So, in the future, when there are no fiat, can people use BTC or not? Or will there be a hundred times smaller units?

I agree with you that Bitcoin  is actually burning bitcoins and money because when you even consider the amount of microbits left in wallets all over the world which cannot even fund themselves out of their respective wallets then you'll understand that it's indeed burning off money gradually.

[Biggapp]

I dont really understand the context of the statement, but I would imagine they are saying its like pulling money out of the economy, but thats not true, its like trading two currencies.

Not really but according to me it means the value and the importance of the bitcoin is now increasing then the money and the cash so it is the best time for the cash to use as he saving and the value of the bitcoin is increasing, it is the best income of the bitcoin and the profit of the bitcoin will be very high so get the profit and try to buy the more bitcoin so you will be able to use it as the money but to be honest this is my own thinking not the post one.

[Hydrogen]

If we're discussing money burning. No one burns more money than governments. Examples.

-The united states burned more than $6.5 trillion dollars on a war in the middle east that accomplished nothing. A case could be made for war in the middle east increasing the number of terrorists in the world which in turn made the world a more unstable and violent place.

-The united states burned more than $1 trillion on an economic stimulus plan which created 1 job at a cost of between $150,000 to $300,000 to taxpayers.

-The united states burned more than $1 trillion on its affordable care act program which were funded by 20 tax hikes that ultimately made healthcare far more expensive and unaffordable.

-NASA burns billions of dollars only to accomplish less than Elon Musk and Space X which had near to 100x smaller budget.

-The per student cost of some public schools in the USA rivals the tuition cost of Harvard tuition.

There are many real cases of money being burned in the world & the media never mentions any of them.