[2017-11-30] John Bogle: "Avoid Bitcoin Like the Plague”

[iamTom123]

Wall Street magnate John Bogle has warned investors to keep their money away from the bitcoin industry. Jack Bogle, a legendary investor and founder of Vanguard Group, an investment firm managing $4.5 trillion in global assets, has poured scorn on bitcoin as an asset at a time when the decentralized cryptocurrency is valued above $10,000.

At 88 years old, the now-retired chairman of the Vanguard Group was present at a Council on Foreign Relations event in New York on Tuesday when an audience member sought his opinion on bitcoin. In remarks reported by Bloomberg, Bogle was sharp in his response, stating: Avoid bitcoin like the plague. Did I make myself clear? More on this here...

Now, we have here another well-known man in the fashion of Jamie Dimon as these men both do not believe that Bitcoin is representing some value and can be the future of money we have all been looking for. Just like Warren Buffet, both personalities are already old and have been to so many things in the world of investing and can be respected figures, and then both do not like Bitcoin and in extension the whole of the cryptocurrency movement. Well, we have top respect his own opinion and anyway he does not matter at all in the Bitcoin market not to mention the fact that we have already heard the same warning before...even before Bitcoin experienced astronomical heights.

What is your own opinion on Bogle's warning?

[hatshepsut93]

Sadly, many people from the older generation tend to be very disconnected from the younger ones, when it comes to technology, culture and politics. So, it's not a surprise that so many Bitcoin naysayers are very old - and what's curious, I don't remember any famous young people among Bitcoin's opponents. Young people quickly spotted Bitcoin's potential because they understand the importance of the Internet, information and freedom, while older generations are more focused on their past. And now people like John Bogle encountered something they haven't seen in their whole life - a new technology skyrockets in its value while they refuse to even try to understand it. So despite all their experience and financial success we shouldn't give much weight to their words - their reaction is mostly emotional, and they don't criticize Bitcoin from a technical point of view.

[Kronos21]

This is a typical behavior of a man of the old school. At this age he is no longer able to change their habits and thinking. For it will always exist only the current financial system. He knows how to work with it. He was not interested in corruption. He already knows whom to call and whom to pay to earn. For them, bitcoin is the collapse. so they are against him.

[darkangel11]

This is a typical behavior of a man of the old school. At this age he is no longer able to change their habits and thinking. For it will always exist only the current financial system. He knows how to work with it. He was not interested in corruption. He already knows whom to call and whom to pay to earn. For them, bitcoin is the collapse. so they are against him.

That's correct, he's just like Warren. Both of these old farts could sit together on their golden thrones, smoking cigars and drinking old brandy, talking about the old days when you had to make a call to buy or sell a stock. Those times are long gone and they're nothing but relics of the old times. I hope they'll live long enough to see how wrong they were.

[richardsNY]

Offer me something that's decentralized, offers me crazy returns with massive future potential, avoids me having to deal with banks and governments, allows itself to be used as currency in any place in the world, etc, and I'll consider it. Oh wait, we already have it, so there is nothing that you can offer me. Some people (especially at such age) should focus on different things in life. You have everything, you can buy everything, what more do you want old man? Let people do whatever they want. Bitcoin breaks this rotten system and allows people to finally obtain financial freedom. Why should people avoid this? To remain a slave of this system? F. off....

[Guardian.P]

"Bitcoin does not have a basic profitability," added Bogl.

Bitcoin is in great demand. If gold was not needed, then its price was as simple metal, but from the fact that it is not enough and it needs someone and it's worth its money

[entrepmind23]

It's not surprising for the people in his age to go against bitcoin because they did not meet something like this before so they don't know what lies ahead. They are sticking in their old school ways like trading in stocks and sticking to those investments backed by the government because it is already a part of their system and it is hard to change their mindset in seeing things the different way. For them, a currency not backed by government is something that should be avoided because you don't have the security in case something goes wrong which is somewhat correct but still they should be open-minded about it.

[rjbtc2017]

"a legendary investor and founder of Vanguard Group, an investment firm managing $4.5 trillion in global assets" Impressive , yet not enough credential to be credible enough on his statements regarding Bitcoin, Do not believe this guy on whatever he says about Bitcoin avoid him like the Plague. Bitcoin and Cryptocurrency world is different from the business world, Even if his credentials is one of the most exceptional in the business world it is nothing when it comes to the cryptocurrency world, Let's shrug it off and ignore his statements.

[Kakmakr]

Do you really expect any other response from people who has 100% of their wealth invested in Fiat investments? If someone comes to you and you have 100% of your money invested in say Gold, would you promote something else that would hurt the value of your Gold investment? < remember, you want other people to invest in Gold, for the value of Gold to go up and for you to make more money >

They also have a strong history and vast knowledge on old traditional investments tools and Bitcoin is something new, so they will be apprehensive and protective of this new disruptive and highly volatile commodity. <because they have not experienced this before and commodities with such volatility is labelled as Ponzi schemes in their industry>

The biggest Plaque is the current financial instruments that are misused to enrich the 1% richest people in this world. They will fight to hang on to that power and knowledge. 

[ivanpoldark]

John Bogle has already made his assets many years ago, as his words showed, he is not a gambler in spirit. I was taught to respect elder people. How can someone blame such old man, who elevated himself to the top, with his own brainpower. Such smart and old man can never say to his partners: take my money and yours, let`s invest them into a highly volatile asset`s. This business is just not for them, it`s for middle class investors, who can accept risk of losses and great gains.

[J. Cooper]

John Bogle has already made his assets many years ago, as his words showed, he is not a gambler in spirit. I was taught to respect elder people. How can someone blame such old man, who elevated himself to the top, with his own brainpower. Such smart and old man can never say to his partners: take my money and yours, let`s invest them into a highly volatile asset`s. This business is just not for them, it`s for middle class investors, who can accept risk of losses and great gains.

How has this anything to do with respect? You would be a fool mindlessly following his advice merely out of advice. Sure he's made a lot of money, but fifty years ago. Times have changes a whole lot over the years and even more in the last decade. If there's something that's hard to change then it's the mentality. Regardless of what bitcoin accomplishes, he will always have a hard time accepting it. That's just the way it is.

[Kemarit]

He's late though, no one in his right frame of mind would listen to such ****shit. Time has changed, those old school guys doesn't understand what is crypto and its not for them. What they learn from the past in no longer applicable in the present. Same thing goes for all of us, maybe down the line, investors would evolved and our trade practice is no longer relevant. And I think that people is not avoiding bitcoin, on the contrary they are embracing it more than even and with the CME future contracts already in the bag, more and more financial institutions will see how this works and if they do think that it will bring more profits from them I'm sure in an instant they will join and not fight, because it doesn't make sense.