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Author Topic: [2018-01-02]Schwab Strategist Dismisses Bitcoin Comparisons to Dot-Com Bubble  (Read 17 times)
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January 02, 2018, 06:04:26 AM

Jeffrey Kleintop, Charles Schwab’s chief investment strategist, told Business Insider that if there is a bitcoin bubble, it is not like the dot-com and housing bubbles. If bitcoin prices fall, it will not be for the same reasons as the other bubbles since bitcoin is not yet embedded in the economy and the financial structure the way dot-com and housing stocks were. Any fallout in bitcoin prices would be reflective of developments unique to bitcoin.

Kleintop, whose company manages $320 billion in assets, said he gets asked whether or not bitcoin is a bubble every place he travels throughout the world. Kleintop is one of several experts who has differed with those who have called bitcoin a bubble waiting to burst. Goldman Sachs CEO Lloyd Blankfein recently told Bloomberg he wasn’t willing to “pooh pooh” the cryptocurrency, despite having a certain “level of discomfort with it” as is the case with anything new. Morgan Stanley CEO James Gorman also recently stated that bitcoin is “more than just a fad” that “isn’t inherently bad.”

Da Hong Fei, founder of NEO, the 12th largest cryptocurrency with a market capitalization of $160.852 million, has said that even if bitcoin is a bubble that eventually bursts, the cryptocurrency will recover and even become bigger.

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In 2017, the talks about Bitcoin being just another bubble became open of the most heated debate with people placing themselves in extreme spectrum's. Now, in 2018, the same debate will continue. One thing for sure, as long as Bitcoin has not burst yet, people will continue to speculate when it will go pop. Now, if at the end of 2018 Bitcoin continued to be a viable investment vehicle, naysayers will predict that it can burst in 2019 or on and so forth. Is Bitcoin then a bubble? Yes, it is quite possible that it is but i don't think it will go pop because it knows how to correct itself. This is akin to a dance with three steps forward and two steps backward.

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