Bitcoin could loose 90% of its value

[Cryptoshops]

Wall Street veteran Peter Boockvar warns that Bitcoin could loose 90% of its value

Wall Street veteran Peter Boockvar predicts an epic crash will hit the cryptocurrency market.

He isn't sure if it'll come to a grinding halt or be a slow and steady drop — but he says it's coming.

Boockvar, chief investment officer at Bleakley Advisory Group, is certain crypto is in a giant bubble, and the air is already coming out.

"When something goes parabolic like this has, it typically ends up to where that parabola began," he said on CNBC's "Futures Now."

Boockvar, a CNBC contributor, contends bitcoin is in danger of dropping 90 percent from current levels. He calls it a classic bubble.

"I wouldn't be surprised if over the next year it's down to $1,000 to $3,000," he added.

Once the cryptocurrency market cracks, he contends, investor attitudes toward risk assets will change. According to Boockvar, the stock market could see collateral damage, but it would all be based on psychology — not on anything that's fundamentally wrong with the economy.

https://www.cnbc.com/2018/01/19/bitcoin-could-lose-90-percent-of-its-value-wall-st-veteran-boockvar-warns.html

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[QuestionAuthority]

That’s a “make me a hero” prediction. If it happens he’s the big hero. If it doesn’t happen no one will remember he said it. If they do remember he can just say it might take a little longer do to bla bla bla.

[weav]

That’s a “make me a hero” prediction. If it happens he’s the big hero. If it doesn’t happen no one will remember he said it. If they do remember he can just say it might take a little longer do to bla bla bla.

I agree , people have been saying this since bitcoin got in the public eye. Not that it is or isn't true what he is saying just that he has no way to know if and when it happens.

[janah]

That’s a “make me a hero” prediction. If it happens he’s the big hero. If it doesn’t happen no one will remember he said it. If they do remember he can just say it might take a little longer do to bla bla bla.

I agree with you if he is right about his prediction he is a hero but if not going to happen then he is just a waste.
Also no one can predict bitcoin value if it is going to decrease or increase and no one can control the price of bitcoin. The funny thing about it he already predicted the price of bitcoin withouth any basis so its just a word came from mouth and nothing gonna happen.

[Cryptoshops]

That’s a “make me a hero” prediction. If it happens he’s the big hero. If it doesn’t happen no one will remember he said it. If they do remember he can just say it might take a little longer do to bla bla bla.

I agree , people have been saying this since bitcoin got in the public eye. Not that it is or isn't true what he is saying just that he has no way to know if and when it happens.

Think the main worry is the extreme volatility of Bitcoin which will eventually stop investors from investing

[player514]

Wall Street veteran Peter Boockvar warns that Bitcoin could loose 90% of its value

Wall Street veteran Peter Boockvar predicts an epic crash will hit the cryptocurrency market.

He isn't sure if it'll come to a grinding halt or be a slow and steady drop — but he says it's coming.

Boockvar, chief investment officer at Bleakley Advisory Group, is certain crypto is in a giant bubble, and the air is already coming out.

"When something goes parabolic like this has, it typically ends up to where that parabola began," he said on CNBC's "Futures Now."

Boockvar, a CNBC contributor, contends bitcoin is in danger of dropping 90 percent from current levels. He calls it a classic bubble.

"I wouldn't be surprised if over the next year it's down to $1,000 to $3,000," he added.

Once the cryptocurrency market cracks, he contends, investor attitudes toward risk assets will change. According to Boockvar, the stock market could see collateral damage, but it would all be based on psychology — not on anything that's fundamentally wrong with the economy.

https://www.cnbc.com/2018/01/19/bitcoin-could-lose-90-percent-of-its-value-wall-st-veteran-boockvar-warns.html

A bold prediction, just as many have come out and said that bitcoin can go to 100k in this year alone. I'm not too worried. Often times, especially with crypto, people end up giving a lot of their opinions. If you're famous enough, all it takes is 1 correct prediction to ignore all the wrong ones. People keep shooting their shots. It takes one to kill.

The issue is that people so often forget that bitcoin and all crypto is meant to be volatile due to the lack of backing. They think it's just a get rich quick with no downsides. If people actually started to be smart with their money, they wouldn't be as surprised with these bold predictions.  

[Jexjatto]

I don't see how that will be possible giving the recognition the Crypto currency 💱 is gaining all over the world, the future is digital and I only see bitcoin increasing.

[Rosscy]

Drop to 90%. I never read news from such people who anti-Bitcoin.

That’s a “make me a hero” prediction. If it happens he’s the big hero. If it doesn’t happen no one will remember he said it. If they do remember he can just say it might take a little longer do to bla bla bla.

Obviously, when his prediction doesn't work then he will say the reason bla bla bla. We already know Bitcoin has a volatile nature, price dependence is based on demand-supply market. With making like this Fud news, they wants to create panic in the market.

[Blockfolioz]

Already it has lost more than 50%, if the same continues surely it is really hard to retain. The complications with the growth and adoption will increase when governments take it in their control. So, such a drastic loss in value should not take place at any instant, rather than growing.

[Cryptoshops]

Already it has lost more than 50%, if the same continues surely it is really hard to retain. The complications with the growth and adoption will increase when governments take it in their control. So, such a drastic loss in value should not take place at any instant, rather than growing.

I think this is what he means. Very seldom do shares loose so much value so quickly and if Bitcoin can not control its extreme volatility the investors will end up not trusting it and will stop investing in it which will cause the price to fall which would be a good thing because then we could use it for what it was meant to be used for ...A currency... not a get rich quick scheme  and thats if they ever bloody sort out the high fees and stuffed up delays in the network

[batang_bitcoin]

A Wall Street "veteran" says that bitcoin could lose that percentage of it's value? Bitcoin is starting to shake their market so usually a competitor will tell others negative things about them. Remember on how the other Wall Street folks said about bitcoin. Ask Jordan Belfort on what he said about bitcoin before but many didn't bought on that, they are clearly stating FUDs that will affect small traders and pushing them to get out of the market. This Wall Street force is doing everything they can to spread their opinion to discourage bitcoin investors, what a shame.

[kojoannan]

It is true bitcoins can loose it value of 90% because of government from Asia recent attack on bitcoins. Holders of bitcoins are quickly selling their bitcoins cheap so that it can't become obsolete after government take full action on traders.

[Cryptoshops]

It is true bitcoins can loose it value of 90% because of government from Asia recent attack on bitcoins. Holders of bitcoins are quickly selling their bitcoins cheap so that it can't become obsolete after government take full action on traders.

A lot of countries are trying to regulate it atm not just Asia

Regulators in the U.S., Singapore, Japan and China are looking into regulatory measures to control the growth in digital tokens. there was also talk from Great Britian (UK Treasury is planning tighter regulation of Bitcoin, hoping to prevent the likes of money laundering and terrorism being paid for with cryptocurrency. ... Treasury said it intends to regulate the digital currency to bring it in line with anti-money laundering and counter-terrorism financial legislation.)

[baileym]

He is only scaring people to get the price to go down so he can buy low.  I bet he'll prop it up in a month or 2...  After he gets the  BTC in his portfolio.

[ballexplorer]

These are not all good news that are currently reaching us. There is a lot of global sentiment against the crypto currencies. This is bad.
When confidence goes down, so do the courses.

[Suharti12]

It is just a prediction and opinion to cause a shake in the market, and when prices fall in people panic selling and put together big investors will buy bitcoin to get big whales.

[vv181]

These are not all good news that are currently reaching us. There is a lot of global sentiment against the crypto currencies. This is bad.
When confidence goes down, so do the courses.

We know the FUD's has participated a lot in the market price, we know a big names/government want to regulate cryptocurrencies and it will greatly affect the market as an example the recent Korean ban. I believe it's not the one we are looking for. Bitcoin is built to be decentralized not affected by any centralized agencies. But the truth is many people still affected by 'centralized economies'.

[SWONG]

Really?90% but in my eyes 90% just 10 times will back to100% one year happened in 2017 for bitcoin, from $2000-$20000 it is real happened just keep your coin.
Another topic is in my eyes Blockchain is more important than encryption coin. Encryption coin is just one kind of use for Blockchain, so i investment is not future of bitcoin, it is the future of Blockchain

[chanpinchen]

If it happens it would be the level I would go in.

[Arwinkim]

When more regulators come to regulate bitcoin then price might fall because people are likely restricted to buy. Thus, demand drops! Bitcoin as decentralized asset, time by time will be centralized because of regulations.

However, bitcoin price drops atm because market in asia where investor need to liquidate their asset due to chinese new year. IMHO, maybe I am wrong