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Author Topic: Bitcoins bad publicity?  (Read 341 times)
Powerloader
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January 14, 2021, 02:05:17 PM
 #1

This week The Bank Of America warned that Bitcoin is going to be a giant 'bubble' -  I dont think Banks are reliable 'barometers' when making Bitcoin predictions as I have seen so much negativity from them since 2017 - Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?
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January 14, 2021, 03:49:45 PM
 #2

I don't think calling bitcoin "a giant bubble" is an attempt to make it look bad. It's a prediction that any financial expert can make about any form of asset that's rapidly and continuously increasing in value. It's a warning we can't afford to ignore because like any other asset, bitcoin can pop anytime at ATH. But it's also possible that it will continue to rise.

As for banks launching their own crypto, some central banks have indeed been developing their own coins for years, and they're going to introduce them eventually. But don't worry, it's not going to affect bitcoin much. We have a lot of altcoins today but none of them was able to land a punch on bitcoin, so it's likely that those bank coins will only add to bitcoin's list of defeated foes.  
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January 14, 2021, 04:02:00 PM
 #3

This really isn't anything new, banks and certain big-named individuals in general have been saying that Bitcoin is a bubble and whatever negative adjectives that could think of.

Now, is this bad publicity? Sure; but the statement "any publicity is good publicity" is definitely at play here.

Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?
More like 'money on the internet', and that's pretty much it.

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January 14, 2021, 04:25:47 PM
 #4

This week The Bank Of America warned that Bitcoin is going to be a giant 'bubble' -  I dont think Banks are reliable 'barometers' when making Bitcoin predictions as I have seen so much negativity from them since 2017 - Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?
In my few years with Bitcoin, the government has always be going negatively with Bitcoin becasue it provided the resources the common man needed to be free from their oppression, then why won't they be kicking against the one that gives freedom. If you want to enjoy Bitcoin either as investment or otherwise please don't rely on information from the government or from an entity that stand against Bitcoin. The Banks launching their coins won't be better than their fiats(unending printings).

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January 14, 2021, 04:27:29 PM
 #5

This week The Bank Of America warned that Bitcoin is going to be a giant 'bubble'
From the articles I read, bitcoin wasn't called a bubble, they were rather referring to the current price surge and how it is unsustainable and similar to the gold boom in the 70's (gold cannot be referred to as a bubble cause of that). Everyone is entitled to an opinion on price action, some believe it is undervalued, others think it's overvalued, but they are all predictions; What's certain is that Bitcoin is definitely not a bubble and it has fundamental value.

Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?
I don't think Bitcoin really has a competition, it's a specific network that hasn't been replicated and at this time there is no replacement for it, you have alternative coins/tokens, fiat, gold, as well as soon to be launched CBDCs, but none of these can effectively replace Bitcoin.





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January 14, 2021, 04:34:34 PM
 #6

Ah look we have been hearing this rhetoric from institutions for years,
its nothing new and nothing to worry about.

Its the Banks who are worried, the institutions like fund and asset managers
are moving away from FIAT assets and the banks are slow to act.

Just yesterday Christine Lagarde made a big statement

"(Bitcoin) is a highly speculative asset, which has conducted some funny
business and some interesting and totally reprehensible money laundering activity,"

"There has to be regulation. This has to be applied and agreed upon ... at a
global level because if there is an escape that escape will be used,"

To put her statement into context a little, she was convicted of negligence
back in 2016 for some shady deal valuing €404,000,000 when she was the
French finance minister !

A French court has found International Monetary Fund chief Christine Lagarde
guilty of negligence but did not hand down any punishment.

As French finance minister in 2008, she approved an award of €404m ($429m; £340m)
to businessman Bernard Tapie for the disputed sale of a firm.

Anyone in crypto knows to take these type of comments with a pinch of salt.

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January 14, 2021, 04:41:06 PM
 #7

2018 - Bank of America: Bitcoin Bubble Is Already Popping
2021 - Bitcoin boom is a bubble, warns Bank of America Securities

As you can see, the same bank has been saying it's a bubble for years. They will keep on repeating that until they decide to convert their fiat holdings into BTC (although there's a possibility they are buying already). Don't fret about these FUD from banks and zero coiners. Carry on and keep buying bitcoin.

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January 14, 2021, 05:16:22 PM
 #8

This week The Bank Of America warned that Bitcoin is going to be a giant 'bubble' -  I dont think Banks are reliable 'barometers' when making Bitcoin predictions as I have seen so much negativity from them since 2017 - Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?

We have heard this statement for years. Lots of bank giants and capitalists have shared their opinion on bitcoin being a 'bubble' that will soon pop in the near future.
Just by basing such statement on bitcoin's price index, you would definitely see that there is consistent increase on its price.

People may claim that bitcoin is a 'bubble' but you definitely cannot hide the fact that lots of investors (including me) have profited from investing into it. They just don't see the long-term value of the blockchain as being applied to transactions which I believe is the future of payments.

2018 - Bank of America: Bitcoin Bubble Is Already Popping
2021 - Bitcoin boom is a bubble, warns Bank of America Securities

As you can see, the same bank has been saying it's a bubble for years. They will keep on repeating that until they decide to convert their fiat holdings into BTC (although there's a possibility they are buying already). Don't fret about these FUD from banks and zero coiners. Carry on and keep buying bitcoin.

I mean, the thing speaks for itself. The profit scale of bitcoin has been off the roof! I highly think that they fear about the global implementation of the blockchain technology in the future- which is why they are attempting to create a stigma against cryptocurrencies.

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January 14, 2021, 05:29:09 PM
 #9

Look closely at all the criticism and where it is coming from to understand what their agenda is. People save money in Banks and those Banks use that money to loan it to other people to make a profit. So what happens now... these same people are not saving their money in the Banks ...they rather invest that money into Bitcoin and other Crypto currencies..because they think that it would give them more return on their investment than having that money saved in Banks.

So what does Banks do to stop people from investing in Bitcoin? .... they try to bad mouth their competition and spread fear to stop people from investing in Bitcoin.   Roll Eyes

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January 14, 2021, 05:39:17 PM
 #10

Relevant price increases tend to call on the league of "bitcoin bubble" articles, which leads to people searching for the coupled terms, not by their own thoughtful will, but induced by the media.

Looking over Google trends, we seem to be pretty far from 2017’s ATH searched for "bitcoin bubble" (roughly 85 points down):
https://trends.google.es/trends/explore?date=today%205-y&q=%22bitcoin%20bubble%22

Look’s like there is wiggle room for the bubble theory to surface more than it has …

As one would expect, this year’s coupled term search overlaps ATH timing:
https://trends.google.es/trends/explore?q=%22bitcoin%20bubble%22

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January 14, 2021, 05:53:11 PM
 #11

It is a strategic approach to mitigate the teeming populace in crypto industry to the banking sector, not a bad adjective to describe a surging Bitcoin. The worst the banks and the government can do as this point is nothing actually. Trying to wind off people's interest over what gives them ROI even more than what the banks offers annually isn't realistic enough. So, my opinion remains firm even as it is not confirmed whether or not they are planning on launching a digital coin that could rival Bitcoin. It would definitely be a welcome development but who would risk his/her Bitcoin for a potential centralised token? Perhaps old people who are retiring to their pensions could try that line... Grin

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January 14, 2021, 06:01:36 PM
 #12

There's nothing new here in fact way back before, many banks and people saying that the bitcoin is a bubble in which it will disappear just like a bubble. We already know that the statements of the banks are very biased in which they are always saying that bitcoin is nothing and any negative about bitcoin. The thing is that this is a bad nor a good publicity about bitcoin? I think it is both because at the end of the day, the publicity of bitcoin will be the one who wins. People will search about it and learn about researching if this is really nothing. If the bank will launch there own Cryptocurrency to compete with bitcoin, then probably we can see another crypto that might ends good, but if this will not be decentralized then how it will compete with bitcoin.

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January 14, 2021, 06:35:40 PM
 #13

No coin bankers can introduce today that will have competition with bitcoin or challenges bitcoin, because looking at whatever they mentioned as alternative coin, is very obvious that it will be centralized because government will have control over it while bitcoin will still remain decentralized currency, and looking at it, it's not a fresh or a new news because government right from time has negative agenda towards bitcoin from the looks of their things.

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Fatunad
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January 14, 2021, 06:50:31 PM
 #14

This week The Bank Of America warned that Bitcoin is going to be a giant 'bubble' -  I dont think Banks are reliable 'barometers' when making Bitcoin predictions as I have seen so much negativity from them since 2017 - Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?

What would you expect?

Banks are institutions which is fully contrary on bitcoin existence thats why it is really just common for them to have those criticism towards bitcoin.

They would say its a bubble or any whatsoever which isnt surprising but to rely on what theyve said then you would typically panic and might really change of minds.
Bad publicity? well this one really give out those bad impressions to those who doesnt know on what bitcoin is all about.

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Cling18
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January 14, 2021, 06:55:22 PM
 #15

Banks and the government will always release negative statements about Bitcoin and it has been happening for years because they always see it as a threat. However, Bitcoin has been proving that these negative impressions are wrong and it's even attracting more investors. After all, publicity is still publicity and no matter how they ruin the name of Bitcoin, it even becoming more popular because of its huge potential.

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January 14, 2021, 07:01:54 PM
 #16

This week The Bank Of America warned that Bitcoin is going to be a giant 'bubble' -  I dont think Banks are reliable 'barometers' when making Bitcoin predictions as I have seen so much negativity from them since 2017 - Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?
CBDC is the one that they're planning to launch. It's the bank and government's own initiative to make themselves join in the crypto market although they can easily implement the use case of that coin they are trying to make.
Whether the banks or governments say something negative about bitcoin. You don't have to be upset about it, that happens most of the time even years ago, they still keep saying the same thing.


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January 14, 2021, 07:22:59 PM
Last edit: January 14, 2021, 07:36:56 PM by imstillthebest
 #17

they think they are trusted with their predictions because they are bank and they are related to money but

 we that are here on bitcoin knows how banks involved in an issue with bitcoin , we dont take this prediction seriously but im afraid that non solid bitcoiners will worry or panic because of this

Quote
Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?
i think that the internet of money or money of the internet can be anything that is online . it can decentralized or not . they are free to create their own coin but the question is if will it market like btc

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January 14, 2021, 07:47:43 PM
 #18

Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?
How you can call such a thing "The internet of money" if it can only be used in a particular place/country? And no, even if they have to, they are even too far for competing with bitcoin.

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January 14, 2021, 08:12:26 PM
 #19

This week The Bank Of America warned that Bitcoin is going to be a giant 'bubble' -  I dont think Banks are reliable 'barometers' when making Bitcoin predictions as I have seen so much negativity from them since 2017 - Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?
The marketers of other industries are getting paid for the job they do. Bitcoin has a whole community that works as a marketer for it and they do not get paid for it. Is not that beautiful? Twitter and Reddit is the home for the Bitcoin community. Many centralized industries are jealous of Bitcoin's community. Hodlers are in the front of the warzone. The cryptos of centralized institutions will not go any close to Bitcoin.

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January 14, 2021, 08:16:12 PM
 #20

This week The Bank Of America warned that Bitcoin is going to be a giant 'bubble' -  I dont think Banks are reliable 'barometers' when making Bitcoin predictions as I have seen so much negativity from them since 2017 - Now the Banks and Governments are talking about launching their own Crypto to complete with Bitcoin but surely this wont be decentralised so its not really going to be 'The internet of money' is it?
The marketers of other industries are getting paid for the job they do. Bitcoin has a whole community that works as a marketer for it and they do not get paid for it. Is not that beautiful? Twitter and Reddit is the home for the Bitcoin community. Many centralized industries are jealous of Bitcoin's community. Hodlers are in the front of the warzone. The cryptos of centralized institutions will not go any close to Bitcoin.

Don't get too affected with the statements from banking institutions. I believe, some of them are already working in cryptocurrencies. They maybe giving some warning to people about crypto, but if you are a long time crypto user, you already know what to do in this market. You don't need someone tell you what to do. Anyway, sooner or later, these banks will also join the crypto revolution.

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