Bitcoin is 100% faith

[DapanasFruit]

This is an interview by  Erik Schatzker on Bloomberg’s “Front Row” with Jeremy Grantham the co-founder and chief investment strategist of Boston’s GMO, explaining why U.S. stocks have become an epic bubble and will burst in a collapse rivaling the crashes of 1929 and 2000. At the same time, he also touched on gold and Bitcoin, emerging markets and climate change.

The interview can be found here: https://www.youtube.com/watch?v=RYfmRTyl56w

What are the lessons we can get as takeaways from this man or should be categorized him as just another prophet of gloom especially in an expanding and exciting Bitcoin bull run?

[Fundamentals Of]

If that is his description of Bitcoin then he knows nothing and should therefore shut his mouth up. Bitcoin is not 100% faith. Bitcoin is code. Bitcoin is tamperproof code which fully guarantees its users that the supply is 21 million. Bitcoin is a set of codes which offers all the proof in the world that it is not owned nor controlled by any individual or entity. Bitcoin is 100% ownership. Bitcoin is 100% beyond the power of any powerful person or government which could change or control anything.

Jeremy Grantham needs to know his enemy first.

[odolvlobo]

Bitcoin is not a stock. So, I guess it doesn't matter what he thinks.

[Vod]

If that is his description of Bitcoin then he knows nothing and should therefore shut his mouth up. Bitcoin is not 100% faith. Bitcoin is code.

So, 20% code and 80% faith?

I don't see the long term viability of bitcoin mining given it's basically a lottery using more energy then the UAE.  If there is another major depression and utilities are affected, the largest mining company will own everything when the Internet becomes global again.  China used to be the bad boy polluter.  Now it's us. 

[Rruchi man]

Well, everyone is entitled to their own opinions, and as he has said -"Bitcoin is faith"  and not so many have faith. Let's face it, not everyone has to be like Elon and Dorsey who are believers. Though his statement might desuave the interest in btc of some who see Mr Jeremy as mentor, it is good news that his statement has no total control effect on the market. Whatever he thinks, doesn't matter.

[Jating]

His argument is flaw in the beginning, he already said that Stocks is also based on faith. So everything that involves money according to him should be based on faith. People like Elon Musk or Mark Z becoming a billionaire is base on faith as well, Lmao.

Anyhow, this is just one guy though, his statement might be controversial, but it doesn't mean that he is correct. Again, this is as a grain of salt.

[mk4]

He's right to a certain extent because "faith" is always a part of the picture, but 100% faith? It's the classic "Bitcoin has no use" the classic greater fool argument being thrown at it. It's the typical arguments of people stuck in their wall street bubbles without knowing much of the things happening outside their bubbles.

[Kittygalore]

I did have faith that bitcoin will go up during the 2018 price drop that sent many users into selling their bitcoin, does that count too? I mean, if faith is what we are talking about then they should know that everything in this world that has value is also 100% faith. One good example is the fiat currency, it's just a piece of paper in essence but how can it buy your food or get you into movie theaters? It's because the people on the other end of transaction has faith that it has a value in it, bitcoin did not introduce this kind of thing, it was happening ever since the dawn of civilizations, people putting value into something, gold, silver, copper, and gems are just minerals and ores in essence but because they are shiny, we have to put some value into it. The only difference is that bitcoin makes it obvious and right now, bitcoin is in the spotlight.

[hatshepsut93]

Bitcoin investors have faith that it will be more useful, stock investors have faith that the company will do well, how is it really that different? Yes, you can crunch some numbers to get some idea how a company would perform, but if it worked 100% of the time, there wouldn't be any unpredictable market movements on stock markets.

[Fundamentals Of]

If that is his description of Bitcoin then he knows nothing and should therefore shut his mouth up. Bitcoin is not 100% faith. Bitcoin is code.

So, 20% code and 80% faith?

What I mean is that Bitcoin got its value not merely because people have faith in it. Surely, Bitcoin is not as shallow as that. It is not some religious dogma whose sole existential foundation is the faith that people have in it.

I don't see the long term viability of bitcoin mining given it's basically a lottery using more energy then the UAE.  If there is another major depression and utilities are affected, the largest mining company will own everything when the Internet becomes global again.  China used to be the bad boy polluter.  Now it's us.  

I agree. But while the difficulty is increasing Bitcoin mining is also becoming green. So I'd like to believe that we are not generally digressing from our environmental concern by supporting Bitcoin.

Bitcoin is not 100% faith. Bitcoin is code.

And it's more than code, there are many branch of knowledge involved such as math, cryptography and game theory.

Which are all compressed together into a code, right?

[OcTradism]

Stock, bitcoin, tulip bulbs get price from faith and speculations. Their prices change with belief from investors or speculators and manipulations.

The hilarious fact is not all participants on the market have faith in bitcoin that makes them shake their hands when fuds are on the news. They shake hands and don't buy back because of fear and lost of faith.

True bitcoiners will cut loss and buy back at lower price when they see opportunities to increase their bitcoin amount. Such true bitcoiners are not too popular on the market.

[aoluain]

Because Bitcoin is not 'Physical' they have trouble understanding it. 100% faith is the same
as saying "where does it get its value" just a different way of saying it.

Faith is an essential part of everything we do, Satoshi had faith in his vision and ultimately his code.

[odolvlobo]

"Bitcoin is 100% faith" is a meaningless statement. It is nothing more than an admission of ignorance.

[BrewMaster]

this is not the first time that someone who is corrupt tries to undermine the vital utility that bitcoin has been providing to lots of people worldwide. they always use terms such as this to manipulate the minds of those who aren't yet familiar with bitcoin and make them think bitcoin is vaporware while their own existence and things they are involved in (usually bankers) are vaporware and based on false faith.

[tinopener]

Nothing wrong with owing 100% faith as long as it isn't 100% of your portfolio

I've never heard of a single person who has 100% of their portfolio invested in their 100% faith in gold, for example.

[Velkro]

prophet of gloom especially in an expanding and exciting Bitcoin bull run?

Just another prophet that want people to listen to him for personal gain.
How Bitcoin is 100% faith when there is revolutionary code behind it? Its value, not fairy tale.
Recently this whole GME fiasco showed people that  FIAT system is rigged.

[pixie85]

If it's code and he admits it, people have been trading code for decades. Somebody should tell him how much good code can be worth nowadays.

Software code is often stolen and traded on the darknet for millions of dollars like the code stolen from cdprojekt a few weeks ago.
It can make or unmake companies. Apple and Microsoft made billions with code.

This guy is laughable if he thinks code is nothing.

[Vod]

People like Elon Musk or Mark Z becoming a billionaire is base on faith as well, Lmao.

Rocket science is as far from "faith" as you can get.  Bitcoin is a great idea - just need to wait for the one coin with no CO2 emissions to make it global. 

[okissabam]

Maybe he is really not that familiar with bitcoin and just tagged it as a 100% faith. He must’ve invested a huge amount when it was at its peak and crosses his fingers hoping it keeps on increasing its value, now that’s faith. Bit in my opinion though, it is a matter of self discipline and you have to educate yourself too on the coins you are investing. As they say, knowledge is power and so if you have enough knowledge; you have the power to control what coins you want to invest when the value is low. 😉

[GreekCoiner]

Bitcoin is based on trust. If trust is lost then it will collapse. Trust depends on various things like mining, crypto exchanges solvency, Tether solvency and of course people.
It is like a trust token. If people trust to hold it and transact with it, they actually give it value.
The faith is about holding it and not selling it when its price increases. Still, a lot of people will take some profits when it goes very high. That's something normal.