Max Levchin, one of the founders of PayPal, says that as an asset class bitcoin is “ridiculous” but believes the current decline is a good thing because it is “zeroing on fair value, whatever that is”.
The only thing that is ridiculous here is that statement. I don't know what
zeroing on fair value is or means and obviously neither does he.
Indeed. Within the FUD was more FUD. He could have said "trending toward", for example, rather than "zeroing on".
The intended subliminal takeaway was presumably "zero, zilch, nada, goodbye
BTC". Edited for clarity
Yeh, I didn't like the wording, but he himself even seemingly admits he doesn't know what it it means.
He is not entirely wrong, bitcoin as an asset is not performing well. He believes the fair value for bitcoin is below the current prices and he hasn't got a clue how low it will go.
One of the reasons bitcoin is fluctuating so much, is merchants like them can't make there minds up and do not release a definite timeline.
If they accept bitcoin tomorrow, bitcoin will not be a "ridiculous" asset any longer.
True, but just because it is still finding its footing currently doesn't mean it wont in the future or turn into a fantastic asset or investment.
