That’s what financial analyst Gary Shilling thinks. He thinks bitcoin is “some great scheme of Ponzie”.
Shilling told CNBC that he was worried … the opaqueness of the cryptocurrency market. In particular, he is concerned that the identity of Satoshi Nakamoto will never be revealed. We asked ourselves this question ourselves.
“I do not believe in a cat in a sack!”
Shilling is a well-known btc critic. In October 2017, however, he admitted that he did not understand bitcoin and rejected it as a “black box” (ie a complex investment model).
“I’m just very suspicious of things that are not transparent,” Shilling said, “If I can not understand this, I do not want to invest in it.”
It is difficult to disagree with the latter, but the financier goes further and, although he apparently does not understand cryptocurrencies, he calls them frauds. Shilling also thinks that bitcoin fails as a currency, because it lacks three basic features of the legal currency:
it does not hold value,
it is not a medium of exchange, and finally
it is not universally accepted.
The above arguments, in part, can be referred to many other fiat currencies, which the expert forgets.
Of course, he did not forget about the leading argument of cryptocurrency enemies. In his opinion, the only purpose of Bitcoin’s existence is to launder dirty money (as if cash was not used for this purpose!).
A rat poison
Shilling is not alone in his criticism. In May 2018, Warren Buffett called bitcoin “rat poison squared” that only attracts “charlatans.” Similarly, Bill Gates said that cryptocurrencies are crazy, speculative gambling.
However, we are dealing here with the conflict of generations. Jack Dorsey, Peter Thiel and Tim Draper are convinced that bitcoin will eventually push out all other currencies. The latter even thinks that 1 btc will cost USD 250,000 until 2022. He emphasizes the importance of bitcoin in the media and its importance for the further history of mankind.
“It’s bigger than the Internet,” says Tim Draper, “it’s bigger than the iron age, the renaissance, it’s bigger than the industrial revolution, it’s affecting the whole world and it’s going to be touched faster and more widespread than you ever imagined.”