As Russia prepares regulation for cryptocurrencies, one Russian official has said investments in bitcoin is worse than playing casinos.
Last week, an elite meeting of Russian financial officials and regulators convened with Russian president Vladimir Putin to discuss cryptocurrencies as financial instruments in the country. Putin acknowledged “cryptocurrencies are becoming or have already become a full-fledged means of payment, as well as a means of instrument” in several countries around the world.
Prominent venture capitalist and Union Square Ventures co-founder Fred Wilson, who previously stated banks are oblivious to bitcoin’s best feature, recently published a blog post in which he explains how much each type of investor should put into cryptocurrencies, in a response to news that led people to believe he stated investors should have 10-20% of their net worth in crypto assets.
The Bank of Canada’s senior deputy governor has said that digital currencies like bitcoin are changing finance. However, she doesn’t believe it will replace cash.
Speaking at an Institute of International Finance meeting in Washington, Carolyn Wilkins, senior deputy governor at the Bank of Canada, said:
Money that’s worth the name to be called money really does have to be a medium of exchange, a store of value – and the digital currencies that are out there right now don’t fulfill them – bitcoin doesn’t, none of them do.
Hedge fund manager Mark Yusko forecasts that the bitcoin price has the potential to reach $1 million over the long term as the network effect leads increasing numbers of investors to use it as a store of value in place of traditional commodities such as precious metals.
Yusko, who founded Morgan Creek Capital Management and serves as the firm’s chief investment officer, is noted for his bearish outlook on the stock market.
The president of Brazil’s central bank has rebuked bitcoin, comparing the cryptocurrency to a pyramid scheme.
Brazilian central bank president Ilan Goldfajn has taken a dismissive stance against bitcoin and criticized the marked growth in the value of the cryptocurrency this year. Since the turn of 2017, the cryptocurrency has grown from $1,000 to its recent all-time high of $5,920.
Former Wall Street mogul and billionaire bitcoin investor Mike Novogratz has called Jamie Dimon a ‘rent-taker’ who will lose the fight against the ‘cryptorevolution’ led by cryptocurrencies like bitcoin and blockchain technology.
Retired Wall Street macro fund manager Michael Novogratz has offered his opinion on JPMorgan Chase chief Jamie Dimon’s much-publicized recent comments on bitcoin. Dimon called bitcoin a ‘fraud’, threatened to fire any employee trading bitcoin and more recently, said ‘stupid’ bitcoin buyers will pay the price for adopting the cryptocurrency.
The president of the World Bank has praised blockchain technology while expressing skepticism of the current valuation of bitcoin price.
World Bank president Jim Yong Kim was speaking to CNBC in an interview when he talked up the potential of blockchain technology in the financial sector before adding that cryptocurrency blockchains should been treated with caution.
The deputy director of the Philippines’’ central bank has highlighted the advantages of using cryptocurrencies like bitcoin after releasing regulations for the industry earlier this year.
The Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, published regulations for bitcoin exchanges earlier this year. In a statement at the time, the central bank said it “recognizes that virtual currency systems have the potential to revolutionize delivery of financial services particularly for payments and remittance, in view of their ability to provide faster and more economical transfer of funds, both domestic and international, and may further support financial inclusion.
When bitcoin price reaches new heights, the critics raise their voices. As the price approached the $6,000 benchmark Friday, it didn’t take long for critics to warn of impending doom.
Wall Street banker Jamie Dimon, chief executive of JP Morgan Chase, unleashed another one of his diatribes against bitcoin Friday in response to a CNBC moderator question at an event hosted by the Institute of International Finance, reiterating that he believes blockchain technology is useful but that non-fiat cryptocurrency “has no value.
Willy Woo, a highly regarded Bitcoin and cryptocurrency researcher, recently revealed that the number of Bitcoin users approximately doubles every 12 months.
Utilizing Google Trends as one of the main indicators of Bitcoin user growth, Woo formed the following infographic to demonstrate the exponential growth rate of the Bitcoin userbase.
Well, that didn’t last long. Just one day after JPMorgan chief executive Jamie Dimon declared he was “not going to talk about bitcoin anymore,” the vocal bitcoin critic broke his silence to go on another memorable rant about the flagship cryptocurrency.
Financial analyst Gary Shilling has called bitcoin a ‘black box’ and that he won’t be investing in the digital currency.
President of A. Gary Shilling & Company, Shilling claims that the digital currency is ‘too opaque and complicated for him to invest’ in.
In a video on Business Insider, Shilling said of bitcoin that:
It’s a black box and I’m not a believer in black boxes.
JP Morgan’s chief executive Jamie Dimon, who earlier this year labeled bitcoin a “fraud” and stated that it would eventually be closed because it was “not a real thing,” was recently slammed by Bart Stephens, co-founder and managing partner of San Francisco-based venture capital firm Blockchain Capital, who said he should “do some homework” on bitcoin.
The head of the International Monetary Fund (IMF) has stated that central banks and banking providers should start taking cryptocurrencies seriously.
Christine Lagarde, managing director of the IMF was speaking to media at the IMF Annual Meetings in Washington D.C when she said global financial giants risk being blindsided by new financial innovations like cryptocurrencies.
Speaking to CNBC, Lagarde stated:
I think we are about to see massive disruptions.
UBS Chief Executive officer Sergio Ermotti says that wealthy investors are curious about bitcoin and other crypto assets but are not ready to make significant investments in cryptocurrency.
Ermotti told Bloomberg that the exceptional year-to-date performance of bitcoin, ethereum, and other crypto assets has piqued the interest of wealthy UBS clients, but he has not noticed any “meaningful desire” among clients to actually invest in the burgeoning crypto economy.
JP Morgan Chase CEO Jamie Dimon said he is no longer going to discuss bitcoin after much his-publicized criticism of calling the cryptocurrency ‘a fraud’ last month.
Noted bitcoin critic and Wall Street banker Jamie Dimon has been known to make dramatic statements about bitcoin, calling it a ‘fraud’ that will ‘get someone killed’.
Former Wall Street giant turned billionaire private investor Mike Novogratz would not be surprised to see bitcoin price hitting above $10,000 in early 2018.
Michael Novogratz, a retired Wall Street investor and noted cryptocurrency advocate who is starting a $500 million crypto hedge fund – with $150 million of his own money – was speaking to CNBC when he revealed he was an early investor in ‘bitcoin, ethereum and a lot of different ICOs.
Russia’s Vladimir Putin has commented on cryptocurrencies by acknowledging their growth as a legitimate method of payment and warning against “significant” risks.
Speaking at a government meeting in city or Sochi today, Russian president Vladimir Putin warned of “serious risks” accompanying cryptocurrencies. The remarks are notable for Putin becoming highest-profile global leader to comment on cryptocurrencies yet.
In remarks reported by RT, Russia’s Putin underlined the marked growth of cryptocurrencies and their adoption into society.
Harvard professor and renowned economist Kenneth Rogoff, who in the past argued for a reduction in the amount of physical cash, recently said that the bitcoin price “will collapse,” due to continued regulatory pressured from governments.
In his piece, written for The Guardian, Rogoff stated:
“My best guess is that in the long run, the technology will thrive, but that the price of bitcoin will collapse.
Former Goldman Sachs vice president Matthew Goetz believes that investing in bitcoin is comparable to investing in internet companies in the early 1990s: it’s clear this technology is disruptive, but it’s impossible to know whether bitcoin will be usurped by another cryptocurrency down the road — perhaps one that hasn’t even been invented yet.
Goetz, who co-founded cryptocurrency investment firm BlockTower Capital earlier this year, compares the current state of cryptocurrency to the development of the internet during the early 1990s.
Chris Burniske, a parter at cryptocurrency-focused venture capital firm Placeholder and former cryptocurrency investment lead at ARKInvestment, revealed that 80 percent of the total supply of bitcoin is now outstanding and that its hyperinflationary period is behind it.
Dissimilar to most currencies and assets, bitcoin is a deflationary currency because of its unique monetary policy.
The chairman of UBS has claimed that, according to him, bitcoin does not fulfill the functions of a currency.
UBS Chairman and former Bundesbank (Germany’s central bank) president Axel Weber was speaking at a financial conference in Zurich this week when he played down the potential of bitcoin, a decentralized cryptocurrency completely independent of a central authority.
In statements reported by Reuters, the senior banker claimed his skepticism of bitcoin “probably comes from my background as a central banker.
The president of Japan’s largest bank and financial group (MUFG) has claimed that the bank’s own digital currency, MUFG Coin, will do one better than bitcoin.
The Bank of Tokyo-Mitsubishi (MUFG), Japan’s largest bank, revealed plans toward developing its own digital currency in early 2016. Dubbed “MUFG Coin”, the digital currency – based on a blockchain – is set at a fixed conversion rate of one coin equal to one Japanese yen.
Earlier this week, at the Vanity Fair New Establishment Summit in Los Angeles, billionaire investor and the owner of NBA’s Dallas Mavericks Mark Cuban confirmed with Bloomberg’s Emily Chang that he has purchased several bitcoins through the Swedish stock market Nordic Nasdaq.
Cuban also provided a counterargument to JPMorgan CEO Jamie Dimon’s invalid and non-factual criticism towards bitcoin, stating that the concept of intrinsic value does not exist, and that the value of most assets and currencies are based on supply and demand.
Goldman Sachs CEO Lloyd Blankfein says he is “still thinking about Bitcoin” but has not yet reached a point where he is ready to endorse or reject it.
Yesterday, the Wall Street Journal reported that Goldman Sachs was considering becoming the first blue-chip Wall Street investment bank to launch a dedicated bitcoin trading operation.