Seven years ago, a bitcoin was only worth $0.05; seven years later, $1,000 could only buy 0.05 bitcoin. BTC price rose from $6,000 to $19,000 in just 45 days, but it took only a week to fall from the $19,000 to the altar, and the ups and downs became one of the signs of Bitcoin. In the face of such ups and downs in the market, how do all the financial big coffees evaluate bitcoin?
1. Warren Buffett
Bitcoin currency is not a currency, it does not satisfy the definition of currency. I wouldn’t be surprised if bitcoin disappeared after ten or twenty years.
This stuff is not reliable. It is unregulated and uncontrolled. It is not subject to supervision by the Federal Reserve and any central bank. I don’t believe this whole thing at all. Far from Bitcoin, it is basically a mirage. Bitcoin itself is a way of transferring funds, but checks can also transfer funds. Does anyone pay tens of thousands of dollars for a checkbook?
2. Howard Max (founder of Oak Capital)
Maybe it’s me old, I can’t appreciate the technical greatness of cryptocurrency. But I firmly believe that this kind of thing can be accepted, only to prove that the financial white is too much. They chase risk and delusion. I think cryptocurrency is just a fanatic (and maybe even a pyramid scam), and cryptocurrency pricing is based only on the price that others are willing to pay. Similar incidents have occurred many times — the tulip fanatics of 1637, the South China Sea bubble of 1720, and the Internet bubble of 1999 to 2000.
3, John McAfee (antivirus software McAfee founder)
Bitcoin’s growing application landscape has proven its worth, and of course its price will fluctuate, just like all new technologies. But it is obviously not a scam. When people get used to using bitcoin to trading, they stop using dollars, euros, and renminbi. Bitcoin will depreciate these coins in the long run. I predict that bitcoin prices will be $500,000 in three years.
4. Peter Tell (founder of PayPal)
I doubt most of the cryptocurrencies, but I think people underestimate the value of Bitcoin. It is the reserve of money, like gold, which can be used to store value. You don’t need to pay for it. If Bitcoin finally proves to be the digital equivalent of gold, it will have great potential.
5. Ben Bernanke (former chairman of the Federal Reserve)
I think Bitcoin has some serious problems. First, it has not shown that it is a stable source of value. Its price fluctuates greatly and is not widely accepted as a trading medium. Second, its most serious problem is anonymity. This is both a feature and a bug that can be used for illegal transactions. I think the involvement of government regulation will make Bitcoin less attractive.
The Federal Reserve, the Bank of England, and the Bank of Japan all support blockchain technology because they can improve payment systems. But if Bitcoin is only trying to replace the French currency and evade government regulation and intervention, I don’t think it will succeed.
In 2018, bitcoin and Ethereum price plummeted due to strict supervision and security in the world. Bitcoin prices have now come near $6,500. Next, Bitcoin can turn aside and lead the currency revolution like Tyre and McAfee, and it will become a “contemporary tulip” in Buffett’s and Max’s mouth. We will wait and see.