Bitcoin will crash, a skeptics point of view. A MUST READ!
Ever since the emergent of bitcoin there has been diverse Opinions and controversies about Bitcoin and such opinion are highly polarized between the bitcoin enthusiasts and skeptics.
The bitcoin enthusiast mostly perceived the bitcoin skeptics and the critics to be outdated and ill-informed about the bitcoin technology. While most bitcoin skeptics though overwhelmed by bitcoin, but still do not believe that it's worth to be called a currency or possess any kind of value.
What drives the passion of the enthusiasts is that Bitcoin is a technological breakthrough that creates many new and interesting applications. As it’s often the case with brand new technologies, many future applications of the technology might not be envisioned today. Who could have imagined the success of video streaming services or social networks in 1994? Enthusiasts feels the technology will yield many unforeseen applications for many years to come. The fact that most of these applications are intertwined with monetary economics makes it even more interesting.
But the skeptics thinks otherwise, at Least as for now.
In an interview with Dennis gartman, he outlisted some factors which he considered will definitely lead to crash of bitcoin possible not now but in the near future. It's not just Dennis gartman, many countries has already warned it's citizens to Stay clear from bitcoin and everything it represents. But does that stop bitcoin from soaring more higher and getting more recognition?
these are what he said:
“I did not accept the Fact that bitcoin can actually be used as the store of value, due to the highly volatility of bitcoin price” in addition to that he also mentioned what scares him most about bitcoin is the fact that the market cap of bitcoin moves so drastically fast more than anything he has ever seen.and look like bubble that will surely burst.
secondly he mentioned that there might be a possible case of hardware or software failure. Which he Claims is unavoidable and might led to inability of the bitcoin investors to access their coin or make a trade and thereby losses all their investment.
Lastly, he quotes that in contrary to “the main concept behind bitcoin being that it's going to be better than fiat currency which are infinite and centralized". But that's not the recently, as there are already numerous crytocurrencies in the cryptospace and many more to be added. This he said can actually lead to the crypto market becoming overpopulated and very difficult to control.
What do you think about this?
comment below to share your own view!
Incase you missed this >>https://steemit.com/bitcoin/@pascallawrence/key-things-to-note-while-building-your-cryptocurrency-portifolio-a-must-read