Social view on cryptocurrencies

Demand is increasing alongside criticism, so if people want to get involved in cryptocurrencies then awareness is the key. Jamie Dimon, the CEO of JP Morgan was unequivocal about bitcoin at a conference in New York: the digital currency was only fit for drug dealers and would eventually blow up said in October 2017. Three months later in January 2018 Jamie Dimon was having second thoughts about bitcoin.

For months, he was one of the most vocal high-profile critics. He called the digital currency a fraud, predicted that governments would crush it and even threatened to fire any of his bankers if they traded it. He said, that he regrets calling bitcoin a fraud and claims that blockchain – the technology that underpins bitcoin is real and said it is important to look at cryptocurrency offerings individually.

An economist at one of the world´s largest asset managers believes there is a decent probability that the bitcoin price will eventually crash to zero. Joe Davis, the chief economist for $5.1 trillion asset manager Vanguard, wrote that although the firm is enthusiastic about blockchain technology in general, it does not believe cryptocurrencies constitute a viable use case. Steve Wozniak thinks that blockchain platform Ethereum could be the next Apple.

“Ethereum interests me because it can do things and because it is a platform”, he said, adding that it could prove to be as influential as Apple over the long-term. Steve Eisman, Wall Street veteran rose to fame by shorting the sub-prime mortgage market before financial crisis started. Now, he is similarly bearish on a new asset class: cryptocurrency. He said: “I am not an expert on cryptocurrency, but I have my doubts about it.

My doubts center on the fact what is the social utility of cryptocurrency? I am not talking about blockchain, because that technology has a real value, but currency markets are the most liquid, most efficient markets, probably of any markets that exist”. Eisman adds, that cryptocurrencies are good for speculation and for money laundering. So, there is a lot of different views on cryptocurrencies by famous people, but who is right the time will show.

sources:
https://www.theguardian.com/money/2017/oct/01/will-bitcoin-ever-be-safe-investment-gamble
http://money.cnn.com/2018/01/09/investing/jamie-dimon-regrets-bitcoin-fraud/index.html
https://www.ccn.com/decent-probability-bitcoin-price-goes-to-zero-vanguard-economist/