The future of bitcoins/cryptocurrencies according to famous CEOs and entrepreneurs
During the past years we could read divergent opinions about the digital currencies. Some people encourage others to invest in Btcoins, others discourage them stating that cryptocurrencies are a fraud. According to some, cryptocurrency is a great means of payment to finance terrorist without them being tracked. Other, on the other hand, say that these news are being exaggerated.
Who’s right? What should we believe in?
Today we’d like to have a closer look at what famous business owners and entrepreneurs say about digital currency trade.
A fraud that will blow up
As we read in The Guardian, according to JP Morgan CEO Jamie Dimon, the digital currencies have been created to fit the drug dealers and sooner or later they will collapse. As he says, one can’t invent a stable currency out of thin air and hope it will work out.
The creation of digital currencies such as bitcoin is a currency that emerged in the aftermath of the financial crisis. Thanks to it, you can bypass official banks and avoid transferring money through the official means.
“If you are a murderer in Venezuela or North Korea you’re better off being paid in cryptocurrency than US dollars” – he says.
Tulip mania and cryptocurrency boom
Do you remember the famous market bubble from the 1600s? The tulip mania. That’s the risk that Dimon compared the bitcoin trade to. The banker also doesn’t hide that his daughter has bought a BItcoin! “She bought it and thinks that she is genius now” – he adds ironically.
According to the CEO of Santiment, Maksim Balaschevich, the boom of digital currencies was predictable and inevitable. His prediction was based on Elliott Wave theory, which is a technical analysis that traders apply to analyse financial market cycles and forecast market trends by identifying extremes in investor psychology.
Elliott says that human’s nature is very predictable and is subject to rhythmical procedures what makes it easy to project far into the future with a justification and certainty heretofore unattainable – that’s why Balaschevich could easily predict the boom of the cryptocurrency.
If you are genuinely interested in the topic of Elliott Wave theory, we encourage you to read the famous book by Ralph Nelson Elliott entitled The Wave Principle, published in 1938.
Bitcoin divides people
Contrary to Dimon’s opinion, there are people who truly believe in the success of the cryptocurrencies. The founder of Digital Citizen Fund, Roya Mahboob, used bitcoins to solve the problems she faced with the Taliban’s death treats. Taking into consideration that a great number of her female workers did not have bank accounts in Afghanistan, they could not be paid. The CEO of Digital Citizen Fund decided to switch to bitcoins as payment. To continue the development of her company and help women become independent in the digital world.
Another CEO that has something good to say about the bitcoins is Bobby Lee, the BTCC CEO. He is chief executive of the world’s longest-running cryptocurrency exchanges. He says that the digital currency market has a good potential but it requires some regulations from the government’s side. According to him, people lack the proper knowledge about the system and therefore misunderstand how the bitcoins is utilized and traded. “It’s a new thing that central banks should pay attention to and figure out what rules and regulations should apply to” – Lee adds.
Invest or not? That’s the question!
As you can see, there are lots of various opinions about the digital currency trade. Many experienced CEOs could certainly argue about the future of the bitcoin trade.
What is your opinion? What do you guys think about the future of the cryptocurrency trade? Does it seem to have a big potential in your opinion, or is it a fraud?
We’re looking forward to reading your comments below!
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