Opinion: Bitcoin is close to becoming worthless - MarketWatch

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will btc go to zero

Why did bitcoin's price surge more than % this year? when, as one of my Quartz colleagues recently observed, “you could not stand the coronavirus pandemic, Jones went looking for a reliable hedge, according None of this is a guarantee that bitcoin isn't in a bubble or that it won't crash to zero. Bitcoin's many bull theses can be easily debunked. The higher bitcoin goes, the more convinced I am that it's one of the most dangerous investments. circulating supply of bitcoin, the possibility of this happening isn't zero. Bitcoin Price Will Now Never Officially Go to Zero — Here's Why. A massive million BTC buy order on Bitfinex will save Bitcoin from. will btc go to zero

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Bitcoin is in a 'massive bubble' and investors don't understand how its supply works, says economist David Rosenberg

  • Economist David Rosenberg told Bloomberg he believes bitcoin is in a bubble and investors don't understand how its supply works. 
  • "Everybody seems to believe that we're going to get to that 21 million cap on the supply constraint, but there's really nothing in the protocol to suggest that the supply of bitcoin can't go up once we hit that limit," the economist said.
  • Bitcoin reached a record high of $23, on Thursday shortly after topping $20, for the first time on Wednesday, notching a 20% gain. Rosenberg said the chart looks "absolutely crazy right now."
  • Watch bitcoin trade live here.

Economist David Rosenberg told Bloomberg he believes bitcoin is in a bubble and investors don't understand supply dynamics of the cryptocurrency. 

"You speak to most people that are asking me to put money in bitcoin, they can't even tell you who the person was that developed it or even how it's actually mined," the Rosenberg Research chief economist said. "It's just a classic, follow-the-herd, extremely crowded trade. It's in a massive bubble."

Bitcoin reached a record high of $23, on Thursday shortly after topping $20, for the first time ever on Wednesday, marking a 20% gain over the past day. The cryptocurrency is now up over % year-to-date, but Rosenberg said the chart looks "absolutely crazy right now."

Bitcoin's rally comes as several institutional investors and fund managers place sky-high predictions for the coin. On Wednesday, Guggenheim's global chief investment officer, Scott Minerd, said bitcoin will surge to $, based on its scarcity and value relative to gold.

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Though Rosenberg raised his doubts about the scarcity of bitcoin and the thesis that only 21 million bitcoin are able to be mined.  

"Everybody seems to believe that we're going to get to that 21 million cap on the supply constraint, but there's really nothing in the protocol to suggest that the supply of bitcoin can't go up once we hit that limit," the economist said.

While investors do know about the supply curve of gold with certainty, Rosenberg said that investors just "think they know" but don't really know about bitcoin's supply curve.

He added that the last time bitcoin behaved with such a "speculative fervor," it suffered massive disappointments in the months to follow. Bitcoin bulls say that 's rally is different because of the institutional inflows.

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Источник: brightshub.com

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