Bitcoins may drown “because of the lack of intrinsic value”

Bitcoins may drown “because of the lack of intrinsic value”

In a Q&A session with the head of Global Investment Research Steve Strongin, Goldman Sachs, we learned a sad information for Bitcoins lover. Bitcoins may drown “because of the lack of intrinsic value”.

cryptocurrencies will ultimately fall to zero

 Bitcoins may drown

A sure sign some lazy buyer/traders are setting limit buys at exactly $6,000. [Credit: MSPSTEEM.COM ]

According to a Fortune report, Steve Strongin opened up regarding his faith in cryptocurrencies. “Most cryptocurrencies will ultimately fall to zero as current iterations are ‘too primitive’ to be viable in the long term”, said Strongin.

Bitcoins will actually be…

 Bitcoins may drown


On the other hand, many great business personalities like Warren Buffett showed their negative inclination towards cryptocurrencies. Some of them clearly said Bitcoins, Ethereums, or Litecoins are no different from bubbles. In a Bloomberg TV show Nouriel Roubini, an American Economist, Bitcoins will actually be “much worse” than Tulipmania”.

Ponzi schemes

 Bitcoins may drown

Charles Ponzi the Swindler

On the other hand, David Gledhill Group Chief Information Officer at DBS, one of Asia’s largest banks thinks, Bitcoin is a Ponzi scheme. In fact, he’s not the only person who compared cryptocurrencies to “Ponzi schemes”. Most recently, Jim Yong Kim, head of the World Bank compared cryptocurrencies to Ponzi schemes as well. Moreover, he questioned the legitimacy of digital currencies like Bitcoin.

At an event on Wednesday, in Washington, World Bank Group head said, “in terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but… the vast majority of cryptocurrencies are basically Ponzi schemes”. The vagueness of the transaction of Bitcoin also confuses him.





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