On Bitcoin Criticism By Wall Street

On Bitcoin Criticism By Wall Street

Technology
October 30, 2021 by mvp00
166
Recently, I had the privilege of reading an op-ed in the New York Magazine describing the very public positions of several Wall Street investors and academics regarding bitcoin. Most notably, New York University Professor Nassim Taleb (who had previously been favorable to bitcoin, citing its potential to help individuals circumvent capital markets) called bitcoin “a
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Recently, I had the privilege of reading an op-ed in the New York Magazine describing the very public positions of several Wall Street investors and academics regarding bitcoin. Most notably, New York University Professor Nassim Taleb (who had previously been favorable to bitcoin, citing its potential to help individuals circumvent capital markets) called bitcoin “a Ponzi scheme,” while hedge fund manager John Paulson said that all cryptocurrencies are essentially “worthless.” This criticism, given both the circumstances and the background of the individuals in question, makes sense. A significant percentage of traditional investors are wary of bitcoin because it is simply unlike anything they have seen before. Critics often cite what they believe to be a fundamental lack of intrinsic value in digital assets as the primary reason for their reluctance, with volatility as a close second. The question then is: Are they right? This post seeks to address this traditional criticism while also providing commentary on why bitcoin currently leads and will continue to lead the digital asset market as a whole.



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