/biz/ - Business & Finance

>(((authority)))

>>24068387
>volume currently shitting all over past runs
>surely this has no impact on volatility

>>24068387
>bitcoin’s status as a safe haven is more theoretical than anything else
it's almost like the ones taking the risk will get the most profits

>Unfortunately, like gold, bitcoin’s status as a safe haven is more theoretical than anything else.
>Bitcoin may have further to go, thanks not to its own merits but to a weakening of the dollar. Analysts forecast the US currency could weaken 20 per cent next year as a working coronavirus vaccine spurs growth and a greater appetite for risk among investors.
did you even read that

wanna copy paste the whole article? I don't have a subscription

if nothing else at least they are consistent
FT always talk shit about bitcoin even the alpha outlet
at this this point it makes no sense for them to push this agenda
their audience isn't retail looking for the safest investment so why the scare tactics?
it's not worth reading- digital gold isn't a claim directly made in the wp, just something stupid maxi boomers like to pedal

>>24068387
>https://on.ft.com/2KeHyV5
Jamie Dimon famously called BTC "a fraud" while simultaneously (it was later revealed) buying BTC. If anyone at this stage in the game is SO retarded they can't see past thin veneers of lies, then they wouldn't be here in the first place. This is fud, and we really are all gonna make it, if we ignore assholes like OP

>>24068531
Bitcoin promises to be digital gold: safe, valuable and rare. That could explain much of the cryptocurrency’s rally over the past year. Like the yellow-coloured metal, the price of bitcoin is supposed to surge as investors take fright at the possibility of inflation from central banks printing money or, for some, the potential collapse of society in the face of the coronavirus pandemic and civil disturbance following the US election. In those circumstances the two scarce assets are supposed to retain their value while others’ disappears.

Unfortunately, like gold, bitcoin’s status as a safe haven is more theoretical than anything else. Rather than stability it offers investors volatility and a chance to speculate on the market’s sentiment towards the currency. The recent rise in the cryptocurrency’s valuation is no different. Investors looking for a safe place to keep their wealth should look elsewhere.

The price of bitcoin in terms of the US dollar hit a three-year high of close to $18,000 this week, representing a nearly 250 per cent rise since January. Bitcoin’s price has spiked before: this year’s increase in the cryptocurrency’s price has seen it almost touch levels it reached in 2017. That peak did not last, however, and was followed by a deep crash and calls for tighter regulation.

Bitcoin holders have learnt to live with the volatility: as recently as March the cryptocurrency lost half of its value after investors realised the scale of disruption that coronavirus would bring and rushed to sell anything they could exchange to get hold of then-scarce dollars. Such swings in bitcoin’s value, both dramatically up and down in the space of 12 months, hardly suggest it is a stable store of value.

>>24068531
Instead of reflecting fears of geopolitical risk or hyperinflation, the recent rally in the cryptocurrency’s price has happened alongside other risk assets. Stocks have similarly done well on news of potential vaccines while traditional havens such as US treasuries — and gold — have seen their value slip.

Perhaps the main factor in bitcoin’s recent rise, then, is its potential for more mainstream adoption beyond hobbyists and speculators. Options on the digital currency are more frequently being traded on the Chicago Mercantile Exchange while payments company PayPal is offering the chance in the US to buy and sell bitcoin through its app. This has made it more feasible as a form of money; bitcoin is not widely accepted but PayPal is.

Yet there are no fundamentals on which to base a judgment of bitcoin’s value. Its current price just reflects what people are willing to spend on it. That may be a result of central banks’ easy money policies worldwide; bitcoin looks appealing because other asset prices are already so high and returns so low. But it places it in a category more like fine art or famous sneakers, both of which have attained record valuations in auctions this year.

Bitcoin may have further to go, thanks not to its own merits but to a weakening of the dollar. Analysts forecast the US currency could weaken 20 per cent next year as a working coronavirus vaccine spurs growth and a greater appetite for risk among investors. That would be something to welcome — not just for what it represents but because it would help ease pressure on emerging market borrowers who rely on cheap dollar financing.

It may be precisely because the Federal Reserve has done such a good job of meeting the world’s need for dollars that investors feel comfortable taking a punt on bitcoin and venturing away from the comparative stability of fiat currency. If so, cryptocurrency advocates have the central bank to thank for their recent success.

>>24068582
>>24068603
Congrats. You're officially an asshole

>>24068603
PS DR;NS 1000 EOY

>>24068387
>as a safe haven is more theoretical than anything else

>B-BUT GRAVITY IS JUST A THEORY!

>>24068632
what? he asked for the article

There are plenty of points to dispute here, like:
>bitcoin is not widely accepted but PayPal is.
>Its current price just reflects what people are willing to spend on it
>Such swings in bitcoin’s value, both dramatically up and down in the space of 12 months, hardly suggest it is a stable store of value.
but I'm too tired right now

>>24068675
>bitcoin is not widely accepted but PayPal is.
Big fat fucking deal. It's early doors, that's so obvs
>Its current price just reflects what people are willing to spend on it
You mean, like every other asset under the sun?
>Such swings in bitcoin’s value, both dramatically up and down in the space of 12 months, hardly suggest it is a stable store of value.
Boo the fuck hoo. You're on a crypto forum whining about volatility, in 2020? When the dollar is about to collapse, as we always preicted?? NGMI, my little paypal

>>24068764
why are you butthurt? He didn't say he agrees with the article. Of course bitcoin isn't digital gold, it hasn't been entrenched as a store of value for centuries and it can be traded nonstop and nearly instantly. Stupid ass article that says nothing new, reads like a warning to boomers that "heard about that bitcorn on the local news"

>>24068387
>the most respected authority on financial news
Bitch, they've been crying about Trump all day every day for four years and counting and they don't even live in Clapistan. They don't know dick.

>>24068764
Just to clarify, I agree with these and I'm bullish on BTC, I am not OP.

>>24068764
retard contrarian

>>24068582
>calling USD scarce when the Fed has been printing it like toilet paper
>People selling BTC for USD during one of the most inflationary period in modern US history
No one did that, right?

Stay poor retard.

>>24068387
FT has been fuding bitcoin since like 2013 non stop.
They literally glow in the dark and are part of the build back better cabal.

>>24068854
Butthurt? I'm a millionaire from crypto. It's these 'noise merchants' like you and the rest who come on here, desperately wanting to be convinced of something you have no clue about, and haven't the balls to sort out yourself, who want someone to hold their hand and guide them like a mother back to the nest, who make me despair. Go on, fuck off. Go and cash out all your dollars and shove them under your bed, or even better, buy some stonks. Lets see who is laughing in 5 years. Clue: it ain;t gonna be your sort. Piss off or grow a pair.

>>24068406
>>24068531
Keynsian Organization that dreams of a cashless neofeudal society does not like bitcoin a purely anti keynsian creation.

>>24068387
i don't trade btc spot, only delta neutral ie. volatility so it literally doesn't matter if the price goes up or down

>>24068582
>>24068603
Wow did a Boomer journalist have to fill 500 words of FUD?

>>24068582
hm, i wonder if any other assets crashed in March because of the coronavirus

I'm TRYING to make it so that the common man gets hold of as much crypto as possible before the corporations wade in and buy it all up. Assholes whining about 40% volatility only wastes everyone's time. I'm not even shilling a coin. I just want as many normies in before the bankers eat it all up, and they will. I don;t care if a normie arrived today or tomorrow, or 5 years ago. I want normies to buy and hodl as long as possible, to keep these bastards out. I know I'm not the only one

>>24068603
>Its current price just reflects what people are willing to spend on it.
how fucking retarded is this author

>>24068764
he's quoting the article not saying he thinks all that

>>24068603
>But it places it in a category more like fine art or famous sneakers, both of which have attained record valuations in auctions this year.
amazing to think people say "bitcoin is a scam" but "paying 100,000 usd for a pair of jordans is alright"

>>24069322
Keynsians are not retarded they are evil.

>>24069290
The point is that btc isnt special, just another ponzi like stocks

>>24069322
this

>>24069453
Utility tokens which are staked and serve a purpose can't be described as a ponzi anymore than gold is, or rather was

and BTC can't be either, as it is can be considered a share of the largest, most resilient network there is