Will Bitcoin Survive The Doom Of Non-Believing Moguls?

In a recent interview on June 4, 2018, Business tycoon Jim Chanos blatantly told the media that Bitcoin was not, all that it seemed; calling it an idea masquerading as a tech breakthrough. The mogul has not hesitated all through amongst many other reputable businessmen to raise his voice against the rising digital currency. Chanos prophesied the fall of Bitcoin and was not ashamed to say that he did not understand the blockchain or cryptocurrency investments. He advised that investors look into investments like Fiat as a more stable option warning that he would not want anyone to be in a digital currency in case of any global financial crisis.

He added that in case industries were hit by a crisis, the government would restore the balance using FIAT, unlike cryptocurrencies where all would be lost. Bitcoin has continued to grow and more people believe in the idea despite the warnings. One of the main reasons why Bitcoin has managed such traction is the use of blockchain. The idea has been picked up by a number of organizations and governments like China for safeguarding their information as well as providing transparency to the public.

Jamie Dimon, the JP Morgan boss termed the whole idea as dangerous and stupid, threatening to fire any of his investment bankers that ventured into Bitcoin. Jamie, the boss of the biggest bank in the Big Apple said in a conference in New York that the idea that was conceived of creating a currency out of thin air would not work. He also warned that it would be a better venture for drug dealers or murderers in Ecuador or North Korea.

Professor Brett Gordon of Columbia’s Graduate school of business declared that Bitcoin would be a good place for those that cash out quickly. The idea of people trusting in an anonymous hacker that came up with a currency and algorithms was not appealing to Chris Robert, an associate Lecturer at Harvard majoring in Private Policy. He felt putting trust in such a system was not intelligent.

The divide seems to narrow as some of the non-believers in Bitcoin such as Goldman Sachs advocated for exposure to crypto assets. Business moguls such as Bill Gates, Richard Branson, Dr. Eric Schmidt and Lawrence Summers amongst many others on occasions mentioned that they were using Bitcoin and wanted to see where it goes.

Warren Buffet expressed in disgust that those dealing with Bitcoin were as good as those dealing with freshly harvested human brains. The Berkshire Hathaway CEO remains firmly rooted in the belief that Bitcoin is a bubble that will burst soon.