74% Think Bitcoin is a Bubble
This is one of those posts where I kind of wish Project Blank was available. I noticed an article and wanted to write a quick post about it without putting a ton of thought into it. Project Blank should be perfect for that.
Anyway, I saw this article in my news feed where they are saying that "3 out of 4 professional investors" think that Bitcoin is a bubble. Not all that surprising when you see that they specifically targeted "professional" investors.
As many of us have mentioned over the past week, many of those professionals are all-together oblivious when it comes to anything related with crypto. They seldom take the time to investigate or learn anything about it. They just shrug it off as a fad or something irrelevant.
When I see a study like this I always like to see what the sample size is if possible. The exact text says 74% of "those who responded". For all we know there could have been a whopping four people they asked. Three said it was a bubble and one said it isn't. That doesn't sound as shocking when you put it in that light does it?
To be fair, you will see the survey was presented to 200 panelists, but there is still no indication that all 200 replied to the survey.
In any event, I see this as just another way the mainstream media and more specifically Bank of America is trying to delegitimize cryptocurrency because they recognize it as a threat to their status quo.
What do you think? Did you see this article? Let's have some discussion in the comments!
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It’s called misdirection. Talk down an asset class and buy it. Can’t have a bubble without unsecured credit. Bitcoin price appreciation is direct result of the fiat bubble that currently exists.
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I agree, they are totally creating the FUD to take advantage. As I was reading it I was kind thinking that everything is a bubble, some are just much longer than others. Eventually, everything pops!
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New tech is often discarded at first. Just like they did with the Internet. Let them think whatever they want while we take advantage of it by starting early.
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Yes indeed. I have been taking advantage for the past three years! Nothing will stop me now!
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Good luck @bozz. We keep going like this and one day we will be whales 🐋🐋🐋🐋🐋🐋
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Now when bitcoin is approx 65k USD then its foolish to say that its bubble because now its 10-year-old and I believe bubbles don't survive that long
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I think bubbles can probably last as long as whatever is propping them up allows them to. Take a look at most traditional currencies.
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The price of Bitcoin seems only to be driven by speculators and in their experience that leads to a bubble. I really don't think they or a good judge of the asset because it is outside their experience. It is like asking a butcher about plants. I do believe that Bitcoins price will dramatically go down again but that is just a tax on all the people who don't understand its uses and are unwilling to hold longterm. When that happens it's time to buy
Your opinion seems to be a consensus from some of the other replies I am reading to this. People should take note of what is being said here and be ready for it.
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Didn't see the article but it kind of depends on what they mean by bubble. Did they bother to specify a definition? I think it's quite possible and even likely that there will be a major correction. But even if that happens, new all time highs will still be reached down the road. I don't see bitcoin disappearing any time soon.
Nor do I. I think it was just a bunch of FUD from Bank of American which is likely just trying to lower their own buy in price. Utter rubbish.
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26% do not.
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Man...you and I know that "professional investors" are happy with the edge they have in what they know. What they don't know could fill an ocean and they will fud people into investing into their sweet spot. They HAVE to cling onto the fiat and stock markets because they are all in and depend on that to survive. Or at least to delay it long enough til they can understand crypto and build their own stake.
We heard all this same bullshit when BTC peaked at 20k and then heard 2+ years of "I WAS RIGHT!" The cycle is simply playing itself out again with those same sentiments reverberating from 2017. Difference now is that I bet the majority those 'professional investors' have a stake in crypto.....including the first of the big corporate investors and many more to come.
Those old white guys are gonna be left behind with their FIAT and racism and sexism that are quickly becoming obsolete.
Well said! I don't even have a response to that because you are spot on!
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Everything is essentially a bubble nowadays. We got a NFT bubble, a stock market bubble, and even housing bubbles. Just because things are in a bubble doesn't mean it has no underlying value or it can't keep going up.
I don't think BTC is in a bubble but I do think the price jumped up too fast for it to be stable. There is only a limited amount of BTC so its the "digital gold" people are parking their money into.
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Yeah, I can totally see that point of view! I know it will all settle eventually.
What the majority thinks is often false. I'm so happy to see the majority thinking that TLM will never get to $7.
I wish we would have project blank as well. It would have been great to be able to keep in touch all day through a microblogging app. There's so much happening these days in crypto.
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Yeah, for sure!
I would respond blockchain technology is not a bubble. Is bitcoin a bubble? Possibly a good chance. What we have to understand about speculative devices is they can go to any price and any value. So i've given up trying to predict bitcoin. I would say though as far as use of bitcoin. Much hasn't changed. I'd say i'm still in the mindset of i can sound off 20 plus projects better designed than btc and more efficient especially in a 21st century world. All of which btc is not.
That said blockchain tech is not a bubble but there are coins and projects that clearly are bubbles. Some say well that's a copout if blockchain is the future which project is the future. I think the mistake we make in crypto is assuming that the only projects that will determine a great crypto future already exist. I'm still in the mindset of the crypto project that will determine the future is yet to further advance or hasn't showed up yet. So i believe thats option 3.
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I'd have to agree with you there. I have been saying for years that whether or not BTC succeeds for fails, blockchain is here to stay. It just has too many use cases to throw aside.
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Saw it. From what I'm reading - we've been living in a mega bubble of everything for the past 13 or more years.
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Haha, I believe it!