On Wednesday, two experts gave diametrically opposite predictions about the future of bitcoin: one of them considers the cryptocurrency “poison for fools”, the second expects that the bitcoin rate is on the way to setting new records.
Dumb bitcoin will grow to $ 40,000 – Two experts gave mutually exclusive predictions
Charles Munger, 93-year-old Berkshire Hathaway vice chairman of Warren Buffett, said during a two-hour Q&A session with Daily Journal shareholders that he considered Bitcoin to be “sheer nonsense.”.
When asked about Bitcoin, Munger, among other things the chairman and director of the Daily Journal, said the US needs to strengthen its oversight of the industry.
“The relaxed approach of our government is wrong. The correct answer is to start acting tough, “Munger said..
On the same day, the director of the Bitcoin Foundation, Lew Klaasen, spoke in California and suggested that Bitcoin will reach $ 40. 000 in 2018 while simultaneously collapse of 90% of cryptocurrencies.
“Cryptocurrencies in their own are new, delightful and extremely risky in nature, ”he said, adding that the depreciation of a significant portion of assets is rather a positive sign. In particular, he drew attention to dubious cryptocurrencies, the main purpose of which is to quickly enrich their creators..
“In this case, I believe that the market will be able to solve the problem on its own,” explained Klaasen.
He also talked about what investors should know before investing in cryptocurrencies, and gave a forecast for the bitcoin rate at the end of his speech. According to Claasen, volatility in the cryptocurrency market will dominate for another 3-6 months. All this time, the bitcoin rate will fluctuate around the current levels, after which it will begin a steady rise in the last quarter of this year..
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