Most people have an opinion on Bitcoin at this point. Considering it took both this year and last year by storm, it would be hard not to form an opinion on the virtual currency, whether you are interested in it or not.
But it’s not just enough for the general public to speak out about their opinions on Bitcoin, because, let’s face it, we only really listen to credible and authoritative sources.
Therefore, today we are going to look at what some of the most well-known Bitcoin bulls and bears are saying about the cryptocurrency.
Bitcoin
Before we begin, let’s do a little recap on where the digital currency is sitting as of right now and how it has been performing over the course of the past couple of weeks.
After dropping below the $10,000 mark on Tuesday, and then plunging as low as $9,199.59 in early trade yesterday, Bitcoin has now moved back to the $12,000 mark today, which indicates a growth of more than 20% when compared to the previous close.
Taking into consideration the past couple of weeks, today’s move is pretty significant, and I’m sure anyone who is pro-bitcoin is reasonably happy, but I can’t help but wonder if the price of bitcoin will ever move past $19,000 like it did on December 10 of last year.
What are People Saying?
As mentioned, we like to listen to credible sources when it comes to our financial decisions. The problem when it comes to bitcoin is that it seems that these sources are divided into two parties: those who are for bitcoin, and those who are against it.
For this article, we are going to be looking at what each party has been saying as of late.
#TeamBitcoin
First, we have Tom Lee, co-founder of Fundstrat, who just opened up in an interview with CNBC on Thursday in which he stated that he forecasts that bitcoin will hit $25,000 by the end of this year.
This is pretty significant considering Lee had initially forecasted that the currency wouldn’t reach this market until the year 2020.
Another credible source that has spoken publicly about bitcoin is Peter Thiel, entrepreneur and investor, who stated back in November that anyone who is criticizing bitcoin is “underestimating it,” adding that bitcoin is a “reserve form of money,” comparing it to gold and stating that “it’s just store of value” and individuals don’t “need to use it to make payments.”
Last but not least, we have James Gorman, CEO of Morgan Stanley (NYSE:MS), who stated last year that the digital currency is “something more than just a fad,” adding that the entire concept of “anonymous currency is very interesting.”
Those Against Bitcoin
As mentioned, there are plenty of people hoping – and perhaps praying – for bitcoin to fail. Here are three public figures who have spoken out about bitcoin in a negative tone:
Saudi Arabian billionaire Prince Alwaleed Bin Talal stated in November, “I just don’t believe in this bitcoin thing.” A criticism in its simplest form.
The Prince went on to say that he believes the currency will “implode one day,” and that it doesn’t make sense to him that “this thing is not under control” and “not under the supervision” of a central bank.
Second, former chairman Ben Bernanke stated in November of last year that he doesn’t believe bitcoin will end up being a success because it is a clear “attempt to replace fiat currency and evade regulation and government intervention.”
Last but not least, we have Joseph Stiglitz, who is a Nobel Prize-winning professor of economics, and someone I personally look up too.
Stiglitz announced last month that bitcoin should be “outlawed,” stating that it “doesn’t serve any socially useful function.”
The Takeaway
Personally, I find it difficult to choose a side when it comes to bitcoin. Some days I think this digital currency is going to continue to climb, and other days I believe that it is just a speculative bubble. At least I’m not alone, however. It seems that most of the world, including our financial leaders, are experiencing the same confliction.
What do you think? Yay or nay for bitcoin?