Bitcoin Bulls v Bitcoin Bears … Which Side Are You On?


Spot the Difference: Bitcoin Bulls Versus Bitcoin Bears

For pretty much its entire ten-year history, Bitcoin has divided opinion. Some have nobly championed the cause of censorship resistant, decentralised money through immense market volatility, whilst others have slung as much dirt as humanely possible at the world’s most established digital asset.

It is interesting to see a distinct territory between those who support Bitcoin use and adoption, and those who deem the fintech innovation overdue for the rubbish load. Most of the latter represent the existing monetary structure in some capacity with the similarity Jamie Dimon, Nouriel Roubini, and Joseph Stiglitz falling amongst the ranks of the cynics. On the other hand, crypto’s most significant advocates are all deeply versed in cutting-edge technology, well, colour me shocked …

Those Who Understand Bitcoin Support it…

Creator and CEO of the Digital Currency Group, Barry Silbert, highlighted the divide in between the Bitcoin bulls and bears in a Tweet earlier today. The crypto financial investment business owner posted a basic list of those advocating for a crypto-centric future and those favouring the financial status quo:

As you can see, the Bitcoin Bulls list is almost a “who’s who” of leading tech figures.

Bitcoin Bulls listFirst up is Twitter and Square CEO Jack Dorsey. Dorsey has shown his interest in cryptocurrency many times formerly. He was associated with the continuous “Lightning Torch” passing awareness raising-exhibition and Tweeted support for the Tippin browser extension bringing Lightning Network tipping to Twitter. The CEO has also given financial backing to one of the leading companies exploring the capabilities of the Bitcoin second-layer micropayment scaling service.

Dorsey has stated on multiple occasions that he believes that the internet will one day have its own native currency and that he hopes it will be Bitcoin.

Following Dorsey in the Bitcoin bull camp is Elon Musk. Musk is naturally the CEO of SpaceX and Tesla. Although not nearly as active as Dorsey in the promo of Bitcoin and other cryptos, he recently mentioned that it was a “rather fantastic” innovation which other cryptocurrencies were interesting too. He highlighted the energy of Bitcoin as an escape from economies embroiled in financial and political chaos. He included that crypto was a “far better way to move value than pieces of paper.”

Next up for the bulls is Steve Wozniak. The Apple co-founder has only meddled in cryptocurrency and states that he was even the unfortunate victim of a scam a couple of years ago, which cost him some coins. However, that has actually not moistened his optimism for Bitcoin. He recently specified that the bear market of 2018 should not have actually been taken a look at negatively, regardless of the plunge in crypto prices, and that the development that occurred had really developed value in the space.

Woz, as he is affectionately known as, has likewise stated that just Bitcoin can be considered a “pure digital gold” and that he tended to agree with Dorsey in his belief that Bitcoin would eventually end up being the currency of the internet.

Rounding off Silbert’s list of bulls is Wall Street investor, Bill Miller; venture tech investor, Peter Thiel; and Fidelity Investments CEO, Abigail Johnson.

Turkeys Still Not In Favour of Christmas…

Bitcoin Bears listSitting opposite these open-minded tech entrepreneurs and investors is a group of singing naysayers, mostly drawn from the world of legacy finance. This stands to factor given that Bitcoin has the potential to totally revamp the way people even think of money. Naturally, as the old saying goes, the canines with the loudest barks are often the most afraid …

It ought to be not a surprise to see Jamie Dimon and Warren Buffet top the list of Bitcoin bears. The JP Morgan CEO and Berkshire Hathaway billionaire have actually made clear of their distaste for Bitcoin. Rarely providing concrete arguments for their animosity, the pair have actually imposed the following insults at Bitcoin previously: “a scams”, “rat poison squared”, and “a misconception”. Dimon even reached to publicly mention that he would fire any worker captured trading the digital asset. (JP Morgan were later found to be buying vast quantities of bitcoin at their depressed prices)

Another of Bitcoin’s famous naysayers is former Federal Reserve Chair, Ben Bernanke. Bernanke, like lots of others, has stated in late 2017 that Bitcoin will fail but that blockchain is intriguing. Bernanke sees Bitcoin as absolutely nothing more than an attempt to evade existing regulations and that ultimately, the federal government will come down hard on it if it gets too big.

No list of Bitcoin shadow casters would be complete without reference of New York University lecturer Nouriel Roubini. Roubini is another of Bitcoin’s hardest critics and has repeatedly slammed the innovation. Possibly his most famous attack on the digital currency space was to call it a “stinking cesspool” that really offers negative value based upon the number of resources it takes in.

Also making up Silbert’s list of Bitcoin bears is BlackRock CEO, Larry Fink, and Keynesian economist and public policy analyst Joseph Stiglitz.

Obviously, there is a gulf growing in between those bankers and financial experts that have invested their life supporting existing financial systems, and those tech visionaries who dream of a more efficient and fair tomorrow. So, as Barry Silbert asked in his Tweet today, which side are you on?

Featured Image from Shutterstock.

The post Spot the Difference: Bitcoin Bulls Versus Bitcoin Bears appeared first on NewsBTC.

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