Bitcoin just reached $10,000 (Edit: $15,000), up more than +1,400% over the past 12 months, and everyone has an opinion on it. At Valdour, we are huge promoters on cryptocurrencies, specially Bitcoin and Ethereum and have been investing in it for years.
The thing is that personalities around the world have shared opinions on Bitcoin for some time now, and now that it reached $10,000 maybe it is time to review if they were right or not.
Fortunately for us, the team at Bloomberg did some research about this, we selected a few.
Let’s start with the detractors of Bitcoin:
PAUL KRUGMAN, NOBEL PRIZE ON ECONOMICS
“Bitcoin is evil … So far almost all of the bitcoin discussion has been positive economics — can this actually work? And I have to say that I’m still deeply unconvinced.”
Bitcoin up +1,286% from quote day.
BEN BERNANKE, FORMER CHAIRMAN, FEDERAL RESERVE
“Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success.”
Bitcoin up +79% from quote day.
Prince Alwaleed Bin Talal, SAUDI ARABIA BILLIONAIRE
“I just don’t believe in this bitcoin thing. I think it’s just going to implode one day. I think this is Enron in the making … It just doesn’t make sense. This thing is not regulated, it’s not under control, it’s not under the supervision of any central bank.”
Bitcoin up +70% from quote day.
WARREN BUFFETT, CEO, BERKSHIRE HATHAWAY INC. AND BILLIONAIRE INVESTOR
“People get excited from big price movements, and Wall Street accommodates … You can’t value bitcoin because it’s not a value-producing asset.” It’s a “real bubble.”
Bitcoin up +74% from quote day.
PETER THIEL, BILLIONAIRE AND VENTURE CAPITALIST
“Bitcoin critics are underestimating [it] … It’s like a reserve form of money, it’s like gold and it’s just a store of value. You don’t need to use it to make payments.”
Bitcoin up +71% on quote day.
CHRISTINE LAGARDE, MANAGING DIRECTOR, INTERNATIONAL MONETARY FUND
“Not so long ago, some experts argued that personal computers would never be adopted and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.” Countries with “weak institutions and unstable national currencies” may see growing use.
Bitcoin up +139% on quote day.
BILL GATES, CO-FOUNDER MICROSOFT AND BILLIONAIRE philanthropist
“Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”
Bitcoin up +2,559% on quote day.
Milton Friedman, NOBEL PRIZE-WINNING ECONOMIST
“The internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash: a method whereby on the internet you can transfer funds from A to B without A knowing B or B knowing A — the way in which I can take a $20 bill and hand it over to you, and there’s no record of where it came from.”
He actually said this in 1999, when not even the Euro existed. 100 emoji for Mr. Friedman
Bitcoin is here to stay and it is the currency of the future, start investing in bitcoin today.