As Bitcoin declines, long live blockchain…
Well, this has been a week of firsts. On the same day the Leaning Tower of Pisa was said to be straightening itself up, ASIC Chief James Shipton vowed to take the big four banks to court more often.
Who would have thought that either of those things could, or even would, happen?
Warren Buffett perhaps.
Buffett warned us about a severe decline in the value of Bitcoin. He warned that unlike buying stocks, bonds or real estate, buying bitcoin is not an investment.
"If you buy something like bitcoin or some cryptocurrency, you don't have anything that is producing anything," Buffett said in an interview with Yahoo Finance. "You're just hoping the next guy pays more. And you only feel you'll find the next guy to pay more if he thinks he's going to find someone that's going to pay more.
"You aren't investing when you do that, you're speculating."
On the anniversary of its 10th birthday, Bitcoin’s 10th year has seen a spectacular decline in its value – almost 80% since last December. Almost $965 billion since January 2018.
It seems now as if Bitcoin was no more than a get rich quick scheme (for those who got in early), not the great disruptor of financial markets it was touted to be.
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