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Bitcoin Bulls and Bears (BTC-US) have been more active than ever this year as the cryptocurrency hovers around $ 46,000. Notable heavy hitters have publicly spoken up – or down – of the coin as it hit new highs earlier this year.
Arguably the most notable crypto bull is Tesla (TSLA) and SpaceX founder Elon Musk, and his tweets can cause the coin’s price to vary. Bitcoin rose earlier this year when Tesla initially announced that it had purchased bitcoin and would soon accept it as a form of payment.
“Elon’s comments and actions have an impact on crypto, particularly Bitcoin, specifically Dogecoin (DOGE-USD),” YouTube host Matt Kohrs told Yahoo Finance.
“Him as a person, I would say it has direct impacts. Other people though, I don’t really think the effect is as large or really, if not nonexistent,” he noted.
Other bitcoin bulls include Ark Invest founder Cathie Wood. His team creates a bitcoin-focused ETF. Wood analysts have a price target of $ 500,000 on the coin.
MicroStrategy (MSTR) Founder and CEO Michael Saylor has boldly added cryptocurrency to his company’s balance sheet time and time again.
Twitter CEO (TWTR) Jack Dorsey, a crypto advocate for years, recently said bitcoin will be a big part of the company’s future. Twitter is one of the big names that has announced strategies involving crypto.
“When you have these big swingers going out, like Apple (AAPL) or MasterCard (MA), I mean that’s a big deal. Because it gives credit that it’s a store of value. Something that could be traded as currency. So I think it’s very, very important, “Kohrs said, noting that the coin is taking on a new” social acceptance. “
“The long-term future is precarious”
But cryptocurrency has notable bears as well, including legendary investors Warren Buffett and Charlie Munger. Buffett once called bitcoin “probably squared rat poison”.
At the Berkshire Hathaway (BRK-A) (BRK-B) annual shareholders meeting in May, Munger said, “Of course I hate the success of bitcoin and I don’t appreciate a currency that is useful to kidnappers and to extortionists, etc. … So I think I should modestly say that I think all this damn development is disgusting and contrary to the interests of civilization. And I will leave the criticism to others. ”At their assembly shareholders of 2018, Munger called the coin a “turd.”
The economist and professor of the Stern School of Business Nouriel Roubini is another bear. He told Yahoo Finance: “It’s not scalable, it’s not secure, it’s not decentralized, it’s not a currency.”
Even investor Michael Burry has had bearish remarks warning of a crypto crash. “I don’t hate BTC,” Burry wrote on Twitter earlier this year. But “the long-term future is bleak for decentralized crypto in a world of legally violent and heartless centralized governments with vital interests in currency monopolies.”
“I will be either very right or very wrong”
Kohrs, who is long in bitcoin and other cryptocurrencies, says the retail community is often “emboldened” by bears.
“For the record, from the retail community, especially crypto supporters, the comment I see is that they just don’t get it,” Kohrs said.
Either way, he thinks bitcoin is here to stay.
“Bitcoin, culturally and socially, has caught on where I just don’t see how it’s losing. Either more companies accept it and that’s good. Or if people start to oppose it. , that emboldens a certain section of the public… to achieve more in this psychological area of human fighting, ”Kohrs said.
One of the two camps will be right one day. “Decades later. I’ll be either very right or very bad,” says Kohrs. And so will the bulls and bears in crypto.
Ines is a markets reporter covering stocks on the New York Stock Exchange floor. Follow her on Twitter at @ines_ferre
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