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The prices Bitcoin, ETH, XRP and LTC will be on a roller coaster for a long time. Traders and investors will win and lose fortunes in & nbsp; record time & & nbsp; betting on it. In the end, some badysts say, these cryptocurrencies will die on their own, or will be killed by the "establishment" – the big governments and big banks in the world that defend sovereign currencies.
Let's take & nbsp; the case for Bitcoin.
The "people's currency" is a great promise: to become the first true world currency, freed from the control of central banks printing money and large banks generating credit. & Nbsp; & nbsp; But, to do this, bitcoin must win the trust of the "general public". This means that it must be adopted as a medium of exchange, a standard of value and a store of value, replacing national currencies. It's not easy, given the many obstacles that Bitcoin has to overcome. For example, lack of awareness, familiarity and stability, etc. & nbsp; And this makes some pessimistic experts about the future of Bitcoin.
Bitcoin YTD Award
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Lars Seier Christensen, President of & nbsp;Concordium, & nbsp; the decentralized global computer of the new generation is one of them. & nbsp; "In the longer term, I am bearish on Bitcoin because I feel that it does not have the necessary features of a valuable badet in the long run and that this reality will eventually catch up "But in the short term, price movements will probably be random because Bitcoin is affected by low liquidity and larger and more unpredictable transactions."
The unpredictability will prevent Bitcoin from being widely adopted as a means of exchange. And without wide adoption, Bitcoin will remain a game for speculators and true believers, and will eventually die alone.
But even if Bitcoin overcomes all these obstacles and gains widespread adoption by the general public, it was able to replace national currencies – that is, to become the new currency – what would happen then?
The bears argue that & nbsp; the institution can not afford to let that happen.
For several reasons, including & nbsp; & nbsp; the loss of & nbsp; Seigniorage "& nbsp;– & nbsp;In simple terms, & nbsp; the & nbsp; profits & nbsp; made by national governments by printing currencies. & nbsp; Then there are the profits made by the banks that helped to circulate that money and create credit.
The institution will do everything in its power to defend these profits from Bitcoin and any other cryptocurrency that seeks to replace it.
Recent Congressional hearings on Libra testify to the establishment's determination to protect the dollar from competing cryptocurrencies. Democrats and Republicans opposed Libra and had a lot of cruel words against Bitcoin.
"Crypto-currencies that are ONLY as a substitute for currencies have no real future in the long run," says & nbsp; Christensen. do not have intrinsic value of importance in the long run. Therefore, Bitcoins will only survive as a marginal activity. "
However, not everyone agrees with this dark badessment. & Nbsp; Dave Hodgson, director and co-founder of & nbsp;NEM Ventures, is one of them.
"In my opinion, Bitcoins will never die or be killed by the establishment, despite the contrary efforts of some people," Hodgson said. "The recent fall of Bitcoin is in line with the expectations of our badysts for However, the calendar has been slightly biased in the light of recent announcements, mainly from US government officials. "
& nbsp;Corentin Denoeud, CEO and co-founder of Blockchain Studio, is another.
"The fact that governments around the world are even talking about cryptography is a sign of progress for the blockchain industry in general," says Denoeud. "While countries such as India have called for the" cryptography ", it is a sign of progress for the blockchain industry in general. Crypto-currency ban, representatives of the German Central Bank have responded favorably and have argued that cryptocurrencies do not threaten global monetary stability.Even China, which previously banned ICO and trade of cryptocurrency, called Bitcoin "well-safe" (via its state-run media agency) and would now step up its own efforts to create its own cryptocurrency, after the unveiling by Facebook Balance. "
& nbsp;One thing is certain: & nbsp; Bitcoin (and ETH, XRP, LTC, etc.) true believers who think that "cryptocurrency" will eventually replace national currencies and need a 101 course.
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The prices Bitcoin, ETH, XRP and LTC will be on a roller coaster for a long time. Traders and investors will win and lose fortunes in record time, betting on them. In the end, some badysts say, these crypto-currencies will die on their own or be killed by the "establishment" – large governments and big banks around the world that defend sovereign currencies.
Take the case of Bitcoin.
The "people's currency" is a great promise: to become the first true world currency, freed from the control of central banks printing money and large banks generating credit. But to do this, Bitcoin must win the trust of the "general public". This means that it must be adopted as a medium of exchange, a standard of value and a store of value, replacing national currencies. Bitcoin has to overcome many obstacles. For example, lack of awareness, familiarity and stability, etc. This makes some pessimistic experts as to the future of Bitcoin.
Lars Seier Christensen, president of Concordium, the next-generation decentralized global computer, is one of them. "In the longer run, I'm bearish on bitcoin because I think it does not have the necessary characteristics of a long-term value badet and that, ultimately, this reality will catch up." said Christensen. "But in the short term, price movements will probably be random because Bitcoin is affected by low liquidity and larger and more unpredictable transactions."
The unpredictability will prevent Bitcoin from being widely adopted as a means of exchange. And without wide adoption, Bitcoin will remain a game for speculators and true believers, and will eventually die alone.
But even if Bitcoin overcomes all these obstacles and gains widespread adoption by the general public, it was able to replace national currencies – that is, to become the new currency – what would happen then?
The bears argue that "the establishment" can not afford to let this happen.
For many reasons, including the loss of seignorage " – simply, the profit made by the national governments by printing the currency. Then there are the profits made by the banks that help to circulate that money and create credit.
The institution will do everything in its power to defend these profits from Bitcoin and any other cryptocurrency that seeks to replace it.
Recent Congressional hearings on Libra testify to the establishment's determination to protect the dollar from competing cryptocurrencies. In a rare demonstration of unity, Democrats and Republicans opposed Libra and had a lot of cruel words for Bitcoin.
"Crypto-currencies that are ONLY as a substitute for currencies, however, have no real future in the long run," Christensen says. "They will be banned by governments wishing to control the money supply and taxation, and in any case, cryptocurrencies do not have value in the long run.Therefore, Bitcoins will only survive as a marginal activity ".
However, not everyone agrees with this dismal badessment. Dave Hodgson, director and co-founder of NEM Ventures, is one of them.
"In my opinion, Bitcoin will never die or be killed by the establishment, despite the contrary efforts of some people," says Hodgson. "The recent fall of Bitcoin corresponds to the expectations of our badysts in terms of technical badysis However, the calendar was slightly biased in the light of recent announcements, mainly from US government officials."
Corentin Denoeud, CEO and co-founder of Blockchain Studio, is another.
"The fact that governments around the world even talk about cryptography is a sign of progress for the blockchain industry in general," said Denoeud. "While countries like India have called for the ban on cryptocurrencies, representatives of the German Central Bank have responded favorably and put forward the idea that cryptocurrencies do not pose a threat. Even China, which previously banned ICOs and the cryptocurrency trade, called Bitcoin a "safe haven" (through its state-run media agency) and has stepped up its own efforts to create its own cryptocurrency, following the unveiling of the Libra by Facebook. "
Although we still do not know the good side, one thing is clear: Bitcoin (and ETH, XRP, LTC, etc.) true believers who think that cryptocurrency will eventually replace national currencies will need a lesson from 101 in Money and Banking.
