Bitcoin Price Floats Around $11K USD as Naysayers Start Re-Evaluating Attitudes Given Recent Rally
Bitcoin [BTC] has come a long way since news regarding its existence was released. Many immediately got hooked to the idea of decentralization and using technology to achieve it while others have shut it down completely. But what about those in between the two extremes?
An interesting AMB Crypto post looked at leaders and individuals who have previously bashed BTC but are today is favor of its likes. One example has been expounded upon and it entails Bloomberg Economist, Tyler Cowen. Throughout the different stances shared about Cowen, one can clearly see what events made the renowned economist change his mind. This might in turn lead many others who initially turned down the idea of BTC to change their minds as well.
The following is an overview of how Cowen started to accept BTC from as early as 2013 up until today.
Initial Reaction to BTC
Cowen’s first negative viewpoint on BTC can be dated back as early as December 2013. His initial thought was that cryptocurrencies were not going to strive because the prices of BTC will cancel out those of altcoins. He seemed confused about the non-existing relationship between supply and value, which he believes would lead the aforementioned claim to occur. Most importantly, he believed that if an equilibrium within “marketing competitors” was not established, BTC will not succeed.
Two years later, Cowen held the same sentiment. He believed that factors as such fraudulent activities are surely to limit BTC’s performance, which led him to conclude that it would not succeed in the future.
Reconsidering His Stance
Signs of possibly reconsidering his stance on BTC and cryptocurrencies was supposedly present in November 2017. This was the time where gold performed poorly as a hedge, leading Cowen to argue that BTC was a viable competitor for gold.
Support for Bitcoin-Only Increases from Here
Today, Cowen stands strong by BTC’s side as he believes that the giant crypto will surely not disappear. Some of the factors that have contributed to this opposing stance from 2013 include the US/China trade war forcing BTC’s value to go up and Facebook’s entrance into the crypto sphere, which as a vessel can help reach the goal of mass adoption.
Cowen is evidently not the only individual to change his mind about cryptocurrencies. This being said, those who do change their mind do so after witnessing how traditional assets are performing, current world issues and how these impacts crypto to serve as a possible solution.