Bitcoin’s Rise To $7,500 Still Brings Wall Street Experts & CEO Skeptics To The Crypto Hater Yard
Despite Bitcoin’s Rise, Many Experts Remain Skeptics
After taking a substantial dip this year from $20,000 to well below $6,000, Bitcoin is presently still earning the trust of the industry. It got to new heights at the end of 2017 before the plunge, leading some big names in Wall Street to believe the Bitcoin’s reign is over.
The co-founder of DataTrek Research, Nicholas Colas, said in May that there is no point in buying Bitcoin on short-term investments. He stated,
“We're not seeing a lot of incremental engagement with people interested in seeing bitcoin for the first time,” he said. “And like any new technology, you need new adopters to come in to make it more valuable.”
Allianz Chief Economic Advisor Mohamed El-Erian spoke to CNBC in June, prior to Bitcoin’s surge in value. He told them,
“So you've got to understand how you got to $20,000. You got to $20,000 because the base of people who truly believe in bitcoin was joined by many, many, many people who jumped on the bandwagon. That was purely speculation.”
He also added that he does not have faith that Bitcoin has enough power to rise again to $20,000.
It is no surprise to any investor that Bitcoin has been through the ringer in 2018. While there are plenty of enthusiasts that trust this path enough to stick with the company, too many experts believe that they know better. For those who still believe in Bitcoin, there is still hope that its price will pass the highs established in 2017.
The CEO of Social Capital, Chamath Palihapitiya, was on the “Squawk Box” with CNBC at the end of 2017, and he went as far as to predict that Bitcoin would surpass $1 million in the next two decades. Five months later, he still said that Bitcoin would be a valuable way to preserve investments.