Allianz Global Investors: Bitcoin useless. The bubble will burst
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Almost no one evaluates the goods in cryptocurrency and only a limited number of users use it for payments, member of the Board of governors of the European Central Bank's Benoit Coeure. He believes that Bitcoin and other coins are reminiscent of the Mirage — they have no future. I agree with the officer in the investment firm Allianz Global Investors. Its analysts believe that the cryptocurrency has no real value and will soon be worthless. Report organization.
theWhat is the cryptocurrency version of Europe's largest investor
Head of global Economics and strategy, Allianz Global Investors Stefan Hofrichter writes that Bitcoin is useless. It is a financial bubble that will soon burst, he adds.
What is the fair value of Bitcoin? In our opinion, its inherent value must be equal to zero. Presumably we could make the same argument against gold, but gold was accepted by humanity as a value more than two and a half thousand years ago. Compare this with less than ten years period for Bitcoin.
Bitcoin, according to Hofrichter has all the signs of a bubble: a new currency, it is almost not regulated, and most importantly — the coin is significantly overvalued. However, I see great potential in the development of blockchain technology in the future will help to improve the work of both private and Central banks.
Despite our concerns about Bitcoin, its underlying blockchain technology (or technology of a distributed registry) clearly has potential advantages, not least the ability of the blockchain to dramatically lower the cost of transaction validation and networking. This prompts a number of financial institutions, including Central banks, to examine more carefully the blockchain and to assess practical applications, including financial transactions.
whatever may be said of investors, the prospects of cryptocurrencies care even heads of state — they legislative regulation of Bitcoin, and altcoins live at the summit "Big twenty."
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