Howard Marks Sees No Real Future for Bitcoin

20 July, 2018

Bitcoin spurs many interesting debates and conflicting opinions. Howard Marks, a renowned investor, sees no long-term merit in the world’s leading cryptocurrency. In fact, he is convinced Bitcoin is not an investment at all, but rather a trade.

Howard Marks Isn’t a Bitcoin Fan

A fair few financial experts have a negative view on Bitcoin these days. A non-backed form of money has no value in their mind. Howard Marks confirmed his view by stating at the Delivering Alpha Conference how Bitcoin is not an investment. It has, in his opinion, little to no future in the long-term. In fact, it will become apparent Bitcoin has no substance, according to Marks.

Explaining the Bitcoin buying activity is also simple. Marks claims people buy BTC in the hopes of finding others who will buy it at a higher price. This is eerily similar to a pyramid scheme waiting to collapse. Even so, Marks never labels Bitcoin as such. Instead, he merely states the cryptocurrency has no intrinsic value. For all intents and purposes, Bitcoin is a speculative vehicle first and foremost.

The vision by Howard Marks doesn’t bode well for the future of BTC. Such comments are not new where this cryptocurrency is concerned. It has attracted a lot of naysayers for nine years now. Most of those people have been proven wrong in the end. Whether or not Howard Marks will fall into the same category remains to be determined.

Market Doubts Persist

The year 2018 hasn’t been positive for BTC or other cryptocurrencies. Volatility has made its mark on the industry once again. All prices have been pushed down by nearly 60% or more in the past six months. This further confirms the lack of Bitcoin’s “actual value,” according to Howard Marks.

Bitcoin can offer a few benefits over traditional cash. It is borderless and puts owners in full control of their finances. With no middlemen or governments to take control, it can become the “world currency” people have been looking for. That will only happen with the right regulatory framework in place. So far, that framework does not exist just yet.

The comments by Howard Marks won’t dissuade people from buying Bitcoin. In fact, it may have an adverse effect altogether. The past few days have shown an increasing demand for Bitcoin once again. The market is not out of the woods yet. Bearish pressure still looms overhead and may affect the short-term price. The second half of 2018 may prove to be crucial for all cryptocurrencies.

Source link   Crypto currency: Bitcoin

Blockchain Life 2019

On April 23-24 world blockchain and cryptocurrency industry meet at a 3d global forum - Blockchain Life 2019 in Singapore. More than 5000 participants from 70 countries are going to visit the biggest...

Will Crypto Exchanges be Able to Survive

Only the fittest will survive, or so the saying goes. This mantra does not only apply to the animal kingdom, it works in the business world also and surviving is what a lot of...

Why Crypto currencies Will Rise Again

The cryptocurrency market has undergone a great deal of turmoil over the past year or so. The idea of a cryptographically secure decentralized ledger laid the foundation for the...

Crypto VC firm seeking $60M amid bitcoin rout

It goes without saying that 2018 bear season savaged the broader crypto industry. Investors lost faith, Wall Street seemingly pulled out and entire startups...

Could Bitcoin Initiate a New Bull Cycle by 2019?

In the last 24 hours, the cryptocurrency market recovered by $4 billion as the Bitcoin price rebounded above $3,700. Several major crypto assets in the likes of Ethereum...

2019 a Year of Accumulation For Bitcoin

In the past 24 hours, the crypto market has recovered from $120 to $123 billion as the Bitcoin priceavoided a further drop below the $3,600 mark. The bitcoin price...

Bitcoin Exposed, ETF Hopes Dimming?

In the short-term, sellers seem to be in charge and yesterday's drop below our immediate support at $3,700 may lead to reductions towards $3,400 may lead to...

Why cryptomarket remains bearish in 2019

With the exception of Ethereum, which seems to have started the year with all guns blazing ahead of the Constantinople fork, it won't surprise anyone that the market analysts SFOX rate...