Wall Street Analyst: Bitcoin's Rate Risen from Scratch. This is a Scam!
December 16, 2017
Bitcoin has already been able to enrich many of its investors, but Wall Street is in no hurry to join the current trend.
Peter Boockvar, chief analyst at The Lindsey Group, believes that Bitcoin is nothing more than a classic scam that will bring pain and suffering for investors.
"Frankly speaking, this incredible Bitcoin rate has risen from scratch. I understand why it has gained its popularity - it's an alternative means of payment for the same goods and services, but I do not understand such an increase in its value. No doubt, Bitcoin is a "bubble".
One should be reminded that only for the last six months Bitcoin's rate has grown by 541%, and its recently issued futures have already risen in price by more than 12%. Certainly, these facts cannot but raise questions among prominent economists.
"The whole problem of the cryptocurrency market is that there are countless currencies on it. Plus Bitcoin itself is now divided into several currencies. And tell me, what good can it be in the daily appearance of new coins? "
According to his words, he would prefer to invest in a "time-tested" asset rather than in a "dubious novelty."
The analyst added:
"One day Bitcoin is going to fall, I'm sure of it."
He notes that there may be absolutely different reasons for the collapse of the currency, for example, the introduction of regulatory measures by the countries' governments. Also, Boockvar notes that, in his opinion, there cryptocurrencies possess an important vulnerability:
"They can be hacked and easily stolen. In other words, this money can be lost at any time. "