Saturday, 22 September 2018

Bitcoin leaves elite haters behind as it hits $10,000 again

After a recent dip down below $7,000, the price of bitcoin has now jumped to over $10,000 again, according to trading figures on Coinbase and Blockchain.info.
The rally comes as top European central bankers, among other high-level members of the world’s monied elite, have recently been publicly expressing skepticism in bitcoin.

Similarly, Charles Munger, the vice-chairman of Warren Buffett’s investment firm Berkshire Hathaway, said Wednesday's that he considered the bitcoin craze to be “totally asinine,” according to The Guardian.

Munger told an annual meeting at the Daily Journal, a Los Angeles newspaper, that he “never considered for one second having anything to do with it. I detested it the moment it was raised. It’s just disgusting. Bitcoin is noxious poison.”

Roughly a week ago, the head of the World Bank even dubbed bitcoin a “Ponzi scheme.”
“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” President Jim Yong Kim said, according to Fortune. “It’s still not really clear how it’s going to work.”

Meanwhile, the South Korean government announced Tuesday that it would aim to “prevent illegal acts and uncertainty” with respect to cryptocurrencies.

However, according to a Thursday report by CNBC, Fundstrat Global Advisors believes that the price of one bitcoin should reach $20,000 by summer and $25,000 by the end of the year.

source: arstechnica.com
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