Due to the revolutionary nature of Bitcoin and related technologies, this movement hasn’t come without pushback. Throughout the cryptocurrency’s over a decade in existence, it has been subject to hate from every corner of the Earth, especially Wall Street and Washington.
Yet, Bitcoin arguably scored a big win on Thursday, with a bear finally deciding to throw in the towel, acknowledging BTC’s value proposition publicly.
Bitcoin Hater Takes A Total 180°
During a recent Bloomberg podcast, which Forbes cited, Mark Mobius, the 80-something-year-old founder of Mobius Capital Partners, divulged some things that some would have never expected him to say. Mobius, who once dubbed Bitcoin a “real fraud” in a Jamie Dimon-esque fashion, stated that BTC is likely to be “alive and well”, uh, well into the future.
The investor, deemed “legendary” and “veteran”, by his peers, then added that he knows there is a need, even a desire for global individuals to have a way to transact and transfer value “easily and confidentially”.
For those unaware, this is most of Bitcoin’s premise, effectively summed up in a few words. Mobius goes on to state that he expects for Bitcoin’s brethren, like Ethereum and its ilk, to also remain “alive and well”, likely their value in a similar arena to Bitcoin’s.
He did, however, address Bitcoin with some caution. Mobius notes that not only is he hesitant to invest, but the cryptocurrency market is subject to extreme day-to-day, minute-to-minute volatility, adding that it is hard for “one individual group or one organization that will keep track of what is going on.” And, to conclude on a cautious note, he explained that debacles like the collapse of Mt. Gox should always have investors on edge about Bitcoin. Mobius’ point is only validated due to the recent Binance hack.
Some Still Hate
While Mobius is now somewhat bullish on the cryptocurrency, there are some prominent economists and investors that are still staunch haters of Bitcoin and what it stands for.
Earlier this week, Kevin O’Leary took to CNBC “Squawk Box” to talk Bitcoin, debating casually with Morgan Creek Digital’s Anthony Pompliano. The Canadian businessman, who stars on “Shark Tank”, explains that Bitcoin is a “digital game” to him, rather than an investment, currency, or newfangled asset class. He then dubbed BTC “worthless”, noting that the lack of liquidity and market share of Bitcoin is an issue in his eyes.
What makes this weird is that just five years ago, O’Leary appeared on Canadian outlet CBC to laud Bitcoin. During his three-minute showing, O’Leary claimed that he sees Bitcoin as a bet against central banks and that it is “here to stay”, looking to the fact that it was then sported a market capitalization of $1 billion. He even quipped that he wouldn’t be against putting 2% to 3% of his personal portfolio towards BTC, citing it as a way to diversify his currency holdings. Well, he’s bearish now, and that’s what matters.
He isn’t the only commentator to be bearish at the moment. Last week, as Blockonomi reported, U.S. Congressman Bradley Sherman, who represents the Democrats in California — the home of technological innovation of all places — suddenly brought up cryptocurrencies. During his rant-esque statement, which was recorded by industry non-profit Coin Center, Sherman remarked that Congress should outlaw cryptocurrencies for U.S. citizens. He claimed that Bitcoin undermines “foreign policy, tax collection enforcement, and traditional law enforcement.”
And, just days earlier, both heads of American conglomerate Berkshire Hathaway, Warren Buffett and Charlie Munger, bashed Bitcoin and cryptocurrency last weekend. Buffett doubled-down on the fact that the leading digital asset doesn’t have much of a use case, while his partner in crime likened investors of BTC to those that celebrate heretic values.