Billionaires making different voices over Bitcoin… India Warren Buffett “I don’t even buy it for five dollars”

Input 2021.02.24 11:27 | Revision 2021.02.24 16:12

US Treasury Secretary Yellen “Bitcoin Extremely Inefficient”

The debate over the cryptocurrency Bitcoin, which exceeded $50,000 for the first time ever, is heating up. Some experts raise skepticism that bitcoin cannot be used as a means of trading, while others are trying to incorporate bitcoin into institutional rights by officially listing a bitcoin-related listing index fund (ETF) on the stock exchange.

Tesla, a U.S. electric car company, bought 1.7 trillion won worth, but there are billionaires who say they won’t buy bitcoins for just 5 dollars (about 5500 won). As the price of bitcoin continues to fluctuate and the interest of investors around the world is drawing, the debate about the value of bitcoin is expected to continue for quite some time.

Elon Musk Tesla Chief Executive Officer (CEO) is the one who values ​​Bitcoin the most. He is a strong advocate that Bitcoin is no different from currency, and has a great influence on the third bitcoin rally (price surge), which began earlier this year. In the market, a new term called Musk Effect appears after him.

Musk changed the self-introduction section of his Twitter account to’#bitcoin’ on the 29th of last month (hereafter local time). In an hour after that, the price of bitcoin soared from $32,000 to $38,000 to $6,000 (18.7%), and the amount of bitcoin trading, which was below 5,000 per hour, also quadrupled to 20,000 per hour. Tesla also disclosed that it had bought 1.7 trillion won worth of bitcoin.

On the 19th, “when the real interest rate of fiat currency is negative, the only thing that doesn’t look elsewhere is stupid. Holding bitcoin is a less dumb act than holding cash, and bitcoin is almost like money. fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The keyword is’almost.’).”

Bill Gates, the founder of Microsoft (MS), is also positive about Bitcoin. On the 18th, Gates told CNBC, “I don’t have bitcoin, but I don’t have a skeptical view.” In 2018, he criticized “Bitcoin investment is a completely silly theory.”

On the 18th, some of the world’s first Bitcoin ETFs were listed. The Toronto Stock Exchange of Canada started trading with the Bitcoin ETF (trade name BTCC) on that day, and on the first day of the transaction, $165 million was traded.

However, many financial experts still hold a negative position on Bitcoin. US Treasury Secretary Janet Yellen said at a’Dealbook Conference’ hosted by the New York Times (NYT) on the 22nd, “I do not think that Bitcoin, which is often used for illegal finance, will be widely used as a trading mechanism.” “It is inefficient and the amount of energy consumed in the transaction process is unbelievable.”

On the 13th of last month, the European Central Bank (ECB) governor Christine Lagarde said at a conference, “I’m sorry for those who see this as a currency, but (Bitcoin) is a very speculative asset, and it is a result of illegal activities and interesting and completely strange money laundering activities. I was involved,” he said.

Billionaire investor Rakesh Jhunjhunwala, who is called Warren Buffett of India, also devalued bitcoin, saying, “I will not buy bitcoin in my life. I will not buy bitcoin even for $5.”

With so many celebrities and experts coming up with completely different predictions, the price of bitcoin continues to fluctuate. The bitcoin price, which had surpassed $57,400 on the 21st, is currently trading down to $50,000. Prices are rising by more than 10% a day. According to CNBC, Goldman Sachs also analyzed in a recent report that the price of bitcoin plummeted when the interest on loans was too high and debt investors sold bitcoin because of pressure to repay money.