Despite the growing number of alliances of Bitcoin (BTC) supporters, it is still not a universal investment. In fact, some people still think that this is a complete Ponzi scheme, or a shocking scam.
More than once, Buffett Buffett publicly stated that Bitcoin is a "mouse cockroach", and his gold partner Charlie Munger also used the "just harvested baby brain" to compare cryptocurrency transactions.
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For the recent strong rebound in bitcoin, the famous economist Andy Xie put forward his own opinion, equating bitcoin with "gambling" and suggesting that Wall Street can play a role in controlling prices.
Is cryptocurrency never legal?
Xie Andi, an economist at Morgan Stanley, predicted that the 1997 Asian financial crisis could spread to other economies in the world.
In an interview with the Korea Times, Mr. Xie said that despite the increasing recognition of Bitcoin and other cryptocurrencies, these assets will never be designated as “legitimate currencies” due to their instability. Said bitcoin is a "gambling tool."
Xie Andi elaborated on his contempt for cryptocurrencies, noting in particular why he believes that cryptocurrencies will never replace fiat money:
“The cryptocurrency will never be considered a legitimate currency because the government cannot issue bonds. Its volatility may cause such a government to go bankrupt… although so many people think it can be used to replace fiat money, its huge fluctuations Make it impossible."
The legality of Libra?
It seems that everyone seems to have joined the encryption revolution of JP Morgan. Previously, JP Morgan Chase released its own JP Morgan Coin (JPM Coin), priced at 1:1 anchor.
The release of Facebook's Libra Coin white paper now seems to indicate that these companies have basically acknowledged that Bitcoin and other cryptocurrencies are the next logical step in the financial industry and are looting their spotlights.
Interestingly, Xie Andi also holds this view, suggesting that the emergence of Libra will actually strengthen the belief in the cryptocurrency industry, he said:
"Facebook's Libra should be very bad for Bitcoin, because its launch will increase the supply of alternatives. But its psychological effect is to remind people that it will become more legitimate. Therefore, people will re-enter."
Wall Street Control
Xie Andi further stated that Bitcoin will never reach the historical peak of around $20,000 in December 2017, mainly because Wall Street does not allow it…
“Wall Street has established a futures market in Chicago where traders can push it back when it is high enough until people panic and sell off the market. Then they (the trader) will close the position and cash it.”
"They basically make money from East Asia, and they will keep the game in this way. East Asians lose about $100 billion in gambling every year."
Please keep in mind that this is not an investment recommendation. Please do extensive research before investing and invest only in the losses you can afford. Investment always requires professional knowledge and experience.