“Bitcoin is not digital gold, it is bitcoin and worth less than 0” – digital currencies

In the last week Bitcoin

BITCOIN
+ 1.33%

Base:44,944.37

opening:0

High:47,364.09

low:43,746.06

change:–

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And has undergone many upheavals. After it became known that Elon Musk’s Tesla (TSLA) bought Bitcoin for $ 1.5 billion and announced that it would allow customers to pay for its vehicles using the bits, the currency flew by more than 14%. At its peak, last Tuesday, it reached a level of close to $ 47,000, and has since dropped to around $ 45,000 per bit.

So true, Musk and many other good people believe that Bitcoin, a website currency, or even Dogcoin are legitimate investments, but the volatility of the currency, as well as its economic characteristics, brought Prof. Nuriel Rubini, a well-known black seer, not just to call the US Securities and Exchange Commission. B (SEC) to investigate Musk on suspicion of manipulating the market, but to say that it is a bubble that is about to burst.

In a post on his personal blog in the Financial Times, Robinie explains that there is nothing behind Bitcoin and the like, which he claims is a kind of money grinder for the black market. “Claims that Bitcoin is the new gold are fueling a new bubble in currency and other digital currencies,” Rovini wrote. “The last time this happened, in 2017/8, Bitcoin went up from $ 1,000 to $ 20,000 and then fell back to $ 3,000 by the end of 2018.

“Since the fundamental value of Bitcoin is 0, and it would have come at least if a carbon tax had been imposed on it, due to the production that requires massive storage of energy, I expect the current bubble to end in an explosion.

Treating Bitcoin or any other cryptocurrency as a ‘currency’ is an inaccuracy in terminology. Cryptocurrencies are not an accounting unit, meaning nothing is priced within them. They are also not a means of payment that can be increased, when with Bitcoin you can do 5 operations per second, while a system of Visa does 24,000 operations per second, “he went on to say that most of the world’s largest companies, with the exception of Tesla, do not allow currency payment.

“The fact that some cryptocurrencies refuse to accept cryptocurrencies as a means of payment, due to their high volatility, says it all. Relying on different tokens is actually back to the Barter days. . “, He added.

Robinie goes on to say that Bitcoin is not even an asset since most assets generate a cash flow. “Crypto has no income, no use, no payment option or any other service. It is not even anonymous because any payment can be tracked. It is a speculative game about an asset bubble, when there are cryptocurrencies that are referred to in the market as bitcoin, which are scams for all intents and purposes.” He said he stressed that most bitcoin mining takes place in the Russia and Belarus branches, making them a “nightmare and a threat to national security in the West.”

“Bitcoin does not fit into the portfolio of large and institutional investors,” Robinie refers to the new trend, which has raised the price of bitcoin to the skies in recent months. “Bitcoin is risky, volatile and quite a few investors in it are small investors who are suckers, who are being manipulated by an army of insider dealers and snake salesmen,” he concluded.

Robinie is so beloved by the business community, that he has earned the amiable nickname “Dr. Dom”, or the Dr. of Doom in Hebrew has won. Not just earned a nickname. In 2006, in an official document of the International Monetary Fund (IMF) predicted the crash of the US housing market, in what became the subprime crisis of 2008/9, which was until the Corona the worst economic crisis since the Great Depression that began in 1929 with the stock market collapse on Black Tuesday.