Wall street grows ever more certain Bitcoin is a bubble. I can't even say they're wrong. Flirting with $6000 per coin and low economic utility? For as dumb as Jamie Dimon sounds every time he says anything about Bitcoin, the tulip bubble analogy looks less and less inappropriate all the time.
In a note to clients published on Thursday, analysts at UBS took a long look at Bitcoin, cryptocurrencies, and the blockchain technology that underwrites this whole enterprise.
Looking only at pricing, UBS said that, a twenty-fold increase in bitcoin prices in just two years, and an absence of any fundamental economic backing, cryptocurrency prices are almost certainly a bubble.
Blockchain utility doesn't make crypto not a bubble. That'll be important to remember for people buying now expecting to make big gains at this cost basis, and there's real risk there.
Whatever they are saying is their business and also to those that believes them. Whether true or false, I dont want to know that, Im already making my income from Bitcoin and I cant quit cause of what Wall Street or whatever has to say.
If they dont know that this is something that has changed the life of many people in the world then they better know it now. I know that there are people who lose, but thats a normal thing in every game, people lose and people win.