Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'
Yahoo ^ | 20 May 2021 | Ethan Wolff-Mann

Posted on 05/20/2021 3:53:55 PM PDT by DUMBGRUNT

"Bitcoin: Trendy is the last stage before tacky," quoting the late fashion icon Karl Lagerfeld.

"Bitcoin: Trendy is the last stage before tacky," quoting the late fashion icon Karl Lagerfeld.

“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote.

This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”

Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.

In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled "Bitcoin: Trendy is the last stage before tacky," quoting the late fashion icon Karl Lagerfeld.

“What’s true for glamour and style might also be true for bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”

In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.

“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote.

On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.

This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”

Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Chit/Chat
KEYWORDS: etulips; zip
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-80 ... 101-106 next last
Famous quote: "There is no there 'there' "
1 posted on 05/20/2021 3:53:55 PM PDT by DUMBGRUNT
[ Post Reply | Private Reply | View Replies]

To: DUMBGRUNT

As opposed to the value of a US dollar, ROFLMAO.


2 posted on 05/20/2021 3:55:53 PM PDT by jpl ("You are fake news.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: DUMBGRUNT

Tulips


3 posted on 05/20/2021 3:56:20 PM PDT by no-to-illegals ( Liberals, leftists, Rinos, moslems, illegals, lamestream media. All want America to fail and die )
[ Post Reply | Private Reply | To 1 | View Replies]

To: jpl

“Sound as the Dollar”

Said no one since the Federal Reserve was created


4 posted on 05/20/2021 3:58:35 PM PDT by Flick Lives (“Today we celebrate the first glorious anniversary of the Information Purification Directives.”)
[ Post Reply | Private Reply | To 2 | View Replies]

To: jpl

No kidding


5 posted on 05/20/2021 3:59:44 PM PDT by taxcontrol (You are entitled to your opinion, no matter how wrong it is.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: DUMBGRUNT

“the value of bitcoin is entirely based on wishful thinking.”

That’s true, but so is the value of a dollar, a Picasso, or a bar of gold. All anything is worth is what the next guy is willing to pay for it.


6 posted on 05/20/2021 4:03:35 PM PDT by Renfrew
[ Post Reply | Private Reply | To 1 | View Replies]

To: jpl

—”As opposed to the value of a US dollar, “

Yes, there are some similarities...

But as we all know the Dollar is backed by the “full faith and credit” of the U.S. government !!!
You do not Joe the Jamoke?
What is a little inflation among friends?


7 posted on 05/20/2021 4:04:13 PM PDT by DUMBGRUNT (("The enemy has overrun us. We are blowing up everything. Vive la France!"Dien Bien Phu last message)
[ Post Reply | Private Reply | To 2 | View Replies]

To: jpl

They are both going to $0. BTC first, so that we can see it at 0 dollars. Then the fiat US dollar itself.


8 posted on 05/20/2021 4:04:53 PM PDT by C210N (You can trust government or you can understand history. But you CANNOT do both)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Renfrew

What’s a life worth?


9 posted on 05/20/2021 4:05:08 PM PDT by Fungi
[ Post Reply | Private Reply | To 6 | View Replies]

To: DUMBGRUNT
“full faith and credit” of the U.S. government !!!

If I can modify that a bit, I'll agree:

“full faith and credit” of the privately-owned deep-state-cabal-driven FED.

10 posted on 05/20/2021 4:06:20 PM PDT by C210N (You can trust government or you can understand history. But you CANNOT do both)
[ Post Reply | Private Reply | To 7 | View Replies]

To: DUMBGRUNT

So Bitcoin is as valuable as any of the ‘fiat’ currencies that governments print. Good to know.


11 posted on 05/20/2021 4:07:24 PM PDT by A Formerly Proud Canadian (I once was blind but now I see... )
[ Post Reply | Private Reply | To 1 | View Replies]

To: DUMBGRUNT

oh yeah - ill believe the banks are a source of good info on their greatest long-term competitive threat.


12 posted on 05/20/2021 4:08:25 PM PDT by corkoman
[ Post Reply | Private Reply | To 1 | View Replies]

To: Renfrew

—”That’s true, but so is the value of a dollar, a Picasso, or a bar of gold. “

Disagree.

“Smith’s theory of value was very similar to the later utility theories in that Smith proclaimed that a commodity was worth whatever labor it would command in others (value in trade) or whatever labor it would “save” the self (value in use), or both. However, this “value” is subject to supply and demand at a particular time”

Works for me.


13 posted on 05/20/2021 4:09:56 PM PDT by DUMBGRUNT (("The enemy has overrun us. We are blowing up everything. Vive la France!"Dien Bien Phu last message)
[ Post Reply | Private Reply | To 6 | View Replies]

To: C210N
They are both going to $0. BTC first, so that we can see it at 0 dollars. Then the fiat US dollar itself.

Cryptocurrencies, Bitcoin and/or others, will increase in value as the U.S. dollars decrease in value.

14 posted on 05/20/2021 4:10:23 PM PDT by T.B. Yoits
[ Post Reply | Private Reply | To 8 | View Replies]

To: corkoman

—”oh yeah - ill believe the banks are a source of good info on their greatest long-term competitive threat.”

Only the legendary “one-armed economist” would be a better source.


15 posted on 05/20/2021 4:13:07 PM PDT by DUMBGRUNT (("The enemy has overrun us. We are blowing up everything. Vive la France!"Dien Bien Phu last message)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Fungi

Average life insurance payout last year was $168K


16 posted on 05/20/2021 4:13:07 PM PDT by Renfrew
[ Post Reply | Private Reply | To 9 | View Replies]

To: DUMBGRUNT

And why is an ounce of gold “worth” $1800?

Value is determined by what someone is willing to pay for it.

This “debate” by banks about determining value is an academic exercise by people who will loose a bunch of money if cryptos become a standard.

It is important to listen to these lame arguments. But is also important to ask who benefits or loses from the success or failure.


17 posted on 05/20/2021 4:15:42 PM PDT by Vermont Lt (. )
[ Post Reply | Private Reply | To 1 | View Replies]

To: jpl

Who or what entity controls the supply of bit coin? Who controls their “manufacture”.


18 posted on 05/20/2021 4:16:47 PM PDT by central_va (I won't be reconstructed and I do not give a damn...)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Renfrew

Not what I had in mind.
Matt. 16:26: For what is a man profited, if he shall gain the whole world, and lose his own soul? or what shall a man give in exchange for his soul?


19 posted on 05/20/2021 4:17:06 PM PDT by Fungi
[ Post Reply | Private Reply | To 16 | View Replies]

To: Vermont Lt

See Adam Smith in #13


20 posted on 05/20/2021 4:18:00 PM PDT by DUMBGRUNT (("The enemy has overrun us. We are blowing up everything. Vive la France!"Dien Bien Phu last message)
[ Post Reply | Private Reply | To 17 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-80 ... 101-106 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson