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 ...
As opposed to the value of a US dollar, ROFLMAO.
Tulips
“Sound as the Dollar”
Said no one since the Federal Reserve was created
No kidding
“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.
—”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?
They are both going to $0. BTC first, so that we can see it at 0 dollars. Then the fiat US dollar itself.
What’s a life worth?
If I can modify that a bit, I'll agree:
“full faith and credit” of the privately-owned deep-state-cabal-driven FED.
So Bitcoin is as valuable as any of the ‘fiat’ currencies that governments print. Good to know.
oh yeah - ill believe the banks are a source of good info on their greatest long-term competitive threat.
—”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.
Cryptocurrencies, Bitcoin and/or others, will increase in value as the U.S. dollars decrease in value.
—”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.
Average life insurance payout last year was $168K
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.
Who or what entity controls the supply of bit coin? Who controls their “manufacture”.
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?
See Adam Smith in #13
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