Does Bitcoin Have A Future?

You can count on it. Whenever a major financial market struggles for survival in a deep, enduring bear market, undertakers with access to the financial press gleefully pronounce its imminent demise. For Bitcoin, such dire pronouncements have been arriving at a steady pace since summer 2018. Simultaneously, plenty of big names in the financial world envision Bitcoin as an unstoppable, universal digital currency that will benefit every person on Earth. So, who’s right? Is anyone right about any of this? Is the Bitcoin future one of widespread acceptance? Or is it one forever relegated to the shadows of the worldwide financial system? 

Perhaps the truth lies somewhere in-between these two extremes.

Why Such Bitcoin Pundit Polarization?

Here are recent excerpts demonstrating this black or white, but definitely not gray mindset:

“Crypto is the mother or father of all scams and bubbles.” – Nouriel Roubini, October 11, 2018

“(Bitcoin) is the greatest store of value ever created.” – Lou Kerner of CryptoOracle, November 21, 2018, CNBC interview

“I come to bury Bitcoin, not to praise it.” – Paul Donovan, Chief Economist at UBS, November 2018

“I don’t make significant price predictions. But it’s (Bitcoin) certainly going to be worth a great deal more than it’s worth today. I am long in the market.” – Jeremy Allaire, CEO,, CNBC interview, December 14, 2018

“You should outlaw it (crypto). I am personally surprised that regulators haven’t stepped in harder.” – Andreas Utermann, CEO, Allianz Global Investors, December 11, 2018

“It (Bitcoin) wasn’t tulips. It was a mania built on something that’s real. Most bubbles are built around things that are real. The Internet bubble felt like mania, and whoa, did the Internet change our world. When I look ahead, I’m pretty constructive.” – Mike Novogratz, Bloomberg Television interview, December 17, 2018

Without attempting to call anyone out for agenda pushing, might not there be some financial or ideological motivations behind such weighty pontifications? 

The Naysayers

Paul Donovan and Andreas Utermann are key figures at a major bank and investment house, respectively. Their firms likely do well in times of central bank financial stimulus (money-printing). That’s because of increased financial speculation and more demand for loans. Central banks don’t like Bitcoin (and cryptos in general) as they fear competition to their centralized means of planning in the world economy and financial markets. Nouriel Roubini is an economist, professor, and former advisor to the World Bank, the IMF, and the Federal Reserve. None of those monetary superpowers are noted for outbursts of Bitcoin praise and adoration.

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