On 8th September, Yahoo Finance’s Dion Rabouin, Rick Newman, Dan Roberts spoke about the current stance taken by financial institutions on cryptocurrency and Bitcoin [BTC] still being viewed with a skeptical eye by the Wall Street titans. They also spoke about Bitcoin’s price surge and the possibility of it reaching those heady days of December 2017 once again.
Dan opined that the Bitcoin prices could rise in the future but it would never go back to $20,000. He stated:
“It is unfair for people to expect it to reach that $20,000 mark, there is strong evidence on how the market had been manipulated by a lot of investors who had huge holdings thus resulting in the prices to increase drastically.”
Dan further explained by pointing out three different fractions in the Bitcoin world. According to him, the first fraction consists of the speculators who buy and hold Bitcoin as an investment. The second fraction includes the people who look at the blockchain powered Bitcoin as an innovative technology for the future and the third fraction are those individuals who look at Bitcoin as a scam but support the blockchain technology. He stated that the biggest rallying cry in the Wall Street finance world was precisely the notion of looking at Bitcoin as a scam.
Rick Newman a Columnist in Yahoo finance was asked about his views on Bitcoin. He stated:
“I am intrested in what this looks like five years from now, I really dont care about how it looks a month from now.”
Rick opined that the blockchain technology was very useful in digitizing industries in the future. Furthermore, many individuals were still trying to apply the blockchain technology to different things going on around the world. Dion spoke about the long-term scenario and how Jordan Belfort, the so-called wolf of wall street had claimed that the cryptocurrency industry was a complete scam.
“Thousands of individuals with successful businesses, investments and companies were now completely devoted to cryptocurrency thus making it very important to acknowledge such an industry.”
They stated that it was arguable whether the blockchain industry had developed any mainstream innovations yet. However, Dan opined that the industry was real and had great potential in the future.
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