Expert: Bitcoin's Bubble Does Not Look Like Other Bubbles
December 27, 2017
Сhief strategist of the investment company Charles Schwab, Jeffrey Kleintop, does not believe that Bitcoin's bubble can be compared to other bubbles because of the uniqueness of the cryptocurrency. According to him, it is difficult to foresee the future of Bitcoin, since it does not depend on anything.
Kleintop shared his opinion during an interview with Business Insider. A question about Bitcoin was posed at the very end of the conversation. Kleintop was asked whether he considered the cryptocurrency a bubble and what his clients wanted to know about it.
"<...> We all know what happened when the dot-com bubble burst, we know what happened when the real estate bubble burst. I believe that Bitcoin's bubble, if you want to call it like that, is somewhat different. If Bitcoin's price suddenly collapses, it will be a special thing given its independence from the financial system. Bitcoin has not yet become part of the economy and financial structure. Therefore, I believe that the potential collapse of this bubble will not have such a negative effect as the explosions of the previous bubbles have caused, investors should not be afraid of it next year," he replied.
Bitcoin is still recovering from the correction that took place at the end of last week, because of which its price collapsed from $20,000 for 1 BTC to $13,000. At the moment, the average weighted rate of the cryptocurrency is slightly higher than the $16,000 point.
Many experts expressed their concerns about Bitcoin's future after these fluctuations. A financial strategist Boris Schlossberg