Bloomberg on Bitcoin
The global financial-news institution has published some of Bitcoin's most-cited obituaries — skeptical of its viability, focused on regulation, volatility, and scalability.
Every Bloomberg Bitcoin obituary
Crypto’s ‘Digital Gold’ Myth Exposed As Traders Pivot To Metals
“For a cohort of investors once convinced that computer code was superior to shiny metal, the recent stretch of greenback weakness has been a definitive wake-up call: Bitcoin failed to act as a macro hedge just as the so-called ‘debasement’ trade was back in vogue.”
Bloomberg
Sep 21, 2022 · $18,891Jamie Dimon Slams Crypto Tokens as ‘Decentralized Ponzi Schemes’
“I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin, They are decentralized Ponzi schemes.”
Bloomberg
Sep 19, 2022 · $19,419Bitcoin Looks Like a Faded Fad as Fed Goes All In on Rate Hikes
“What is Bitcoin for, exactly? While that’s been a tricky question to answer in years past, it’s safe to say that right now, it’s definitely not for preservation of wealth.”
Bloomberg
Jun 13, 2022 · $25,424Bitcoin And Ethereum Will Go To Zero
“Bitcoin will never be a safe haven asset or a central currency.”
BNN Bloomberg
Oct 11, 2021 · $57,490JPMorgan's Jamie Dimon Calls Bitcoin 'Worthless'
“I personally think that Bitcoin is worthless.”
Bloomberg
Jan 25, 2021 · $32,255Bitcoin Is an Incredibly Dirty Business
“Unlike governments, the closest Bitcoin gets to redistribution of wealth is celebrity-sponsored giveaways, which are at worst predatory hoaxes and at best promotional corporate stunts that offer $11 worth of cryptocurrency to people clearly desperate for far more. Help mine the stuff with a high-end computer and get the chance to heat your greenhouse as well.”
Bloomberg
Jan 22, 2021 · $33,019Bitcoin Has ‘Nil’ Value
“What is the future value of the dividend stream of Bitcoin? I can tell you that, that doesn’t take a prize winning mathematician. It is nil.”
Bloomberg
Nov 30, 2018 · $3,992Bitcoin Becomes A Story Of Boom And Bust
“The world’s premier cryptocurrency has bounced back from selloffs before but this time may be different. Regulators are cracking down and investors’ fear of losing everything is overtaking their fear of missing out. The route is a setback for people who hoped digital cash would challenge Visa and Mastercard. It vindicates Warren Buffet and others who have compared electronic currencies to a Ponzi scheme.”
Bloomberg
Nov 21, 2018 · $4,574Jamie Dimon And Warren Buffett Have The Last Laugh On Bitcoin
“Nothing on the Bitcoin label turned out to be in the bottle. As a means of payment, it is cumbersome, volatile and expensive. It has destroyed value rather than storing it. Its decentralized technology was sold to investors as being unique. It has been anything but.”
Bloomberg
Jun 15, 2018 · $6,411Bitcoin's Greater Fools Go Into Hiding
“The historical record of Bitcoin suggests its greatest leaps are made thanks to speculation, rather than to any real progress in utility or technology. Bitcoin’s rise to $19,000 from $6,500 at the end of 2017 was fueled by the belief that the price was only ever going to go up. There was no evidence of any increased adoption in the real world — if anything, the heuristics of Bitcoin trading called for hoarding, or HODLing, to sit on the gains.”
Bloomberg
Apr 9, 2018 · $6,774Bitcoin, The Biggest Bubble In History, Is Popping
“The greatest bubble in history is popping, according to Bank of America Corp. The cryptocurrency is tracking the downfalls of the other massive asset-price bubbles in history less than one year out from its record, analysts lead by Chief Investment Strategist Michael Hartnett wrote in a note.”
Bloomberg
Mar 14, 2018 · $8,197Bitcoin Is Worthless, Bubble May Pop Soon, Allianz Global Says
“It’s a matter of when, not if, the Bitcoin bubble will pop, according to Allianz Global Investors. “In our view, its intrinsic value must be zero,” Stefan Hofrichter, the company’s head of global economics and strategy, wrote in a recent web post. “A bitcoin is a claim on nobody – in contrast to, for instance, sovereign bonds, equities or paper money – and it does not generate any income stream.”
Bloomberg
Feb 2, 2018 · $8,828Roubini Says Bitcoin Is The ‘Biggest Bubble In Human History’
“Bitcoin is the “biggest bubble in human history” and this “mother of all bubbles” is finally crashing.”
Bloomberg
Jan 17, 2018 · $11,141Bitcoin Isn't The Future Of Money
“Blockchain technology gives Bitcoin two crucial characteristics;— it can be exchanged peer-to-peer without the need for a trusted intermediary, and it lets transactions be anonymous. In both these ways, Bitcoin resembles physical cash. But whereas physical cash is the liability of a government, with a central bank controlling its value, Bitcoin is a liability of nobody. This is its fatal flaw as a currency. There’s nothing to stop its value from falling to zero.”
Bloomberg
Dec 27, 2017 · $15,378Bitcoin Is An Implausible Currency
“So when I ask “What is bitcoin good for?” the answer I come up with is “not enough to justify anything like these valuations.” There are all sorts of interesting applications for cryptocurrencies and blockchains. But unless they become a global currency, or a global payment system, I don’t see why, 50 years from now, anyone is going to be willing to pay tens of thousands of dollars to get their hands on one.”
Bloomberg
Nov 29, 2017 · $9,816Bitcoin ‘Ought To Be Outlawed,’ Nobel Prize Winner Stiglitz Says
“So it seems to me it ought to be outlawed,” Stiglitz said Wednesday in a Bloomberg Television interview with Francine Lacqua and Tom Keene. “It doesn’t serve any socially useful function.”
Bloomberg
Nov 2, 2017 · $7,030Bitcoin Is The Very Definition’ Of A Bubble, Credit Suisse CEO Says
“From what we can identify, the only reason today to buy or sell bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble,” he said at a news conference in Zurich on Thursday. He added that in the history of finance, such speculation has “rarely led to a happy end.”
Bloomberg
Oct 2, 2017 · $4,404Larry Fink Says Cryptocurrencies Show Level of Money Laundering
“Bitcoin just shows you how much demand for money laundering there is in the world.”
Bloomberg
Sep 21, 2017 · $3,613ECB's Constancio Says Bitcoin Isn't a Currency, It's a Tulip
“Bitcoin is a sort of tulip. It’s indeed an instrument of speculation for those that want to bet on something that can go up and down 50% or 40% in a few days but certainly not a currency, and certainly we don’t see it as a threat to central banking or monetary policy, that’s for sure.”
Bloomberg
Jul 25, 2017 · $2,591Howard Marks Sounds the Alarm on Tech, Cryptocurrencies and Private Equity
“Digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it...nobody has been able to make sense to me of these currencies.”
Bloomberg
Nov 3, 2016 · $688Bitcoin's At It Again
“Bitcoin is quickly becoming a thing of the past.”
Bloomberg
Dec 15, 2014 · $345Bitcoin Bears Say Told You So
“Bitcoin’s collapse comes as governments around the world consider regulating or prohibiting the virtual currency to prevent criminals from using it to trade contraband. . . . Ripple has gained 36 percent this year; eventually it could displace bitcoin.”
Bloomberg
Feb 25, 2014 · $535Mt. Gox Meltdown Spells Doom For Bitcoin
“Bitcoin does not yet have enough users to continue its survival. . . . it will go the way of laser discs and eight-track tapes.”
Bloomberg
Dec 4, 2013 · $1,147Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value
“It's a bubble. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it.”
Bloomberg
Nov 20, 2013 · $573Bitcoin Is Still Doomed
“To the extent using Bitcoin has any benefits now — convenience, cost-efficiency, putative anonymity — it’s because authorities haven’t been taking it very seriously. As officialdom becomes more assertive, Bitcoin will become more difficult and expensive to use, and less anonymous.”
Bloomberg
Aug 8, 2013 · $95The SEC Shows Why Bitcoin Is Doomed
“All of which is to say that doing anything legally with bitcoins — and especially converting them into fiat currencies — is going to get harder and more expensive as governments involve themselves. So hard and so expensive, I’d argue, that any advantages the crypto-currency may have over normal means of exchange, like credit cards, will soon disappear.”
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