I’ve been watching with interest as several so-called commentators and experts have wheeled out their opinions about Bitcoin and cryptocurrency in general.
There seem to be three camps – those violently against the idea of investing in digital currency, those urging everyone to throw everything they have got into the pot and some wiser heads sitting between the two.
And the strength of opinions seems to be as volatile as the price of Bitcoin.
Take JP Morgan CEO Jamie Morgan.
He was interviewed and said he had come out against Bitcoin and felt so strongly that the cryptocurrency was no good that he would fire any JP Morgan staff who had invested in the cryptocurrency.
Change of mind
But that was until he found out his daughter had staked some money in Bitcoin. I guess he can’t fire her.
Then I’ve read that JP Morgan has had a change of mind, which I guess means Jamie Diamond has as well.
So is there something to Bitcoin?
I believe there is. I really believe that there will be a global digital currency but I’m not so sure it will be Bitcoin.
Others have their views.
Investment guru Warren Buffett believes Bitcoin is a dud, while expert on all things internet John McAfee reckons every Bitcoin will be worth a billion dollars.
Bitcoin worth a billion dollars?
I don’t think either of them has got it right. Warren is a famous investor, but he looks at cash flow. He looks at how existing companies perform, not things that are new. He didn’t invest in Google because he didn’t get it. He did not see the opportunity in Facebook
Perhaps he doesn’t get the new world and new technology. I believe he doesn’t use email or a computer. So I guess Warren’s not going to buy into Bitcoin.
At the other end of the scale is John McAfee. I don’t think a Bitcoin is going to hit a billion. If you watch him being interviewed and look at his body language, it’s suspicious. I’m going to say he is prone to exaggeration.
Maybe I should put it stronger, but John McAfee and Bitcoin hitting a billion. No chance.
I prefer to go along with Jack Dorsey, the Twitter joint founder, who says he believes there will be a digital currency in the future and hopes it will be Bitcoin. I’ll buy into that because I like Jack and I believe there will be a digital currency.
I’d like to know your opinion about Bitcoin and cryptocurrency. Do you go along with Warren Buffett or John McAfee? Or are you with me and believe Jack’s right?