Bitcoin has been thrashed by David Rosenberg, the Chief Economist and President of the Canada-based company Rosenberg Research who has called the top-ranked digital currency a “massive bubble”. While criticizing Bitcoin, he said that he does not view Bitcoin as a good investment rather he regarded gold as a good investment for investors.
David Rosenberg has talked about the world’s largest cryptocurrency Bitcoin in his recent interview with Bloomberg where he slammed Bitcoin completely. First, he called the leading digital currency a massive bubble and then said people are misunderstood about Bitcoin. He said that they do not even know what the actual future supply of the coin is.
While comparing Bitcoin with that of Gold on the metric of supply, Rosenberg said that people at least know with certainty the supply of Gold while on the other hand, they are not certain about the supply of the dominant cryptocurrency. While telling Tom Keene in the interview, he said:
“Bitcoin is a massive bubble. The one thing we know about gold, we know the supply curve of gold with certainty. We don’t know the future supply curve of BTC, people think they know but they don’t really know.”
This is not it, he further went on criticizing Bitcoin and regarded it as the most “crowded trade” asset which does not have any future. Furthermore, he presented a bearish case scenario for Bitcoin in the coming years. Rosenberg said that the price value of the first-ranked digital currency is going to plunge down in the next few years in spite of the current extreme bullish run of the coin.
Rosenberg is not the first one to call Bitcoin a bubble rather Nouriel Roubini also regarded the leading digital coin as the “mother of all bubbles”. Roubini does not even consider Bitcoin a better store of value. Recently, he said in a statement that Bitcoin does not have intrinsic value neither it has proved as a hedge against other fiat currencies.
Despite being criticized severely by these critics, the major cryptocurrency is continuously witnessing growing interest from institutional investors. Various top financial institutions have already made massive investments in Bitcoin and there are many that are considering investing in the coin.
