Allianz Global Investors, the investment arm of Europe’s biggest insurer, employees economists who say Bitcoin is absolutely worthless, and a bubble that’s about to burst. Allianz Global, which manages almost 500 billion euro, says Bitcoin “ticks off all the boxes” for a major asset bubble.
“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.” Gold doesn’t generate an income stream either but has been a viable currency for over 2,000 years.
But according to Bloomberg, the investors at Allianz Global have more to say about Bitcoin. Additionally, they added that the world’s largest cryptocurrency “ticks all of the boxes” of the essential criteria for any asset bubble, including overtrading, “new-era” thinking and rising leverage, he wrote. Bitcoin mania is a textbook-like bubble, “one that is probably just about to burst.”
Hofrichter is far from the only person to make comments regarding Bitcoin’s value. Even Peter Schiff says the cryptocurrency is heading toward its “real worth” of $0. University of Pittsburgh researchers have concluded it’s “an asset which has no value by traditional measures” and economist Nouriel Roubini called it the “biggest bubble in human history.”
Others, such as Jeff Berwick from The Dollar Vigilante, says that it isn’t the Bitcoin bubble we should worry about. We should be more concerned about the elites engineering an economic collapse and blaming the cryptocurrency as an excuse to ban or heavily regulate all sources of “money.” It is easier to believe the global elitists dislike Bitcoin, because of the mere fact that the currency is decentralized and regulating it is incredibly difficult.
But that doesn’t stop many in the global economy scene from continuing to bash Bitcoin while passively admitting the risks are small. “Bitcoin’s demise would have few spillover effects on the ‘real world,’ since the market for this cryptocurrency is still quite small in size,” Hofrichter said. “As a result, we believe that the risks to financial stability stemming from bitcoin are negligible — at least as of today.”
Google has also come out swinging against Bitcoin, saying it will ban ads for all cryptocurrency. Remember, the elites that run things are actively trying to keep things from the public. There’s probably a very good reason why tech giants and the globalists who run them don’t want people involved in cryptocurrencies. “Improving the ads experience across the web, whether that’s removing harmful ads or intrusive ads, will continue to be a top priority for us,” said Scott Spencer, Google’s director of sustainable ads, in a blog post. The post did not explain why digital currencies may be harmful.
This follows a similar move by Facebook as a part of an effort to” clear unregulated financial products off its platform.” Does anyone catch the keyword “unregulated” in there? If the elitists can’t control your money, they can’t control you.
Google, led by the disgusting Eric Schmidt (sp?) has become one of the most vile, despicable organizations in the world. Fascism is defined as the merger of the socialist state utilizing co-opted, crony big business, as originally defined by Mussolini. Imagine the head of some large German refrigerator company saying “no” to Hitler when he told them to make tanks instead.
The fascist left is doing this with large companies (cf. the take-over of the board rooms by the gay Nazi types) and the media. We need to fight back the same way the Russians did, with what they called “samizdat” – which is multiplied exponentially via the internet. Also, similar to the USSR, or Nazi Germany (socialist cousins), they do NOT have the **truth** on their side; nor do they have God (they actively hate Him). So, there is hope, much hope, on our side, if we show the courage and fortitude to fight these vile forces of the left.
I’VE GOT YOUR PRECIOUS RIGHT HERE
WHO RUNS BARTER TOWN ?
The dollar is backed only by the US government’s good word, therefore it’s true intrinsic value is zero too.
XM855 – Green tipped currency of the near future, traded at 3200fps, value=priceless. Packs nicely in 30 rd wallets.
Cracker Jack, the USD is not backed by their good faith and credit, it is backed by the military and police who will use force against anyone who won’t accept them. The carrot is the government will accept it as payment for all tax debts or fines…
Does anyone catch the keyword “unregulated” in there? If the elitists can’t control your money, they can’t control you.
It’s kind of a “catch-22” – as is, it is not properly regulated.
When a system such as bitcoin can be hacked or a certain amount of funds disappear from an account – this current system is broken.
“XM855 – Green tipped currency of the near future, traded at 3200fps, value=priceless. Packs nicely in 30 rd wallets.”
Well stated CrackerJack – That currency system is well regulated!
The big problem is that one pays for BitCoin with real money. Then you find out that only a very few people ever cash out and get back their money and profits.
Yes the real value of BC is ZERO.
ain’t real money hunny
The intrinsic value of a US Dollar is only slightly more. It could be used to light a fire, wipe your butt or fold into toys for children to play with.
Market value is where its at…
The global elitists started Bitcoin in order to prepare the people for a cashless globalist, one world. Total world domination requires it.
We’ve already been told that cash is no longer king, because only criminals, tax cheats, drug lords and professional criminals deal in cash.
Back in the 1960s, we had a neighbor who only paid for big ticket items with cash. Cars = Cash. Boats = Cash. Furniture = Cash.
His response to all the needling he got over paying for everything in cash was: “You know what cash is, don’t you?”
Freedom. Living debt free. Owing nobody nothing.
And these global elitists, and globalists, and one world order, and proponents for total world domination. That’s what they want.
It only has value because you want it to have value.
One day, someone of official status will walk up to the mic and announce that it no longer has value, and the dumb sheep will stampede with a fury that would make an SNL skit writer blush with envy.
You can’t make this stuff up.
I have a CD that is about to mature.
I’m not going roll it over and invest it
in cryptocurrency, equities, or PMs.
I’m going to buy Tbills, so I can get
some of my Federal taxes back. It’s all
fake money anyway.
I send them fake money yearly on April 15th they
pay me in fake money every year when I roll
over the Tbill.
One thing going for it is Tbills by law get paid first
out of the budget of fake money.
Just send the IRS a photo of some Cash, for your tax payment. The IRS Rapes your Productivity all for nothing, by their rules, like a shakedown and hustler Mafiaoso’s for protection money. You fail to pay them, they take everything you got, all your assets they can find at the point of a gun.
Had a trooper at my locked barbed wire gate for an unrelated reason, tell me, “we can do this the hard way or the easy way.” I said how about we just do this, the right way. He chuckled and was pretty friendly after that. Said he wanted to come onto my property, and I said no. Understand they need your permission to trespass. Don’t give it to them. Make them work for it. I think it was the No Trespass signs that said Video on it. He could have been recorded maybe, or maybe not. Funny they get friendly all the sudden if they think they may be on video. Motion detectors gave me a heads up he was there, before he tooted his horn.
Get ready people. Get prepared. Get your fences and gate up and all your signs, and electronics. Trespassers will be shot. Protected by Rule 12g. Motion detector went off on the canal today, but I could hear it coming, an airboat. But I know its working, somebody comes down in a kayak on the canal at night the motion detector will tell me. Just 30 seconds in advance to grab a gun and head out the door, is a great advantage. Knowing someone is there before they think they alerted you. Get the drop on them. Never defend your home from being on the inside. You will loose every time.
i hate to say it; but, I agree for once with the elitists. Crypto-currencies are nothing but software running to decode the veracity of software chains of data. There is no real world value. Like all currencies too. What is real is what is real. Unfortunately, nothing is as it seems anymore. Gold, silver, platinum…. any substance has a worth due to the material use it can be put to. Or what is assigned to it as a reflection of some other substance desired and each party in a transaction is willing to impart to the other’s material item. Bitcoin has no substance. Plain and simple.
I generally refer to Bitcoin as the next Beanie Babies. Unlike Beanie Babies, Bitcoin lacks an intrinsic value. The only reason Bitcoins sale price is so high is because those who have them are hodling, and a lot of sales hype is driving up new customers trying to get in on easy profits. In other words, Bitcoin is a giant Ponzi scheme. However, it is not a bubble. The whole thing is a royal none-such.
Bitcoin at $30.77. Down more than $1,200 today. If I could I’ld buy.
Actually, Bitcoin is the open-source (hence all the copy-cats) software solution to carrying on commerce without the need of experts because experts eventually end up with all the chips at the card table.
Read all about it, The Future of Money banned!