Goldman Sachs: Bitcoin Could Be Viable Money In Troubled Economies

  • Goldman Sachs: Bitcoin Could Be Viable Money In Troubled Economies

Goldman Sachs: Bitcoin Could Be Viable Money In Troubled Economies

Bitcoin is a type of cryptocurrency that is based on a digital peer-to-peer system. Beginning the year at around $997, bitcoin experienced abrupt volatility in the last quarter as the currency witnessed huge buying interest in the wake of escalating tensions in the Middle East and East Asia, pushing investors to look at the virtual currency from the perspective of an alternate asset class with barely any accountability. Categorized as either standalone virtual currencies or tokens issued on the ethereum blockchain, crypto-assets, which were once considered anything but an investment idea, took on the combined might of the traditional asset classes in 2017, delivering massive returns.

Folks, I do think the ICO is important innovation, ETH has value as platform (not sure fair to call it "altcoin") & we are headed for tokenized future. "Hit 'Buy bitcoins.' It's pretty simple, really".

Bitcoin was first brought to the table in 2009 by Satoshi Nakamoto, an anonymous person who published a paper in 2008 and released a software client a year later.

"I've sold to police officers in uniform. This is a real, legitimate thing", Wilson said. With a lack of any real regulation, the currencies are climbing and dropping very rapidly, making many investors approach these uncharted waters with a good deal of trepidation. At one point, the value jumped to more than $19,000 for one unit. Several institutional investors are also taking short positions on bitcoin, signifying their bearish outlook. Just hold to one central truth: bitcoin is the most sound money - the best money - human civilization has ever known.

Analysts at Morgan Stanley said: "Bitcoin power demand in 2018 (c.120-140TWh equating to 0.6 percent of world consumption, or consumption of Argentina) will, in our view, be bigger than our projected global EV demand in 2025 (c.125TWh), but is still small on an absolute basis and will not likely have a material impact on utility stocks any time soon". However, bitcoin can not be placed in the same category since it is not legal tender and has very few uses outside its trading zone, thereby making investors holding the currency that has zero value extremely vulnerable to potential risks.

South Korea is among the world's largest cryptocurrency markets and a ban on trading would dry up liquidity in the virtual currencies.

When contacted, the Microsoft chat support confirmed the company's decision to no longer accept bitcoin.

We have, and always will, accept cryptocurrencies for our conferences, up to fourteen days before the event. Charlie Munger, Buffett's right-hand-man, agrees, stating, "Bitcoin and the other cryptocurrencies are also bubbles".

Katsotsuka Shojo means "Virtual Currency Girls" in Japanese, and was recently launched by Cinderella Academy - an entertainment company that also manages several other popular J-pop groups.