24 Jan Hermitage Capital CEO Says Criminal Activity Will Lead to the Death of Bitcoin
Most of the world at this point has formed an opinion on digital currency bitcoin (BTC). Not everyone is willing to share their thoughts with the masses, especially about something that is so new and so controversial. Is bitcoin a speculative bubble or is it not? There are different indications every day but, there are others who have pretty strong opinions. Former FDIC Chair Sheila Bair, Nobel Laureate Robert Shiller, and even JP Morgan Chase CEO Jamie Dimon have all shared their thoughts. So who else is speaking out?
Bill Browder is and he Thinks the Death of Bitcoin is Coming
The latest to speak out about the virtual currency is Bill Browder, the CEO of Hermitage Capital, which is an investment fund company that focuses primarily on Russian markets. In an interview with CNBC, Mr. Browder stated that he knows what the death of bitcoin will be.
There are a lot of people hoping bitcoin will fail, and there are a lot of people guessing in what way will the cryptocurrency come to the end of its life, and Browder, while not a pessimist, believes that there are a few reasons which suggest that bitcoin will one day come to an end.
In particular, Browder stated that bitcoin is “a way for bad dictators or criminals to bypass sanctions.” Translation? Bitcoin can be incredibly useful when it comes to criminal activity, while, in turn, will be “the death of it and other cryptocurrencies.”
He added that there will come a point in time where cryptocurrencies, especially bitcoin, will lose all that makes them so appealing to investors right now.
How’s Bitcoin Doing?
Browder has a point. Bitcoin, because it is not regulated, is susceptible to money laundering and other sorts of criminal activity, which is why there are certain countries fighting for more regulation over the virtual currency.
Every day is different. Sometimes bitcoin is dropping, other times it looks like it’s making a comeback. Today is the latter.
At the time of writing, bitcoin managed to climb its way above the $11,000 mark today, after dropping marginally in the early hours of the morning.
Personally, it’s hard to say the direction that bitcoin is heading in the next couple weeks. For the sake of investors, I hope that it continues to gain momentum.
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