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Financial Analyst Gary Shilling: Bitcoin Is Some Kind Of A Grand Ponzi Scheme

Stefan by Stefan
16/11/2018
in Bitcoin News
Reading Time: 2 mins read
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Bitcoin’s Price Could Extend, btc, price, market, line
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Gary Shilling, the popular crypto skeptic and an owner of the New Jersey investment firm A. Gary Shilling $ Co. is in today’s crypto news for shorting bitcoin and claiming that it is some kind of a Ponzi scheme.

He says that he is confused by the nature of the entire crypto industry and believes that it’s a scam since the identity of the inventor of Bitcoin- Satoshi Nakamoto is still unknown.

Shilling is also skeptical that there could possibly be a fixed supply of bitcoin by saying:

 “There’s supposedly a limit on there, but where is it written in stone that can’t increase? And of course, the electricity that’s churned out by the miners trying to solve these algorithms is just extraordinary.”

He dismissed bitcoin by calling it a black box which is a very complex investment model. Also, Shilling noted that he is very suspicious of many things that are clearly not transparent and said that it is not the best idea to invest in something if you don’t understand it.

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There are plenty of reasons why bitcoin fails as a currency such as not being a store of value, it’s also not a medium of exchange and it is still not accepted universally.

 “All the requirements that you normally have for a currency, it just doesn’t have. The only legitimate use I can think of in bitcoin is off-the-books kinds of transactions, underworld transactions. I just don’t see a legitimate use. It is a game,’’ said Shilling.

However, the younger generation of tech millionaires is extremely confident that bitcoin will eventually manage to toss aside all other currencies. Some of them even predict bitcoin to reach a price of $250,000.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: BitcoinBTCCryptocurrencyGary ShillingInvestorponzi schemeSkeptic
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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