As Bitcoin’s price remains trapped in the $3,500 – $4,000 range without few signs of breaking through or fall even further, lots of questions are still unanswered. Will it go up or will it continue to collapse and fall below the $3,000 threshold? The industry seems stuck and many investors are waiting for the market behavior to signal them the new path to follow.
However, Gateway Partners’ CEO V. Shankar provided his opinion about the outlook of the world’s most valuable cryptocurrency. Shankar is famous around the industry for his anti-Bitcoin stance, and his latest remarks, provided this week in an interview with a renowned Asian publication, confirm his traditional view.
“We are for biscuits, not bitcoins,” he said humorously to show his negative stance towards Bitcoin. Not too long ago, a little more than a year from now, each BTC was worth almost $20,000 after a sudden price surge. However, 2018 was rough from a value standpoint, as it shed a sizable percentage with each passing month.
The Market Crash
After the mid-November market crash, BTC went from being worth nearly $6,500 to as low as $3,300 in a matter of weeks. At the moment of writing this piece, Bitcoin was exchanging hands at $3,876.39; up 2.08 percent in the last 24 hours but still unable to break through the $4,000 barrier.
More than a year ago, near the end of 2017, Shankar stated that he was against investments in three of the “hottest” developments of the time: Argentina, Tesla, and Bitcoin. At that time, Bitcoin was gaining value at an astounding rate.
Given that BTC suffered a massive collapse in 2018, time passed and Shankar’s predictions came true, at least up until this moment. “I think I have been proven right on all three [warnings],” he recently said.
Just like Jamie Dimon and Warren Buffet, inter alia, have stated in the past that cryptoassets are not worth sizable investments, Shankar’s view is another prominent one regarding the matter.
Gateway Partners is a private equity fund that prefers to invest in firms that offer basic goods, items, or services that are needed daily.
Gary Shilling: “I Won’t Invest in Bitcoin”
Bitcoin recently received yet another share of criticism in the week; this time from renowned analyst Gary Shilling. He stated that he will not be investing in BTC anytime soon because he viewed it as a “black box.”
According to a famous business publication, Shilling referred to Bitcoin as “opaque” and “complicated,” and said that he will not be investing in something that he does not fully understand. He shared that when he tried to learn more about the cryptocurrency’s economic model, he was disappointed to see its lack of transparency, mainly because the entity most commonly associate with its creation, Satoshi Nakamoto, remains unknown.
“I’m just very suspicious of things that are not very transparent,” these were his words. “And if I can’t understand it, I don’t want to invest in it.”
By Andres Chavez