Despite Its Present Run, Bitcoin Is Still Dealing with Doubters

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Some are predicting that the current bull run enjoyed by bitcoin will last through the end of 2021 and see the asset reaching $50,000 within that time.

Bitcoin Is on a Serious Run, But Not Everyone Is Convinced

As it stands, bitcoin has managed to maintain its present position above $19,000 for a few weeks, now. The currency even temporarily moved beyond its all-time high and set a record for itself, which has caused many to think that anywhere between $20K and $25K could potentially be reached by the time we’re ready to say adios once and for all to 2020.

Bloomberg reports that the currency could potentially hit a market cap of roughly $1 trillion by next year. However, not everyone is of the mindset that things will ultimately work out for the world’s number one digital currency by market cap.

Nouriel Roubini – otherwise referred to as Dr. Doom thanks to his pessimistic attitude towards the asset – refuses to believe that bitcoin has any value whatsoever and is still commenting – much like he has in the past – that bitcoin will be nothing more than a fake currency. In a recent interview, he states:

It has no intrinsic value. It is not backed by any asset. It is not legal tender. It cannot be used to pay taxes.

Roubini’s big claim to fame is that he predicted the Great Recession which occurred in the year 2008. In addition, he has also argued against a proof of stake (PoS) system in the past, claiming that it uses far too much energy to be truly effective and Earth friendly.

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A similar anti-crypto attitude comes from Gary Cohn, a former White House chief economic advisor. While he doesn’t necessarily have anything against the asset, he does say that it’s a developing asset class, and anyone who thinks it’s fully established is fooling themselves. He comments:

And for all the reasons it’s a strong developing asset class, it may fail. Part of the integrity of an asset class or part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred, and is it being used for legitimate causes? Is it being used for good, or is it being used for illegitimate causes? Is it being used in corrupt practices in corrupt ways?

A Lack of Integrity?

He also argues that BTC has no transparency, claiming:

So, there are a lot of people that question why would you need a system that does not have an audit trail, does not have integrity, you don’t know who owns it, you don’t know exactly how much exists today, how much has been mined, how much has been lost, how much has been thrown away on hard drives because they don’t exist anymore.

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