That might have been a bit naive," says Grewe. And I believe that it is at the point where it is converted into traditional money. With Bitcoin gaining greater public interest and acceptance, legal and regulatory interest is bound to increase as well. So much for the gold theory. What about the supposed bubble? Have there been bubbles in the past that resemble what we're seeing with Bitcoin?
One example with similarities is the Mississippi Bubble of , "a large-scale monetary experiment that never quite added up," says Quinn.
Bitcoin looks at lot like Beanie Babies
The idea, the brainchild of Scottish economist John Law, was "very, very deliberately put together as part of a scheme to introduce paper money into funds for the very first time," Quinn explains. Bitcoin also resembles the Mississippi Bubble due to the emergence of Tether, a digital currency used to purchase Bitcoin. Tethers, which can be purchased on exchanges using fiat money, are supposedly backed one to one by US dollars, which is meant to assure their stability.
On Tuesday, however, authorities in the state of New York announced that two major companies facilitating the trade of Tether could no longer operate there, after an investigation found they had "lied" to cover up financial losses and a lack of cash reserves, hiding the true risk to investors looking to buy Bitcoin.
Will Crypto Bubble Grow Or Burst Amidst The Bitcoin Rise?
The long-term ramifications for Bitcoin remain to be seen. But considering the high share of Bitcoin purchased with Tether, some see the news of Tether's fraudulence as the beginning of the end. The Bitcoin system is designed in a way that generously pays out early adopters with funds generated by later investors, he explains, the main characteristic of a Ponzi scheme. It's almost an improved version of a Ponzi scheme, he adds, because you don't have a central operator that can absorb the money.
Looking forward instead of back, neither Quinn nor Grewe are convinced everyone will be trading in Bitcoin in the future. For Quinn, Bitcoin's transaction limit, among other things, is a major barrier to its adoption. Bitcoin can handle far fewer transactions per second than companies like VISA, for example. And because Bitcoin has no one in charge, there's no way to implement these changes, he says.
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