Bank to boost your stock price, add blockchain to your company name! This is a repeat of the dot com bubble when you say companies renaming them to capitalize on the .com boom! Obviously it did not work for all.
The noted economist thinks the price of bitcoin is going to zero. Roubini, who is also known as “Dr Doom,” claimed some people will use a market manipulation tactic known as wash trading to prop up the bitcoin price. He called bitcoin the “biggest bubble in human history” last week.
“Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year,” Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC by email on Tuesday. “There is no reason why we couldn’t see bitcoin pushing $50,000 by December.”
Betting on crypto is a bet on a new way of doing this. I discussed analogs to this current market to a fascinating investor who has watched the rise and rise of the Internet and she equated the current crypto market to the Internet in 1993 – it was there, it wasn’t popular, and it would take a few short years to enter our lives and change it permanently. We also must remember that computer networking has been around since the late 1960s yet it did not permeate our lives until about the turn of the century. In 1993 we were reading email on Elm and editing our away messages with Vim. Now we think nothing of dashing off a Word document to someone a thousand miles away and expecting it to arrive safe and unharmed.
Remember the iced tea company that changed the name Long island block chain company and the stock shot up 500%? They just dropped the block chain from their name!! Reminds you of the dot com boom when everyone was branding themselves as .com and poof it did not turn out that well for them? Signs of the bubble and the coming bitcoin bust?
The real value of blockchain is that it renders intermediaries obsolete. They make a living off being a third party that establishes “trust” between parties unknown to each other. Blockchain replaces these middlemen. This is the reason the world’s biggest firms are investing in blockchain. They are trying to become the disruptor, not the disrupted.
Entrepreneurs have come to believe blockchain could transform many more industries. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless — especially since blockchain operates through a decentralized platform requiring no central supervision, while still remaining resistant to fraud.