https://www.youtube.com/watch?v=WnhHrJZu-9I remember the movie "the big short" well it seems the only guy to see the 2008 crash coming is now betting against bit coin with a vengeance. Maybe the next movie about him with be "the bit coin crash"
Bitcoin is something else.
My oldest son has made a ton of money off of it. I think it's crazy and is just like a legal ponzi scheme that is destined to collapse at some point, like your experts state.
But that's just a view from somebody that hasn't followed it much, so don't pay attention to me.
Bitcoin (₿) is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.:ch. 1
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services, but the real-world value of the coins is extremely volatile. Research produced by the University of Cambridge estimated that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
Bitcoin has been criticized for its use in illegal transactions, the large amount of electricity (and thus carbon footprint) used by mining, price volatility, and thefts from exchanges. Some economists and commentators have characterized it as a speculative bubble at various times. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin
My understanding of bitcoin is very limited and any prediction by me on its future would be worth very little. However, if I was a citizen of country that had or was currently experiencing monetary chaos (Argentine comes to mind) a "currency" like bitcoin that was free from manipulation by my government might look very enticing.
An article I read by Niall Ferguson on Bloomberg on bitcoin seemed to align with my thoughts.