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Bitcoin, bogus safe haven?  - Finance

Bitcoin, bogus safe haven? – Finance

Bitcoin and other so-called cryptocurrency enthusiasts will be furious with me because I don’t have faith in their beliefs, which automatically makes me a disbeliever.

Still, I just look at the numbers. Take the famous GAFAM – Google, Apple, Amazon, Facebook and Microsoft – these are technological stocks which were in all portfolios and which lost the equivalent of 3,000 billion dollars on the stock market; 3,000 billion valuation, disappeared in 10 months.

This is of course enormous, but even in the opinion of experts, the stock market is not necessarily life. The stock market has only corrected exaggerated valuations. But for the rest, the companies in question will still be there, with us, for years to come. If only because in terms of artificial intelligence, voice recognition, electronic miniaturization, autonomous cars, robotics, and so on, all these (often American) champions remain the masters of the game of our coming.

In contrast, on the bitcoin sideand his little brothers or little sisters, it’s a stock market Waterloo and no one sees how these cryptocurrencies will be able to recover. As Marc Fiorentino humorously pointed out, do not type on your screen and do not spend your time checking whether your computer cable is correctly installed or not, yes, Bitcoin has been stuck for 6 months around 20,000 dollars. It varies little, very little, a real flat encephalogram. The bitcoin freaks, you know, these are the people who used to lecture us about the future of finance, these bitcoin enthusiasts play ostrich and tell their buddies, you see, bitcoin stays around $20,000 , it is therefore a safe haven.

But what shelter? Bitcoin plunged sharply by 70%! If it is a refuge, it is in the catacombs or in the depths of hell. Don’t forget that these are the same virtual currency enthusiasts who told us that Bitcoin was the value that would protect us against inflation. Inflation is here, and Bitcoin has taken a dive and still hasn’t lifted its head. They are also the same people who told us that Bitcoin was decorrelated from other stock market assets, in other words Bitcoin was independent of the price variation of other stocks. Taratata, when tech stocks plunged, Bitcoin & Co. also plunged 70%. Strange decorrelation indeed.

There remains the supreme argument: Bitcoin is a long-term investment. It’s the same argument bankers use when a stock has fallen too far. Except, as Oscar Wilde said, in the long run, there are only two things that are certain: death and taxes. For the rest, I remind Bitcoin enthusiasts of the most beautiful definition of belief: certainty without proof!

Still, I just look at the numbers. Take the famous GAFAM – Google, Apple, Amazon, Facebook and Microsoft – these are technological stocks which were in all portfolios and which lost the equivalent of 3,000 billion dollars on the stock market; 3,000 billion of valuation, disappeared in 10 months. It is of course huge, but in the opinion of even experts, the stock market is not necessarily life. The stock market has only corrected exaggerated valuations. But for the rest, the companies in question will still be there, with us, for years to come. If only because in terms of artificial intelligence, voice recognition, electronic miniaturization, autonomous cars, robotics, and so on, all these (often American) champions remain the masters of the game of our future. On the other hand, on the side of Bitcoin, and its little brothers or little sisters, it is a stock market Waterloo and no one sees how these cryptocurrencies will be able to recover. As Marc Fiorentino humorously pointed out, do not type on your screen and do not spend your time checking whether your computer cable is correctly installed or not, yes, Bitcoin has been blocked for 6 months around 20,000 dollars. It varies little, very little, a real flat encephalogram. The bitcoin freaks, you know, these are the people who used to lecture us about the future of finance, these bitcoin enthusiasts play ostrich and tell their buddies, you see, bitcoin stays around $20,000 , it is therefore a safe haven. But what refuge? Bitcoin plunged sharply by 70%! If it is a refuge, it is in the catacombs or in the depths of hell. Don’t forget that these are the same virtual currency enthusiasts who told us that Bitcoin was the value that would protect us against inflation. Inflation is here, and Bitcoin has taken a dive and still hasn’t lifted its head. They are also the same people who told us that Bitcoin was decorrelated from other stock market assets, in other words Bitcoin was independent of the price variation of other stocks. Taratata, when tech stocks plunged, Bitcoin & Co. also plunged 70%. Strange decorrelation indeed. There remains the supreme argument: Bitcoin is a long-term investment. It’s the same argument bankers use when a stock has fallen too far. Except, as Oscar Wilde said, in the long run, there are only two things that are certain: death and taxes. For the rest, I remind Bitcoin enthusiasts of the most beautiful definition of belief: certainty without proof!

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