The turmoil in the cryptocurrency industry this year is no joke. Prices have fallen from their all time highs to lows that they haven’t traded in for the last one year. Many experts have publicly talked about their opinion of the dying market. One of them is Matt Winkler. Winkle is the former chief editor at Bloomberg. Speaking with Bloomberg’s Emily Chang, Winkler talked about cryptocurrencies and Bitcoin in particular.
How Winkler Feels About BTC
During the interview, the business reported said that the startups of the Dotcom era were valued based on their earnings in cash. This form of indicator is questionable in the eyes of fundamentalists. Comparing the Dotcom Bubble to Bitcoin, the editor said that it is difficult to value cryptocurrencies based on their intrinsic worth. He said that commentators typically perform mental gymnastics in a bid to come up with target prices for cryptocurrencies.
Winkler made reference to world-know business man, Warren Buffet, who criticized cryptocurrencies stating that they have no real value. However, he did not recognize that these cryptocurrencies and other blockchain-based technologies have great potential.
During the interview, Winkler was asked if he believes BTC is going to recover anytime soon. In response, he said:
“I cannot see the future as the answer to this question is way above my pay grade. However, as a newsman and an observer, I can look at the bigger picture and see if the valuation is justified. We can see what justifies the valuation in the marketplace. However, when it is difficult to get an answer, traders ought to be cautious”.
Bitcoin (BTC) Price Today – BTC / USD
Winkler said that even if he is cynical about cryptocurrencies, he believes that decentralized ledger technologies provide value and innovation.
Bloomberg: Cryptocurrency FUDders?
Not everyone in the industry is happy about Winkler’s comments. This is especially so because this isn’t the first time a Bloomberg representative is bashing cryptocurrencies publicly. On social media, many Bloomberg analysts have proven themselves anti-crypto. Prominent industry participants like Mike Dudas and Armin Van have also bashed Bloomberg for always reporting negative things about cryptocurrencies.
Another anti-crypto ATM piece that was hosted by Bloomberg recently wasn’t welcomed by the cryptocurrency community. This time, the organization claimed that ATMs that dispense BTC are only good for money laundering. This is just one of the many times Bloomberg representatives have made their anti-crypto sentiments known.
Irrespective of the form of criticism Bloomberg uses against the industry, the cryptocurrency community isn’t going to appreciate the advice. Many prominent people in the industry have spoken up about this issue. Some have suggested that the organization is working with traditional financial institutions to reduce the credibility of the industry. Because of the threat cryptocurrencies present for these institutions, they will not rest until BTC turns to dust.
Bitcoin (BTC) Price Today
Today, BTC has seen a significant decline against the USD. As expected, it has carried the entire industry along. At the time of writing, BTC was trading at $3,219.75. This shows that it is down by 2.83% against the USD. The trading volume over a 24 hour period $4,187,125,086 and the market capitalization is $56,101,223,277. The next few days of trading will determine if the price action will change or not.