..

Allianz Global Investors: 'Bitcoin is Worthless'

Written by:
Guest
Published on:
Mar/14/2018

Bitcoin is worthless, says Allianz Global Investors, who believe that the bubble is about to burst.  Even if blockchain technology could bring significant benefits to investors, Europe’s biggest insurer appears dead set against the cryptocurrency.  Scroll Down for More...

Managing some 500 billion in euro, Allianz Global's head of global economics and strategy Stefan Hofrichter offered his thoughts on Bitcoin this week. 

“In our view, its intrinsic value must be zero,” Hofrichter wrote in a recent web post. “A bitcoin is a claim on nobody – in contrast to, for instance, sovereign bonds, equities or paper money – and it does not generate any income stream.”

While one could make the same argument about gold, the yellow metal has been widely accepted as a store of value for more than two-and-a-half thousand years -- compared to less than a decade for Bitcoin, he said. 

From Bloomberg News:

In addition, the world’s largest cryptocurrency “ticks all of the boxes” of the essential criteria for any asset bubble, including overtrading, “new-era” thinking and rising leverage, he wrote. Bitcoin mania is a textbook-like bubble, “one that is probably just about to burst.”

Bitcoin traded 0.7 percent higher at $9,126 as of 2:45 p.m. Tokyo time Wednesday March 14, 2018.  As of 10 am EST, the price of Bitcoin had dropped to $8,630.

Bitcoin Cash had fallen from a high of $1072 yesterday to $1000 by 10 am EST Wednesday (or just over 3.42%)

- Aaron Goldstein, Gambling911.com

Video News News

UGA, Bengals Standout Clint Boling Talks Key NCAAF Matchups for 2021

UGA, Bengals Standout Clint Boling Talks Key NCAAF Matchups for 2021

UGA Bulldogs standout Clint Bolling played his entire eight-year career with the Cincinnati Bengals in the NFL.  Now he joins the BetOnline All Access gang to analyze some of the upcoming marquee games of the 2021 college football season.

BetOnline All Acess: Adjusting the Line on Aaron Rodgers and the Packers

BetOnline All Acess: Adjusting the Line on Aaron Rodgers and the Packers

BetOnline has demonstrated the impact Rodgers has on the Packers now that he and the organization appear to have made up. 

AJ McKee Bellator Title Fight Training & Cops Try To Shut Down Antonio's Event: Training Grounds

Antonio is forced to distract the cops while rushing his team to get the fights done before the event gets shut down.

Police Officer Rescues Baby Left in Hot Car as Man Gambles in Casino, Bodycam Footage Reveals (Video)

Police Officer Rescues Baby Left in Hot Car as Man Gambles in Casino, Bodycam Footage Revealed (Video)

A Las Vegas man was arrested after he left a child inside a hot car while gambling at a North Las Vegas casino and now new body cam footage shows the harrowing ordeal.

Gaetz Chased Down By Counterprotestors: "Are You a Paedophile?" Vid Goes Viral

Gaetz Chased Down By Counterprotestors: "Are You a Paedophile?" Vid Goes Viral

Plus California voters split on Newsom recall as oddsmakers less likely to offer betting on whether he will actually be voted out of office.

Syndicate