Bitcoin’s value is based on wishful thinking, argues a note published by Deutsche Bank analysts yesterday.
“What’s true for glamour and style might also be true for Bitcoin,” said Deutsche Bank’s Marion Labouré, adding, “Just as a ‘fashion faux pas’ can happen suddenly, we just received proof that digital currencies can also quickly become passé.”
The bank’s comments come amid the immediate aftermath of Bitcoin’s major price crash earlier this week. Currently priced at $40,900, Bitcoin is down 17% on the week, and 27% in the last two weeks.
Two major events have been linked to Bitcoin’s downturn. First, Elon Musk’s shocking Bitcoin U-turn, when he tweeted on May 12 that Tesla had stopped accepting Bitcoin as a payment over concerns about the cryptocurrency’s environmental impact.
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk
Źródło: https://decrypt.co/71629/bitcoins-value-is-based-on-wishful-thinking-deutsche-bank
