Analyst: Crypto Fundamentals Should Shut Up Bitcoin Bears

Analyst: Crypto Fundamentals Should Shut Up Bitcoin Bears

03/6/19 8:53 PM 2019-03-08 17:55:00
Crypto cynics are relentless. Day in, day out, they bash Bitcoin (BTC) and other digital assets with a fiery passion. Just last week, Warren "the Oracle of Omaha" Buffet, one of the world's most wealt

Crypto cynics are relentless. Day in, day out, they bash Bitcoin (BTC) and other digital assets with a fiery passion. Just last week, Warren “the Oracle of Omaha” Buffet, one of the world’s most wealthy and respected stock investors, explained that in his eyes, while blockchain technologies have “importance,” Bitcoin has no “unique value at all.”

Buffett’s quip, which comes after he infamously called the flagship cryptocurrency “rat poison squared,” is likely in reference to common Joes and Jills’ belief that nothing tangible is backing the value of BTC, as it is ‘printed’ out of ‘thin air’. The Berkshire Hathaway CEO, who is reported to still own a flip phone that might make many reminisce about the turn of the millennium, referenced this, but in a clear misunderstanding of the way Proof of Work-based blockchains operate, when he stated:

“It doesn’t produce anything. You stare at it all day and the little Bitcoins come out or something like that. It is a delusion, basically.”

Yet, a leading analyst has come out to lay out a number of reasonings as to why cryptocurrencies are succeeding, even against all the odds. Here are the reasonings, as explained and elaborated on by us at BlockGeeks.

Fidelity To Launch Crypto Divison Any Day Now

Fidelity Investments, a Boston-based investment giant, will be launching its crypto subsidiary, Digital Assets Services (FDAS), any time now. In a statement, the institution’s cryptocurrency team noted that it has continued to toil away, even as the falling BTC price has squeezed startups en-masse. Representatives wrote:

“We have continued to build the technical and operational capabilities needed for securing, trading and supporting digital assets with the exacting oversight required by institutional investors.”

It was added that over the next several months, FDAS will begin to roll out its products — the first being institutional-grade, regulated custodial services for cryptocurrencies.

Argentina Delves Into Blockchain

In collaboration with Binance, the government of Argentina’s Ministry of Production and Labour will be co-investing in blockchain projects alongside the aforementioned exchange. In an

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