The Quest for Reputable Investors: Bitcoin's Journey and Value Proposition
Since its inception, Bitcoin has been a subject of both fascination and skepticism. This article delves into the search for reputable investors who believed in Bitcoin's value, and explores the reasons behind its fluctuating price and persistent allure. Whether Bitcoin is a "Ponzi Scheme" or a revolutionary payment system, evidence from notable personalities reveals a complex and interesting debate.
Bitcoin's Fluctuating Price and Stability
Bitcoin's price has experienced significant volatility over the years, but it has managed to remain more stable than oil historically. Oil has seen massive bull and bear markets, with several instances of losing over 70% of its value and several drops of 25-50%. In contrast, Bitcoin's price has been more resistant to such extreme fluctuations. As of this writing, oil and Bitcoin's historical price volatility provide an interesting comparison for understanding the former's stability.
Historical Price Comparisons
The timeline of oil prices, from its historic rise in the 1860s and 1970s, to the significant increases in the mid-2000s, showcases noteworthy volatility. In comparison, Bitcoin, despite its wild swings, has managed to find a higher level of price stability. Here are some links to detailed timelines for further reading:
TIMELINE: The tumultuous 155-year history of oil prices
No Pity, More Truth
Those who view Bitcoin as a "Ponzi Scheme" may be quick to dismiss its potential. However, Professor Milton Friedman, a Nobel Prize winner, foresaw a need for electronic cash that could help reduce the role of government. His quote, "The one thing that’s missing but that will soon be developed is a reliable e-cash," highlights the technological evolution Bitcoin represents.
Notable Quotes from Reputable Investors
Several other influential figures and experts have shared their insights on Bitcoin, reflecting its value and potential:
"I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world." - Peter Thiel, Co-Founder of PayPal
"I really like Bitcoin. I own Bitcoins. It’s a store of value a distributed ledger. It’s a great place to put assets especially in places like Argentina with 40 percent inflation where 1 today is worth 60 cents in a year and a government’s currency does not hold value." - David Marcus, CEO of PayPal
"Bitcoin and the ideas behind it will be a disrupter to the traditional notions of currency. In the end currency will be better for it." - Edmund Moy, 38th Director of the United States Mint
"Cryptocurrency Protocols Are Like Onions… One common design philosophy among many cryptocurrency 2.0 protocols is the idea that just like the internet, cryptocurrency design would work best if protocols split off into different layers. Under this strain of thought, Bitcoin is to be thought of as a sort of TCP/IP of the cryptocurrency ecosystem and other next-generation protocols can be built on top of Bitcoin much like we have SMTP for email, HTTP for webpages, and XMPP for chat all on top of TCP as a common underlying data layer." - Vitalik Buterin
"Stay away from it. It’s a mirage basically" - Warren Buffet, CEO of Berkshire Hathaway, though his skepticism is often cited as a sign of potential value.
Conclusion
While some may dismiss Bitcoin as a "Ponzi Scheme," its supporters cite its stability, potential to change the role of government, impact on currency, and technological innovations. As the world of finance continues to evolve, Bitcoin's place in it is an intriguing topic for both investors and skeptics alike. The journey of Bitcoin is a testament to the constant evolution of financial systems, and its future remains to be seen.
For further exploration, delve into the articles and timelines cited throughout the article for a deeper understanding of Bitcoin's fascinating history and potential.