Bitcoin's value is real wife sex videoszero, but there's potential in blockchain as technology, says a recent note from Allianz Global Investors (AGI), the investment arm of insurance company Allianz.
The tone of the note does not differ significantly from similar sentiments expressed by prominent investors like Charles Munger and Robert Shiller, but AGI -- a company that manages nearly 500 billion euros ($619 billion) worth of assets as of Dec. 2017 -- has expanded on the usual bubble talk a little.
SEE ALSO: Bye-bye, Bitcoin. It's all about bananacoins."What is the fair value of a bitcoin? In our view, its intrinsic value must be zero: 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," says the note, signed by AGI Head of Global Economics and Strategy Stefan Hofrichter.
Hofrichter also argues that Bitcoin "ticks all the boxes" for essential criteria of a bubble: it's not regulated, it's ripe with fraud, and it's overtraded and overvalued, among other signals. "It appears to us that bitcoin mania is a textbook-like bubble -- and one that is probably just about to burst," he says.
Finally, Hofrichter also argues that Bitcoin is no good as a currency either, due to high cost of transactions and price volatility. And on top of all that, it's horribly energy-inefficient.
It's notable that the note doesn't take into consideration any possible improvements with regards to any of these issues -- technologies that aim to solve Bitcoin's transaction fees and high energy consumption are currently being developed, for example. It also brushes off gold comparisons with a non-argument, claiming that "gold has been widely accepted by humankind as a thing of value for more than two-and-a-half thousand years – compared to less than a decade for bitcoin."
The note is not entirely negative towards cryptocurrencies. First, it claims that the hype about bitcoin is "probably" not over yet, as "speculation in bitcoin and similar instruments appears set to continue for some time."
It also notes that blockchain -- the cryptographically secured, distributed ledger of records that is the underlying technology of Bitcoin -- has its benefits, as it can "reduce significantly the costs of verifying transactions and networking."
The price of Bitcoin is at $8,711 at the time of writing, down 4.53 percent in the last 24 hours according to CoinMarketCap.
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.
Topics Bitcoin Cryptocurrency
Previous：CES 2025: Hands
Next：CES 2025: 7 AI
Best Bose QuietComfort Ultra earbuds deal: Save $70 at Amazon
'Guardian' writer Owen Jones walks off Sky News during Orlando discussion
Twitter will lock your account if you pretend to be Elon Musk
Arya Stark T
Hinge partners with Esther Perel for new prompts
Netfiix has new Profile Icons that pull from original programming
Orlando attack is a 'wake
The English rose is this summer's hottest men's grooming look
Lehecka vs. Dimitrov 2025 livestream: Watch Brisbane International for free
Muslim American man shares both blood and patriotism in wake of Orlando attack
VidCon 2025: Creators share their mistakes and lessons learned
This 'Star Wars' version of the distracted boyfriend meme would make any Jedi proud
Adam Levine offers to pay for Christina Grimmie's funeral
'Where does this stop?' Obama blasts proposed Muslim ban following Orlando attack
Best free AI courses in April 2025
Sling TV brings live television (finally) to Apple TV
Uber drivers log 10 billion trips
Allegedly adorable surveillance bot Kuri to be discontinued
What to expect from VidCon 2025
Woman casually gets her eyebrows tinted while awaiting her C
Taylor Swift, look what you made the ACLU doStudy finds gender discrimination in Facebook's job ad algorithmThe Microsoft Surface Laptop 4's only major upgrade is under the hood'The Falcon and the Winter Soldier': Sam, John, and Cap's legacySee the world change over nearly 40 years in Google Earth's new timelapse featureAI researchers want governments to ban killer robots, before it's too lateDIYers, save up to 20% on spring essentials at The Home DepotStudy finds gender discrimination in Facebook's job ad algorithmAlphabet workers ask the company to stop protecting harassersThe 'Godzilla vs. Kong' twist was a rare moment when more meant betterA whole country is tracking a minister's flight back to the UK to maybe get firedPhotos: 60 years ago, Yuri Gagarin became the first person in space'Big Shot' on Disney+ is a sports show afraid of conflictNASA releases stunning photo of beautiful blue dunes on MarsInstagram will let some users choose whether they want to see like countsHow to invest your retirement away gunTexas congressman falls for recurring hoax and names false shooter on CNNPhotos: 60 years ago, Yuri Gagarin became the first person in spaceOutdated pregnancy terms need a rebrandTaylor Swift's 'Fearless' (Taylor's Version) lyric videos, ranked The US military ran an anti NASA Artemis megarocket engineers are waiting to eat 50 gallons of beans James Webb Space Telescope sees a much hairier spiral galaxy than Hubble NASA slammed DART spacecraft into an asteroid and filmed the crash Kuaishou sees revenue growth slow in Q2, Sora Webb telescope sees rare star duo rife with dust rings NASA's asteroid crash captured in dramatic before and after pictures IBM shifts China R&D to overseas bases amid staff recruiting: report · TechNode Elon Musk is tied to Tesla, for better or worse. Best smart home deals: Kasa Smart home deals Fitbit loses more functionality as web app ditched SpaceX droneship footage captures Falcon 9 launch and landing 20% of NIO’s battery swap stations approach breakeven point · TechNode NASA finds Earth's moon didn't need hundreds of years to form. Try hours. Shein to build new supply chain hub in Guangzhou · TechNode Lawsuit claims Apple is systemically underpaying female employees 'House of the Dragon': Who deserves the Iron Throne, Team Black or Green? Best game deal: Get 'Super Mario RPG' for 33% off at Amazon Why an out Australia vs. Scotland 2024 livestream: Watch T20 World Cup for free
3.8234s , 10518.1640625 kb
Copyright © 2025 Powered by 【real wife sex videos】,Miracle Information Network