WENDELL HUSSEY | Cadet Reporter | Contact
Confidence in Bitcoin and “all that cryptocurrency shit” has been dealt a significant blow today, as it was verbally slammed by a local baby boomer.
Betoota Groves resident Anthony Wilson (73), told The Advocate that the “whole thing is a friggen con. A fraud (sic). A bubble. And it’s gonna burst.”
Wilson assured us that his deep loathing of cryptocurrency doesn’t stem from the fact that he has no understanding of the technology or the way the market works, but from the fact, he knows a bubble when he sees one.
While the hype around Bitcoin continues to grow, much alike it’s price, many have felt the need to vocally discredit the virtual currency.
As each coin now sits at over $20,000 a pop, the merits in the argument that it is inflated (much like the current Australian property market perhaps) are strong.
Wilson, who owns two units in the French Quarter and a couple of rentals in Brisbane said that property is where his money is safe.
“Forget the fact that supply is set to far outweigh demand, interest rates are at record lows and the government will soon be forced to act on housing affordability by tightening up foreign investment, the housing market is definitely not a bubble,” he said.
Local Bitcoin investor Sam Linus laughed when we told him about Wilson’s comments.
“Yeah fucking. Funny how all these old cunts who have all their money tied up in property or traditional investment schemes are dead certain that Bitcoin won’t last.”
“Hmmmmmm I wonder why people like the head of JPMorgan Chase are so adamantly trying to discredit it, maybe because they feel threatened? If it’s so dumb and people are pissing their money away why are they wasting any time on it?”
Linus raised the recent GFC, where he says his father lost all of his super, as a recent example of why current financial figures may not exactly be the fountain of knowledge.
“Oh, and remember when Bitcoin hit $1000 at the start of the year? Yeah, it was gonna burst then remember?”
“Look fellas don’t get me wrong. I think Bitcoin is very overvalued at the moment, I don’t know if it can stay at this price going forward, but I struggle to keep my tongue when all these boomers start telling me all this shit. There is a reason why Russia is looking into making its own cryptocurrency. Why Amex wants to patent a blockchain. Why CME is trading futures. ”
More to come.