\u201cI think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem. They will not be dominant as some of the early adopters believed them to be,\u201d he said, adding that it is highly unlikely that they will replace fiat currency any time soon.<\/p><\/blockquote>\n
El-Erian, who was formerly the co-chief investment officer at PIMCO, disclosed that he owns $400 worth of Bitcoin purely as an experiment to test the process of buying and transacting with the cryptocurrency.<\/p>\n
Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"In a recent interview with Business Insider, legendary investor and analyst, Gary Shilling, explained why he won\u2019t be investing in Bitcoin anytime soon, calling it a \u201cBlack Box.\u201d Shilling\u2019s\u00a0comments\u00a0are the latest in a long string of negative commentary from traditional investors regarding Bitcoin\u2019s status as both a currency and an investment, with prominent investors like Warren Buffet and Charlie Munger all echoing similar sentiments. The 2018 crypto market crash\u00a0and persisting bear market certainly haven\u2019t helped prove these nay-sayers wrong. Shilling: Bitcoin is a \u201cBlack Box\u201d One of Shilling\u2019s greatest complaints regarding Bitcoin\u00a0is that the creator of it \u2013 Satoshi Nakamoto \u2013 is an anonymous figure, which Shilling feels creates a lack of transparency for the technology. \u201cI\u2019m just very suspicious of things that are not very transparent\u2026 And if I can\u2019t understand it, I don\u2019t want to invest in it,\u201d Shilling explained. Furthermore, he also drew parallels between Bitcoin\u2019s recent price performance\u00a0and that of the South Sea Bubble, an infamous stock scam in the early 18th century where the South Sea Company\u2019s stock skyrocketed on false claims, rumors, and speculative investments before crashing to zero. According to Shilling, one such event that could send Bitcoin spiraling downwards would be the mysterious Satoshi Nakamoto, who reportedly owns 980,000 Bitcoins, selling his holdings. Other Traditional Analysts Disagree with Shilling\u2019s Assessment of Bitcoin Although many traditional analysts are quick to dismiss Bitcoin and cryptocurrency as being a scam, many traditional market analysts who are more open to emerging technologies hold opinions about crypto that oppose Shilling\u2019s. Mohamed El-Erian, the chief economic advisor at Allianz, discussed\u00a0the future of cryptocurrencies at a conference last November, and bullishly explained that increased adoption and the entrance of more institutional investors into the markets are a couple reasons why cryptocurrencies are here to stay in the long-run. \u201cI think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem. They will not be dominant as some of the early adopters believed them to be,\u201d he said, adding that it is highly unlikely that they will replace fiat currency any time soon. El-Erian, who was formerly the co-chief investment officer at PIMCO, disclosed that he owns $400 worth of Bitcoin purely as an experiment to test the process of buying and transacting with the cryptocurrency. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":367370,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,6664,17309],"class_list":["post-367369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-gary-shilling"],"acf":[],"yoast_head":"\n
Legendary Investor Gary Shilling Won\u2019t Invest in Bitcoin, Cites Satoshi Nakamoto\u2019s Anonymity as an Issue<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n