“Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They’re not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can’t do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do.”
The Q2 of 2021 saw almost all cryptocurrencies decline in a bearish crypto winter. Could the above quote by Steve Jobs, “Here’s to the crazy ones…” apply to alt coin investors?
Possibly, Bitcoin’s biggest critic is Treasury Secretary Janet Yellen. She declared blockchain dealings as “an extremely inefficient way to conduct monetary transactions.”
Yellen is not alone in decrying deregulated digital investment. In Australia, many financial commentators warn against those with “no respect for the status quo” as not so much investors, as gamblers.
Hamish Douglass is Co-Founder, Chairman and Chief Investment Officer of Magellan Financial Group, and Lead Portfolio Manager of Magellan’s Global Equity strategies, sounded this warning.
The other asset in bubble territory is Bitcoin. Douglass described the cryptocurrency as “one of the greatest mass delusions in modern history”, noting the cult-like following it had gathered around the world.
“I have to say it is one of the greatest irrationalities that I’ve seen in a very very long period,” he says. “The scale that is behind it – there are millions and millions of people participating.
“There will be many people who disagree because people in a cult don’t like someone pointing out the Emperor may have no clothes. I think it’s inevitable that it’ll crash to zero.”
Time will tell whether cryptocurrency speculators are villains or pioneers.
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