Charles Schwab’s Strategist Dare Not to Compare Bitcoin to Common Bubbles

Charles Schwab’s Strategist Dare Not to Compare Bitcoin to Common Bubbles

This year, full of highs and lows in cryptocurrency market, according to several analysts, bitcoin plunged by 30% around six times and each time it managed to recover quite speedily. However, there still have been room for speculation and debates to stir, concerning the theory whether bitcoin is a bubble or not.

In accordance with the data, presented at the CoinMarketCap, currently, the most prominent cryptocurrency in the world is worth of about $15,160 (at the moment of writing). It is the rate to which bitcoin recovered after the correction to less than $12,000 on December 22, a week after futures, based on this cryptocoin were launched at the world’s most significant exchange CME and after bitcoin reached its record of $20,000.

Our top trading bots

Will bitcoin keep growing or it will crash down in the foreseeable future, becoming the world’s most speculative bubble – nobody can say that for sure. Nevertheless, different honorable experts have their own opinions on this enigma of the information age. For example, Chief Strategist at the bank and brokerage firm Charles Schwab, Jeffrey Kleintop believes that bitcoin’s case is unique.

So is Bitcoin a Bubble or Not?

In the interview with Business Insider on December 26, the investment strategist was asked whether he considers bitcoin to be a financial bubble. Answering such a captious inquiry, Schwab proposed to pay attention to the originality of bitcoin in the worldwide economy. So, according to his words, it is complicated to forecast its sovereignty.

Traditionally, analysts tend to compare bitcoin to previous bubbles which burst during a different time in history. For instance, such was the Tulip Mania, the dot-com boom and even the Wall Street Crash of 1929. Instead, Kleintop focuses on the extraordinary nature of this so-called digital gold.

“[...]I think the Bitcoin bubble if you want to call it that, is something different. If prices for Bitcoin were to plunge suddenly, because it's so independent from the financial system, it's kind of its own thing. It hasn't yet become embedded in the economy and the financial structure,” Kleintop summed up.

Meanwhile, this investment strategist is not alone in building on the uniqueness of bitcoin when it comes to the discussion of its “bubble”-like nature. In particular, earlier Fundstrat Global Advisors’ head of research and analyst Tom Lee in the interview with Bloomberg claimed that even if bitcoin was a bubble, it was the smallest bubble that he had ever seen.

This key trading pattern hints at the continuation of Fantom’s (FTM) 125% rebound
Fantom (FTM) looks poised to hit a new record high in the coming sessions after its 125% price rebound from $1.23 on Dec. 14, 2021, to $2.84 on Jan. 3,...
US lawmaker planning to introduce comprehensive crypto bill in 2022: report
Wyoming Senator Cynthia Lummis, one of the United States lawmakers behind many pro-crypto pieces of legislation, is planning to introduce a comprehensive...
Myanmar shadow government declares stablecoin USDT an official currency
Myanmar’s shadow government, the National Unity Government (NUG), led by the supporters of jailed leader Aung San Suu Kyi, has declared U.S. dollar-based...
Grayscale tells SEC 'no basis' to approve Bitcoin futures ETFs and not spot ETFs
Grayscale Investments has fired back a the U.S. Securities and Exchange Commission (SEC) over the recent rejection of VanEck’s spot Bitcoin ETF application.The...
New ATH renews faith in PlanB’s prediction of $98K BTC by December
Bitcoin (BTC) has broken into new all-time highs, with the asset last changing hands in the mid $67,000-range.During the final hour of Nov. 8 UTC time,...
Solana secondary NFT sales reach half a billion in three months
Secondary sales volume for Solana (SOL) based nonfungible tokens (NFTs) has reached almost $500 million since the start of August. According to data from...
Stablecoin adoption and the future of financial inclusion
Institutional interest in crypto is growing, confirmed by a Goldman Sachs survey, which found that 40% of the company’s high-net-worth clients were already...
Price analysis 7/21: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC
Bitcoin (BTC) is leading the recovery in crypto markets today after the price rallied back above the $32,000 level. Sam Trabucco, a quantitative trader...
China to socially blacklist Bitcoin miners in Inner Mongolia region
China has ramped up efforts to quash cryptocurrency mining in its Inner Mongolia region by introducing new penalties for those caught engaging in the illegal...
DeFi adoption on the Binance Smart Chain reaches new highs
Decentralized finance (DeFi) has taken a well-deserved break from the spotlight over the past couple of months after being one of the hottest sectors at...
Our Man in Shanghai: Huobi looks to become Grayscale of Asia, Yao Ming’s NFT wine, and Chinese crypto investors go to the dogs
Huobi Asset Management is looking to be the Grayscale of Asia with the launch of four cryptocurrency related tracker funds. The funds include a Bitcoin...
NFT trading cards: A new way to own collectibles or an asset bubble?
Unique items have long been attracting collectors who are willing to pay top dollar to get them. Paintings, baseball cards, stamps, vintage cards and rare...
Tokemak raises $4M from Framework and DeFi investors to build a ‘liquidity reactor’
Fractal, an established trading firm, is pushing to expand into the world of decentralized finance with Tokemak, a project the team refers to as a “decentralized...
A Coder Becomes Crypto-Millionaire, Buys $200,000-worth Lamborghini for Bitcoin
There have already been told lots of stories about successful purchases of real estate for bitcoin in the US, but what about luxurious cars like Lamborghini?...
Ethereum Co-founder Proposed a New Model of ICO
Ethereum CEO Vitalik Buterin proposed a new improved model of ICO - DAICO . The developer uses "some advantages" of the concept of decentralized autonomous...