The Future of Bitcoin: Skeptics Vs Believers

Since its inception back in 2008, Bitcoin has had the world divided on whether it is a useful creation. And, although it is now widely accepted and is the focus of countless investors around the world, it still fills the world of crypto-finance with bits of fear and hesitation. Having been accused of being a Ponzi scheme, a money laundering tool, a source of financial terrorism and having been the demise of certain financial organizations, Bitcoin and other altcoins have just as many enemies as it does friends. Regardless, not all cryptocurrencies share the same level of popularity because of their different structures and the types of services that they can offer.

A Healthy Dose of Skepticism

A CFD trading company, the IG Group, has recently taken interest in a year-long study to see the progression of attitudes amongst Bitcoin’s critics. With the company’ status as a CFD trader (Contract for Difference), the IG Group operates as a sort of bookkeeper who always automatically takes the opposite bet as their investors. The results of the study concluded that 1 in 4 investors are betting on the crash of the crypto markets. Whereas, only 1 in 10 believe that digital money will persevere in the coming years. The trending skepticism is likely the result of a progressive and significant decline. Back in December 2018, the value of a single Bitcoin reached an impressive $20,000. A staggering number when compared to its current trade value of around $6,000. Notably, other reasons for the growing apprehension on the markets is the decision made by banks to ban the purchase of Bitcoin using credit cards, as well as proposals to impose political restrictions on cryptocurrency at the upcoming G20 Summit. Among others in the world of finance, Jamie Dimon, the President of JP Morgan, has spoken out against Bitcoin and its derivatives.

Odds or Evens

Recently, the Winklevoss brothers, co-owners of the Gemini exchange platform, have invited Jamie Dimon, and all other skeptics to place bets against the future success of Bitcoin. Famed for their argument with Mark Zuckerberg, and for having become the first Bitcoin millionaires (Aside from Bitcoin’s creator, Satoshi Nakamoto), the Winklevoss brothers have now accused skeptics of not standing behind their words. “There are so many Bitcoin skeptics, but so few futures contracts. It’s almost as if people are scared to put their money where their mouths are.” Contrary to the IG Group’s study in the United Kingdom, in the United States, all exchanges that offer Bitcoin contracts have been showing numbers that are above or equal to the global average. Still, it is important to take note that not all cryptocurrencies suffer from the same skepticism. According to the IG Group’s study, “Investors seem to have a lot more confidence in alternative cryptocurrencies such as the Ripple, with odds of 1 in 18, and Ethereum, with odds of 1 in 12.” Last week, Jamie Dimon publicly retracted his statements that criticized Bitcoin and admitted to having made a mistake. So, what are you betting on? Will Bitcoin persevere, or will it slowly fade into the depths of oblivion?