Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'_老虎社区_美港股上老虎

Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'

Yahoo Finance2021-05-21

Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...

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WendyGoh
·2021-05-21
Bitcoin to 1million dollar by end of 2022
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- Milankaka:
  Too high maybe 100k
  2021-05-21
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BeHappy
·2021-05-21
Its the timing...
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- McGreedy:
  comment pls
  2021-05-21
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jackson5
·2021-05-21
Comment n like pls
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2
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Jeffdad
·2021-05-21
I think the value is manipulated....
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HMHu
·2021-05-21
Nah.. you are wrong man.
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- Jeffdad:
  dont you think it is a bubble. just need an event to pop big time
  2021-05-21
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- HMHu:
  Stocks are like this too?
  2021-05-21
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ACCY
·2021-05-21
True
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kevinlaisq
·2021-05-21
Please like and comment
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Lucky03
·2021-05-21
Agree. It is also being highlighted as a potential platform for money laundering.
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JimmyChua
·2021-05-21
Nah
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Senasim11
·2021-05-21
Comment n like
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BigThumb
·2021-05-21
Hmmm... think carefully [Glance]
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- Oddleo:
  Ok
  2021-05-21
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Navybean
·2021-05-21
All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement
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- Bull_Lion:
  There is some truth in this. Ppl buy a coin and hope the value rises. But whats the intrinsic value of this coin compared to another. Its unlike commodities which have commercial use
  2021-05-21
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- redbean:
  true...
  2021-05-21
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- redbean:
  yes
  2021-08-24
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ycwoo
·2021-05-21
Comment pls
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- 7a1c3f66:
  Here
  2021-05-21
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Racheltestin
·2021-05-21
Like and comment thank you
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- ycwoo:
  done, help me too
  2021-05-21
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MightyPooP
·2021-05-21
Of course that's what a traditional financial institution will say about a system that removes them out of the equation. If you think the value of BTC is wishful thinking...have you seen NFTs lately?!
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asdine
·2021-05-21
Not true
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- asdine:
  [微笑]
  2021-05-21
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- asdine:
  [无语]
  2021-05-21
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- asdine回复asdine:
  [财迷]
  2021-05-21
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KW1
·2021-05-21
Can buy?
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- goh:
  not sure
  2021-05-21
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- BigThumb:
  Hmmm.... [Doubt]
  2021-05-21
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- Oddleo:
  Maybe not
  2021-05-21
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Venus888
·2021-05-21
Yes. Pls like and comment. Thanks
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- kksuen:
  ok
  2021-05-21
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Melodykjh
·2021-05-21
Oh wow
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- 理财的孩子:
  Yeah
  2021-05-21
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AlexRach
·2021-05-21
It is what you believe it is.. provided it is not self delusional
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- DanVI:
  BotcoiN is the future
  2021-05-21
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- BigThumb:
  Really? [Doubt]
  2021-05-21
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The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DB","symbol_name":"德意志银行","start_time":0,"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","article_id":"2137976827","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","pubTimestamp":1621556738,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"DB":"德意志银行","TSLA":"特斯拉"},"translate_title":"德意志银行:'比特币的价值完全建立在一厢情愿的基础上‘","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DB":0.9,"TSLA":0.9},"content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":130704424,"gmtCreate":1621563925968,"gmtModify":1634188045994,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"htmlText":"Bitcoin to 1million dollar by end of 2022","listText":"Bitcoin to 1million dollar by end of 2022","text":"Bitcoin to 1million dollar by end of 2022","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/130704424","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4398268,"gmtCreate":1621564342783,"gmtModify":1635403936483,"authorId":3579096500575753,"author":{"id":3579096500575753,"idStr":"3579096500575753","authorId":3579096500575753,"name":"Milankaka","avatar":"https://static.tigerbbs.com/288ce834db4366c3536976047323d1ce","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130704424,"type":1,"supId":0,"prevId":0,"content":"Too high maybe 100k","text":"Too high maybe 100k","html":"Too high maybe 100k"}],"langContent":"EN"},{"id":130430027,"gmtCreate":1621560036069,"gmtModify":1634188109300,"author":{"id":"3580416813447115","authorId":"3580416813447115","name":"BeHappy","avatar":"https://static.tigerbbs.com/de3a06dde5f6ecf00082e1f076b52587","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3580416813447115","authorIdStr":"3580416813447115"},"htmlText":"Its the timing...&nbsp;","listText":"Its the timing...&nbsp;","text":"Its the timing...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/130430027","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4400664,"gmtCreate":1621581909229,"gmtModify":1635403730807,"authorId":3560280328484327,"author":{"id":3560280328484327,"idStr":"3560280328484327","authorId":3560280328484327,"name":"McGreedy","avatar":"https://static.tigerbbs.com/96af4bcc46326043bb64926e01f6724c","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130430027,"type":1,"supId":0,"prevId":0,"content":"comment <u>pls</u>","text":"comment <u>pls</u>","html":"comment <u>pls</u>"}],"langContent":"EN"},{"id":130498057,"gmtCreate":1621559829579,"gmtModify":1634188114304,"author":{"id":"3582937138642110","authorId":"3582937138642110","name":"jackson5","avatar":"https://static.tigerbbs.com/165df05f4d956b3db8eaa45db180726c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3582937138642110","authorIdStr":"3582937138642110"},"htmlText":"Comment n like pls","listText":"Comment n like pls","text":"Comment n like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130498057","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130499112,"gmtCreate":1621559712336,"gmtModify":1634188116724,"author":{"id":"3582785880297802","authorId":"3582785880297802","name":"Jeffdad","avatar":"https://static.tigerbbs.com/55fc04cec1892dd2d910600d9087116b","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3582785880297802","authorIdStr":"3582785880297802"},"htmlText":"I think the value is manipulated....","listText":"I think the value is manipulated....","text":"I think the value is manipulated....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130499112","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130402237,"gmtCreate":1621559539729,"gmtModify":1634188120405,"author":{"id":"3572311447359724","authorId":"3572311447359724","name":"HMHu","avatar":"https://static.tigerbbs.com/888bfb834561a78ede559705b3ce7ca8","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3572311447359724","authorIdStr":"3572311447359724"},"htmlText":"Nah.. you are wrong man.","listText":"Nah.. you are wrong man.","text":"Nah.. you are wrong man.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/130402237","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396964,"gmtCreate":1621559812987,"gmtModify":1635404051922,"authorId":3582785880297802,"author":{"id":3582785880297802,"idStr":"3582785880297802","authorId":3582785880297802,"name":"Jeffdad","avatar":"https://static.tigerbbs.com/55fc04cec1892dd2d910600d9087116b","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130402237,"type":1,"supId":0,"prevId":0,"content":"dont you think it is a bubble. just need an event to pop big <u>time</u>","text":"dont you think it is a bubble. just need an event to pop big <u>time</u>","html":"dont you think it is a bubble. just need an event to pop big <u>time</u>"},{"id":4399502,"gmtCreate":1621571158059,"gmtModify":1635403825694,"authorId":3572311447359724,"author":{"id":3572311447359724,"idStr":"3572311447359724","authorId":3572311447359724,"name":"HMHu","avatar":"https://static.tigerbbs.com/888bfb834561a78ede559705b3ce7ca8","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130402237,"type":1,"supId":4396964,"prevId":0,"content":"Stocks are like this too?","text":"Stocks are like this too?","html":"Stocks are like this too?"}],"langContent":"EN"},{"id":130574761,"gmtCreate":1621559263453,"gmtModify":1634188127517,"author":{"id":"3579758808989513","authorId":"3579758808989513","name":"ACCY","avatar":"https://static.tigerbbs.com/a44626552831eb06aa01cf85dcaf7422","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3579758808989513","authorIdStr":"3579758808989513"},"htmlText":"True","listText":"True","text":"True","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130574761","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130575139,"gmtCreate":1621559186421,"gmtModify":1634188128791,"author":{"id":"3572874548548490","authorId":"3572874548548490","name":"kevinlaisq","avatar":"https://static.tigerbbs.com/329de1199f764a89b7cadf50308e183d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3572874548548490","authorIdStr":"3572874548548490"},"htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130575139","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130572045,"gmtCreate":1621559133387,"gmtModify":1634188129882,"author":{"id":"3575593817551674","authorId":"3575593817551674","name":"Lucky03","avatar":"https://static.tigerbbs.com/759e5ab6a4a94b481569511ac2bfe116","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3575593817551674","authorIdStr":"3575593817551674"},"htmlText":"Agree. It is also being highlighted as a&nbsp;potential&nbsp;platform for money laundering.","listText":"Agree. It is also being highlighted as a&nbsp;potential&nbsp;platform for money laundering.","text":"Agree. It is also being highlighted as a potential platform for money laundering.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130572045","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130579853,"gmtCreate":1621558953972,"gmtModify":1634188134309,"author":{"id":"3574984385549978","authorId":"3574984385549978","name":"JimmyChua","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574984385549978","authorIdStr":"3574984385549978"},"htmlText":"Nah","listText":"Nah","text":"Nah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130579853","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130570124,"gmtCreate":1621558915668,"gmtModify":1634188135158,"author":{"id":"3581972561289020","authorId":"3581972561289020","name":"Senasim11","avatar":"https://static.tigerbbs.com/332d7d74927168702f2c7c17483c8a6a","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3581972561289020","authorIdStr":"3581972561289020"},"htmlText":"Comment n like","listText":"Comment n like","text":"Comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130570124","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130545721,"gmtCreate":1621558832363,"gmtModify":1634188137228,"author":{"id":"3581996485604595","authorId":"3581996485604595","name":"BigThumb","avatar":"https://static.tigerbbs.com/d9366427dbceb4a03b5342d31b6c3aaa","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581996485604595","authorIdStr":"3581996485604595"},"htmlText":"Hmmm... think carefully [Glance]&nbsp;","listText":"Hmmm... think carefully [Glance]&nbsp;","text":"Hmmm... think carefully [Glance]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/130545721","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396829,"gmtCreate":1621559414184,"gmtModify":1635404065394,"authorId":3582365143818595,"author":{"id":3582365143818595,"idStr":"3582365143818595","authorId":3582365143818595,"name":"Oddleo","avatar":"https://static.tigerbbs.com/569e40b38ccc6665e8895b488137078c","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130545721,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":130552905,"gmtCreate":1621558286107,"gmtModify":1631883989675,"author":{"id":"3563946272109058","authorId":"3563946272109058","name":"Navybean","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3563946272109058","authorIdStr":"3563946272109058"},"htmlText":"All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement","listText":"All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement","text":"All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/130552905","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396784,"gmtCreate":1621559259990,"gmtModify":1635404069750,"authorId":3573540190522229,"author":{"id":3573540190522229,"idStr":"3573540190522229","authorId":3573540190522229,"name":"Bull_Lion","avatar":"https://static.tigerbbs.com/97c7d011186160cd333508e7d9191f74","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130552905,"type":1,"supId":0,"prevId":0,"content":"There is some truth in this. Ppl buy a coin and hope the value rises. But whats the intrinsic value of this coin compared to another. Its unlike commodities which have commercial use","text":"There is some truth in this. Ppl buy a coin and hope the value rises. But whats the intrinsic value of this coin compared to another. Its unlike commodities which have commercial use","html":"There is some truth in this. Ppl buy a coin and hope the value rises. But whats the intrinsic value of this coin compared to another. Its unlike commodities which have commercial use"},{"id":4398741,"gmtCreate":1621566670730,"gmtModify":1635403892706,"authorId":3560049684041165,"author":{"id":3560049684041165,"idStr":"3560049684041165","authorId":3560049684041165,"name":"redbean","avatar":"https://static.tigerbbs.com/4c4b9022f28e75fac7cef2adc0d76af8","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130552905,"type":1,"supId":0,"prevId":0,"content":"true...","text":"true...","html":"true..."},{"id":5628282,"gmtCreate":1629769515643,"gmtModify":1635144049062,"authorId":3560049684041165,"author":{"id":3560049684041165,"idStr":"3560049684041165","authorId":3560049684041165,"name":"redbean","avatar":"https://static.tigerbbs.com/4c4b9022f28e75fac7cef2adc0d76af8","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130552905,"type":1,"supId":0,"prevId":0,"content":"yes","text":"yes","html":"yes"},{"id":5790915,"gmtCreate":1631084837188,"gmtModify":1634805532968,"authorId":3560049684041165,"author":{"id":3560049684041165,"idStr":"3560049684041165","authorId":3560049684041165,"name":"redbean","avatar":"https://static.tigerbbs.com/4c4b9022f28e75fac7cef2adc0d76af8","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130552905,"type":1,"supId":0,"prevId":0,"content":"agreed","text":"agreed","html":"agreed"}],"langContent":"EN"},{"id":130551329,"gmtCreate":1621558197461,"gmtModify":1634188150424,"author":{"id":"3565146699964497","authorId":"3565146699964497","name":"ycwoo","avatar":"https://static.tigerbbs.com/637be28a03f575af22b76a60dad1181b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3565146699964497","authorIdStr":"3565146699964497"},"htmlText":"Comment pls","listText":"Comment pls","text":"Comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/130551329","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396580,"gmtCreate":1621558608496,"gmtModify":1635404089750,"authorId":3584350579990895,"author":{"id":3584350579990895,"idStr":"3584350579990895","authorId":3584350579990895,"name":"7a1c3f66","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130551329,"type":1,"supId":0,"prevId":0,"content":"Here","text":"Here","html":"Here"}],"langContent":"EN"},{"id":130551070,"gmtCreate":1621558184990,"gmtModify":1634188150670,"author":{"id":"3570069153864313","authorId":"3570069153864313","name":"Racheltestin","avatar":"https://static.tigerbbs.com/83746feea9af3c17ae42ff00d7ca9254","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3570069153864313","authorIdStr":"3570069153864313"},"htmlText":"Like and comment thank you&nbsp;","listText":"Like and comment thank you&nbsp;","text":"Like and comment thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/130551070","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396428,"gmtCreate":1621558224335,"gmtModify":1635404104861,"authorId":3565146699964497,"author":{"id":3565146699964497,"idStr":"3565146699964497","authorId":3565146699964497,"name":"ycwoo","avatar":"https://static.tigerbbs.com/637be28a03f575af22b76a60dad1181b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130551070,"type":1,"supId":0,"prevId":0,"content":"done, help me too","text":"done, help me too","html":"done, help me too"}],"langContent":"EN"},{"id":130553989,"gmtCreate":1621558145541,"gmtModify":1634188151723,"author":{"id":"3575163551534398","authorId":"3575163551534398","name":"MightyPooP","avatar":"https://static.tigerbbs.com/aec66d00ca2b1f2b75412008d93edd14","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575163551534398","authorIdStr":"3575163551534398"},"htmlText":"Of course that's what a traditional financial institution will say about a system that removes them out of the equation. If you think the value of BTC is wishful thinking...have you seen NFTs lately?!","listText":"Of course that's what a traditional financial institution will say about a system that removes them out of the equation. If you think the value of BTC is wishful thinking...have you seen NFTs lately?!","text":"Of course that's what a traditional financial institution will say about a system that removes them out of the equation. If you think the value of BTC is wishful thinking...have you seen NFTs lately?!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130553989","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":130559124,"gmtCreate":1621558105268,"gmtModify":1634188152295,"author":{"id":"3582074828081294","authorId":"3582074828081294","name":"asdine","avatar":"https://static.tigerbbs.com/1de6a3b69cd62b99233606d7c5500508","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3582074828081294","authorIdStr":"3582074828081294"},"htmlText":"Not true","listText":"Not true","text":"Not true","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/130559124","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396400,"gmtCreate":1621558115740,"gmtModify":1635404107594,"authorId":3582074828081294,"author":{"id":3582074828081294,"idStr":"3582074828081294","authorId":3582074828081294,"name":"asdine","avatar":"https://static.tigerbbs.com/1de6a3b69cd62b99233606d7c5500508","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130559124,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"},{"id":4396402,"gmtCreate":1621558131658,"gmtModify":1635404107374,"authorId":3582074828081294,"author":{"id":3582074828081294,"idStr":"3582074828081294","authorId":3582074828081294,"name":"asdine","avatar":"https://static.tigerbbs.com/1de6a3b69cd62b99233606d7c5500508","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130559124,"type":1,"supId":4396400,"prevId":0,"content":"[无语]","text":"[无语]","html":"[无语]"},{"id":4396407,"gmtCreate":1621558146172,"gmtModify":1635404106827,"authorId":3582074828081294,"author":{"id":3582074828081294,"idStr":"3582074828081294","authorId":3582074828081294,"name":"asdine","avatar":"https://static.tigerbbs.com/1de6a3b69cd62b99233606d7c5500508","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3582074828081294,"repliedAuthor":{"id":3582074828081294,"idStr":"3582074828081294","authorId":3582074828081294,"name":"asdine","avatar":"https://static.tigerbbs.com/1de6a3b69cd62b99233606d7c5500508","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":130559124,"type":1,"supId":4396400,"prevId":4396402,"content":"[财迷]","text":"[财迷]","html":"[财迷]"},{"id":4397547,"gmtCreate":1621561864374,"gmtModify":1635403999986,"authorId":3582936698066263,"author":{"id":3582936698066263,"idStr":"3582936698066263","authorId":3582936698066263,"name":"aiyohyun","avatar":"https://static.tigerbbs.com/5efe05924fc38dd8db647c314e32c5b2","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3582074828081294,"repliedAuthor":{"id":3582074828081294,"idStr":"3582074828081294","authorId":3582074828081294,"name":"asdine","avatar":"https://static.tigerbbs.com/1de6a3b69cd62b99233606d7c5500508","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":130559124,"type":1,"supId":4396400,"prevId":4396407,"content":"[害羞]","text":"[害羞]","html":"[害羞]"}],"langContent":"EN"},{"id":130527733,"gmtCreate":1621558028022,"gmtModify":1634188153765,"author":{"id":"3563714281601583","authorId":"3563714281601583","name":"KW1","avatar":"https://static.tigerbbs.com/094e3f8fd8b3de3da976515926ed1403","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3563714281601583","authorIdStr":"3563714281601583"},"htmlText":"Can buy?","listText":"Can buy?","text":"Can buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/130527733","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396640,"gmtCreate":1621558785480,"gmtModify":1635404083512,"authorId":3562620578902738,"author":{"id":3562620578902738,"idStr":"3562620578902738","authorId":3562620578902738,"name":"goh","avatar":"https://static.tigerbbs.com/d935ecf6c603272e0b70b28314dab0c6","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130527733,"type":1,"supId":0,"prevId":0,"content":"not <u>sure</u>","text":"not <u>sure</u>","html":"not <u>sure</u>"},{"id":4396698,"gmtCreate":1621558970573,"gmtModify":1635404077724,"authorId":3581996485604595,"author":{"id":3581996485604595,"idStr":"3581996485604595","authorId":3581996485604595,"name":"BigThumb","avatar":"https://static.tigerbbs.com/d9366427dbceb4a03b5342d31b6c3aaa","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130527733,"type":1,"supId":0,"prevId":0,"content":"Hmmm.... [Doubt]","text":"Hmmm.... [Doubt]","html":"Hmmm.... [Doubt]"},{"id":4396837,"gmtCreate":1621559429680,"gmtModify":1635404064517,"authorId":3582365143818595,"author":{"id":3582365143818595,"idStr":"3582365143818595","authorId":3582365143818595,"name":"Oddleo","avatar":"https://static.tigerbbs.com/569e40b38ccc6665e8895b488137078c","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130527733,"type":1,"supId":4396698,"prevId":0,"content":"Maybe not","text":"Maybe not","html":"Maybe not"}],"langContent":"EN"},{"id":130526340,"gmtCreate":1621557736480,"gmtModify":1634188158068,"author":{"id":"3572313172431959","authorId":"3572313172431959","name":"Venus888","avatar":"https://static.tigerbbs.com/2eb10c539f367e4d8f1ae8ddf081bfdf","vip":1,"crmLevel":9,"crmLevelSwitch":0,"idStr":"3572313172431959","authorIdStr":"3572313172431959"},"htmlText":"Yes. Pls like and comment. Thanks","listText":"Yes. Pls like and comment. Thanks","text":"Yes. Pls like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/130526340","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396299,"gmtCreate":1621557773104,"gmtModify":1635404117401,"authorId":3557629001242050,"author":{"id":3557629001242050,"idStr":"3557629001242050","authorId":3557629001242050,"name":"kksuen","avatar":"https://static.tigerbbs.com/e1eb0ceb998a78cefb82c2f66d2addb1","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130526340,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"}],"langContent":"EN"},{"id":130529185,"gmtCreate":1621557587347,"gmtModify":1634188161293,"author":{"id":"3578543878235243","authorId":"3578543878235243","name":"Melodykjh","avatar":"https://static.tigerbbs.com/ecbb1673398e9c20ba51196d1fc7f00b","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3578543878235243","authorIdStr":"3578543878235243"},"htmlText":"Oh wow","listText":"Oh wow","text":"Oh wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/130529185","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396251,"gmtCreate":1621557624757,"gmtModify":1635404121233,"authorId":3555464381271027,"author":{"id":3555464381271027,"idStr":"3555464381271027","authorId":3555464381271027,"name":"理财的孩子","avatar":"https://static.tigerbbs.com/93cd37a262dd5bbd44770192dd5619cd","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130529185,"type":1,"supId":0,"prevId":0,"content":"Yeah","text":"Yeah","html":"Yeah"}],"langContent":"EN"},{"id":130567822,"gmtCreate":1621557491666,"gmtModify":1634188162963,"author":{"id":"3573427053802677","authorId":"3573427053802677","name":"AlexRach","avatar":"https://static.tigerbbs.com/01fc7c44687a21ec1b63452d2d5964ea","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3573427053802677","authorIdStr":"3573427053802677"},"htmlText":"It is what you believe&nbsp;it is.. provided it is&nbsp;&nbsp;not self delusional","listText":"It is what you believe&nbsp;it is.. provided it is&nbsp;&nbsp;not self delusional","text":"It is what you believe it is.. provided it is not self delusional","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/130567822","repostId":2137976827,"repostType":4,"repost":{"id":"2137976827","kind":"news","pubTimestamp":1621556738,"share":"https://www.laohu8.com/m/news/2137976827?lang=&edition=full","pubTime":"2021-05-21 08:25","market":"us","language":"en","title":"Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'","url":"https://stock-news.laohu8.com/highlight/detail?id=2137976827","media":"Yahoo Finance","summary":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcemen","content":"<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.</p><p>In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.</p><p>“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”</p><p>In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.</p><p>“All it took for the cryptocurrency to fall out of style was <a href=\"https://laohu8.com/S/AONE\">one</a> tweet and a Chinese government statement,” she wrote..</p><p>On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.</p><p>“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at <a href=\"https://laohu8.com/S/AONE.U\">one</a> point – its lowest value since January.”</p><h2><b>‘Not a surprise’</b></h2><p>According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”</p><p>This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”</p><p>“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.</p><p>A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.</p><p>Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-01/e9e6b470-4eb5-11eb-b9df-df818b3c0d5f\" tg-width=\"5408\" tg-height=\"3605\" referrerpolicy=\"no-referrer\"><span>Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty Images</span></p><p>Labouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”</p><p>By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.</p><p>Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.</p><p>“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”</p><h2><b>Pressure from central banks</b></h2><p>The dream of a currency free from central banks dies hard.</p><p>Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.</p><p>“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.</p><p>A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where <a href=\"https://laohu8.com/S/FB\">Facebook</a> announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.</p><p class=\"t-img-caption\"><img src=\"https://s.yimg.com/os/creatr-uploaded-images/2021-04/146c0830-9d9e-11eb-bf3e-f58e747085fd\" tg-width=\"5644\" tg-height=\"3763\" referrerpolicy=\"no-referrer\"><span>Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS</span></p><p>“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.</p><p>This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.</p><p>“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.</p><p>On Thursday, however, bitcoin was back above $40,000.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Deutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeutsche Bank: 'The value of bitcoin is entirely based on wishful thinking'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 08:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall ...</p>\n\n<a href=\"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","DB":"德意志银行"},"source_url":"https://finance.yahoo.com/news/deutsche-bank-the-value-of-bitcoin-is-entirely-based-on-wishful-thinking-203038217.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2137976827","content_text":"Bitcoin’s (BTC-USD) price plunged 28% this week, this most recent meltdown spurred by an announcement from China and an Elon Musk tweet. The controversial crypto is now losing even more love on Wall Street a day after UBS’s CIO Mark Haefele questioned the need to own bitcoin in a portfolio.In a note published Thursday, Deutsche Bank analysts joined the conversation with a research note entitled \"Bitcoin: Trendy is the last stage before tacky,\" quoting the late fashion icon Karl Lagerfeld.“What’s true for glamour and style might also be true for Bitcoin,” wrote Deutsche Bank’s Marion Labouré after the latest plunge. “Just as a ‘fashion faux pas’ can happen suddenly, we just received the proof that digital currencies can also quickly become passé.”In Labouré’s estimation, something has snapped in the cryptocurrency market in the past three months.“All it took for the cryptocurrency to fall out of style was one tweet and a Chinese government statement,” she wrote..On May 12 CEO Elon Musk tweeted that Tesla (TSLA) would stop accepting bitcoin for payment due to environmental concerns.“Those few words caused bitcoin’s value to plummet from nearly $60,000 in the days before to below $48,000,” she wrote. “Next, on Tuesday, the PBoC reiterated that it would ban digital tokens as a means of payment, thus causing Bitcoin to plunge just above $30,000 at one point – its lowest value since January.”‘Not a surprise’According to Labouré, the $1 trillion market cap of bitcoin makes it impossible to ignore, but bitcoin’s limited utility for transactions means that “real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.”This is why Labouré says “the value of bitcoin is entirely based on wishful thinking.”“Bitcoin’s value will continue to rise and fall depending on what people believe it is worth,” a phenomenon that Labouré says is called the “Tinkerbell effect,” because belief is critical.A common bitcoiner’s retort is “ok now do fiat,” and while it is the government that makes the dollar the dollar, this power is anything but irrelevant.Especially, Labouré says, because central banks and governments are likely to begin regulating crypto by early next year — as well as potentially launching their own, like the Federal Reserve’s or China’s digital currency.Tesla head Elon Musk arrives to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. (Photo by Maja Hitij/Getty Images)Maja Hitij via Getty ImagesLabouré said the medium and long-term future of digital assets is uncertain, and it would take a long time for any sort of crypto payments that gain any widespread traction to happen. In the meantime, bitcoin “would circulate and its value can remain volatile.”By Deutsche Bank’s estimations, 30% of bitcoin’s activity is for payments and the rest as “financial investment.” And contrary to what its volatility may suggest, the total liquidity isn’t that high. Last year, Apple’s trading volume was 270% of its number of shares; for bitcoin the number was 150%.Besides Musk and China, this is another reason why the cryptocurrency may stay volatile.“Due to bitcoin’s limited tradability, it is expected to remain ultra-volatile; a few additional large purchases or market exits could significantly impact the supply-demand equilibrium,” Labouré wrote. “The root causes of bitcoin’s volatility include small tactical asset allocations and the entries and exits of large asset managers.”Pressure from central banksThe dream of a currency free from central banks dies hard.Federal Reserve Chair Jerome Powell sees digital currency as complementing the dollar rather than supplementing it, and whatever the Fed does will affect the crypto markets. In China, the government is taking a more aggressive approach against bitcoin, to make space for its own digital currency.“It is clear that China’s targeted regulatory actions are designed to support the launch of its digital currency (CBDC),” Labouré wrote.A reminder, Deutsche Bank notes, of the strength of the government’s hand in crypto regulation is the Libra situation, where Facebook announced in 2019 a futuristic global currency that would result in governments having less control over their money supplies. Facebook has since tweaked its plans for a digital currency to be less ambitious.Federal Reserve Chair Jerome Powell listens during a Senate Banking Committee hearing on Capitol Hill in Washington. (Al Drago/The New York Times via AP, Pool, File)ASSOCIATED PRESS“The product now focuses on reducing the cost of payments, rather than competing with governments and central banks by creating a parallel means of payments. In other words, Facebook is not planning to create a competitor currency to the dollar; instead, they hope to compete with traditional ways of paying in dollar,” wrote Labouré.This, could be the best lens through which to view crypto, she said – not as a speculative asset but rather a fintech solution to faster and cheaper global payments.“In the end, regulating cryptocurrencies is not that difficult,” she wrote, noting that governments will jump to protect their fiscal monopoly even if they left crypto alone for innovation reasons for so long. If there’s a can’t-beat-‘em-join-‘em environment going forward, bitcoin’s transaction issues might leave it behind for a digital asset that provides more utility.On Thursday, however, bitcoin was back above $40,000.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4396260,"gmtCreate":1621557649470,"gmtModify":1635404120577,"authorId":3575890735190983,"author":{"id":3575890735190983,"idStr":"3575890735190983","authorId":3575890735190983,"name":"DanVI","avatar":"https://static.tigerbbs.com/478c2cb5a178cff7532f6fa9a68068b7","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130567822,"type":1,"supId":0,"prevId":0,"content":"BotcoiN is the future","text":"BotcoiN is the future","html":"BotcoiN is the future"},{"id":4396708,"gmtCreate":1621559007297,"gmtModify":1635404076733,"authorId":3581996485604595,"author":{"id":3581996485604595,"idStr":"3581996485604595","authorId":3581996485604595,"name":"BigThumb","avatar":"https://static.tigerbbs.com/d9366427dbceb4a03b5342d31b6c3aaa","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":130567822,"type":1,"supId":0,"prevId":0,"content":"Really? [Doubt]","text":"Really? [Doubt]","html":"Really? [Doubt]"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":62,"commentSize":24,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}