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    'It's a Gamble': Bitcoin Specialist on Ebbs and Flows of Cryptocurrency

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    With the Bitcoin rate going through the roof of late, Radio Sputnik asked blockchain and AI technology expert Leon Rebelsky to say whether it really is a bubble, which someday is bound to burst.

    “Everything that you hear about Bitcoin is somebody’s personal opinion. Some of these prognoses could be more correct, some – less, but there can be precise prognosis about this. What is behind this [recent] rally is speculation. At the moment this is probably the best tool in the financial world to make money fast and speculate. Basically, this is all a gamble. I’m not saying that Bitcoin is a gamble. It is a financial tool, but the rally behind it is purely [for speculation]. It is not a tool for trading, for the exchange of funds; it is not a tool for savings or for payment. It is speculation. That’s it.”

    Leon Rebelsky added that Bitcoin is essentially a marketing project. Its rate goes up each time it is mentioned in the media, by senior government officials.

    “It is something that is intentionally being driven up. Why? For the sake of pure profit. Like in every financial pyramid, it is important to get out in time […] because the later you get out the more you lose. The moment this happens it will trigger an unbelievable drop in Bitcoin prices. I hope that people who have lots of these financial instruments are responsible enough to understand that the crash at this point will not be an institutional crisis; it will be like a real estate market crisis. It will affect every household. In any case, corrections to Bitcoin prices are inevitable, but whether it is going to be a slow slide down or it will crash to zero we don’t know.”

    Learn more about the future of Bitcoin in this edition of our Weekend Special. 

    READ MORE: What Was That? Bitcoin Loses Fifth of Its Value, Bounces Back Within 24 Hours

     

     

     

    The views expressed in this article are solely those of the speaker and do not necessarily reflect the official position of Sputnik.

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    marketing project, gamble, ups and downs, speculation, bitcoin, Leon Rebelsky, Europe
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