Month: September 2020

We are up with another negative news about bitcoin, and the news comes from none other than the CEO of major budget airline Ryanair. In an interview given to the Times, Ryanair CEO bashed bitcoins and said that he would not even invest one cent in bitcoins. This is one of the harshest and negative comments received by the bitcoin community.

Ryanair CEO compared Bitcoins to a Ponzi scheme and said that he asks all investors to beware of a Ponzi scheme like Bitcoin.

Michael O’Leary is the CEO of the budget airline Ryanair, and he has advised the investors to stay away from making any kind of bitcoin investment. Michael said that people with even a shred of common sense should try to stay away from spending their hard-earned money in a plague-like bitcoin.

This is not the first time that bitcoin has received a negative comment from a big businessman like the CEO of Ryanair. Many influential people all over the world have said rude and insensitive things about bitcoins. Many people think that bitcoin is here to lure people into investing hard cash, and they will get nothing in return as many countries in the world will not accept any payment in bitcoin. Thus, there are hundreds of theories about bitcoin.

What was the point made by Michael O’Leary?

Michael O’Leary was referring to a crypto scam named bitcoin lifestyle. This cryptocurrency claimed to have the approval of Michael O’Leary, and thus, he was frustrated with this whole situation.

A fake news report said that O’Leary shocked the world by showing how much money he was making by investing in bitcoin. Thus, it was said that O’Leary was calling bitcoin an automated trading machine which will make you rich in no time.

Michael O’ Leary bashed this news article as well as any investment in bitcoin:

Nowadays, using the name of a big industrialist, businessmen, or an actor is a common way of promoting any product. This is one of the best ways to gain credibility among investors and customers. In April Last year, it was claimed that the Duke and Duchess of Sussex, Prince Harry and Meghan Merkle were involved in bitcoin investment.

Thus, Michael O’Leary advised all investors and bashed all news articles that claimed that he was investing in bitcoins.

The market capitalization of Bitcoin is nearly $217 billion, whereas the market capitalization of the Bank of America is just a bit above $226 billion. In an article recently posted on “The Next Web,” the comparison between Bitcoin’s market caps and the Bank of America was drawn to showcase the mammoth scale at which Bitcoin functions at today’s date. Even though Bitcoin has its ups and downs and witnessed some of the largest price fluctuations in history, its price has more or less grown substantially in 2020. 

Just before the world was hit by the Covid-19 pandemic in March, the Central Bank of the United States pumped nearly $168 billion into the economy. At the time, the market capitalization of Bitcoin stood steady at $145 billion. In April, Jeff Bezos’s net worth jumped to $140 billion, during which time the market cap of Bitcoin remained stable at $130 billion. One may think that considering the net worth of Jeff Bezos, CEO, and Founder of Amazon, it would be easy for him to buy all the Bitcoins out there in circulation. However, it is not possible due to a range of factors, including fluctuating prices and unavailability of liquidity. The price comparison is mainly to showcase how Bitcoin has grown into becoming a sustainable financial asset over time. 

Since April, the net worth of Jeff Bezos has grown substantially to over $193 billion, and the market cap of Bitcoin has moved north to $217 billion. The co-founder of Morgan Creek Capital, Anthony Pompliano, predicted during the podcast named “What Bitcoin Did,” hosted by Peter McCormack, that Bitcoin’s market capitalization might move up to $80 to $90 trillion in the future. He went on to say that Bitcoin would definitely reach such a rise in market capitalization at some point though he did add that it is quite impractical to say that it would reach such a benchmark during his lifetime. 

Anthony Pompliano has been highly vocal in advocating Bitcoin as an asset class for a long time. He believes that it is an asset class that is unrelated to the mainstream financial markets and, thus, empowers the investors. The steady surge noticed in Bitcoin’s market capitalization in the last few years is clearly indicating an upward trend. For investors who don’t mind taking risks and want an alternative to conventional investment tools, Bitcoin stands as a worthy alternative.