A bubble across Bitcoin and Blockchain is “OK,” NEO’s Da Hongfei has said.
Chinese platform NEO’s founder Da Hongfei has said a Bitcoin bubble is “OK” and will come back stronger if it bursts.
Speaking in a televised interview on CNBC, Hongfei explained that the overlapping wave of enthusiasm in both Bitcoin and Blockchain was not necessarily a problem.
“I would say that there is a bubble in this industry, but would say it’s OK,” he explained on the network’s Capital Connection segment.
“Every technology that is so disruptive – there’ll definitely be bubbles, like the train or the automobile.”
The topic of Bitcoin’s rapid price rise this year producing a bubble is a favorite of cryptocurrency naysayers such as prominent banking figures and mainstream media outlets.
Speculation about prices collapsing continues this week as Bitcoin passes $11,000 amid considerable volatility.
Continuing about the prognosis, however, Hongfei speculated that Blockchain had already mostly completed its bubble-like phase.
“With Blockchain, probably I believe we are in the later stage of a bubble, but even if it bursts, I think next times when it comes up it will be bigger again,” he said.
Perhaps the most pessimistic mainstream view of Bitcoin to come from the traditional banking sphere, JPMorgan’s CEO Jamie Dimon predicted the virtual currency would rise to around $20,000 before losing most of its value.
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Author: William Suberg