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Bitcoin Gets Another Bear

|Includes: COIN, Bitcoin Investment Trust (GBTC)

Famed bond investor, Mohamed El-Erian, is the latest Wall Streeter to come out and call Bitcoin a massive bubble. He notes that the current price assumes mass adoption of Bitcoin, which just isn't going to happen. At best, it'll just be a peer-to-peer payment processor.

El-Erian likes the technology but isn't a huge fan of adopt-ability. It's a disruptive technology that just can't get widespread use. The Allianz economist says that Bitcoin is worth half where it is today, or maybe even a third. 

This follows the JPMorgan CEO, Jamie Dimon, commenting that Bitcoin is simply a fraud. He thinks the big risk is that the government steps in and leads to serious regulation. He says the government will close it down when 'someone gets hurt' or Bitcoin starts getting used for 'illicit' purposes. 

Meanwhile, Social Capital founder and noted VC Chamath Palihapitiya doesn't care, he's into Bitcoin, massively. He notes that countries and governments, like China, can control how Bitcoin is traded but can't-do anything to control how it's used.

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