Bitcoin price WARNING: Expert MOCKS cryptocurrency – You can’t buy McDonald’s with bitcoin: Bitcoin will not have a traditional trading use in 2018, said Director of the Ira Epstein Division at Linn & Associates, Ira Epstein.
The financial chief laughed at people trading bitcoins during the Christmas holidays when the cryptocurrency suffered a major fall back. In an interview with Bloomberg, he said:
“On Christmas day I couldn’t believe it, I was watching the market and there they are. These people are all trading.”
Mr Epstein explained: “What we both know is there’s no delivery. So without a delivery of a physical good item, it’s all cash.
The fear that people have, of course, is that the market starts going up and what’s to stop it?
You can’t throw gold at it, you can throw anything at it, it’s a bitcoin.
“So we’re in the learning process. I heard Goldman Sachs will have, by June, a full cryptocurrency desk up and operating, so it’s going to get more of the traditional players approaching it but because there’s nothing to really hedge, I question the traditional use of it.
“I think it’s really more of a speculative vehicle. It has no purpose right now other than speculation.”
He mocked the cryptocurrency: “I cannot go to McDonald’s with my bitcoin and get some coffee.”
Mr Epstein is not the only financial expert to ridicule bitcoin and its virtual wallet holders. Chief Strategist of Bubba Trading Todd Horwitz also teased the cryptocurrency aficionados saying people are currently trading in the “Wild West Trade” with bitcoin.