John Paulson is Wrong on Crypto; Here’s Why

0
98

By Rob Charles, CEO of Goldfingr

Recently, Portfolio Manager John Paulson said that cryptocurrency is a “worthless bubble.” Rob Charles, Crypto expert and Founder of Goldfingr, the first-ever all-inclusive global investment platform, believes that the statement is not only short-sided, but also incorrect. 

Paulson argues that crypto has no intrinsic value beyond primary supply and demand principles. The irony in Paulson’s statement is, the same is true of the Fiat Currency system, which is the universally accepted barometer of wealth and financial stability.

Fiat currency itself is nothing more than a societal construct. The society we live in has accepted an unspoken agreement that the money in circulation today, which we use to buy our goods and define our wealth, is worth what we say it’s worth because of the economic principles we have all grown to accept. 

The economic system currently dominated by the US Dollar is purely faith-based. If someone goes into their local grocery store and fills a cart with $100 worth of goods, that person has faith that the cashier will ring them out and accept the freshly-minted bills in their pocket because that is the system. That is how it works.

The value of anything is wholly determined by what someone is willing to pay for it. The Stock market is the ultimate example; a stock is what someone is willing to pay for it. Coins market is identical in principle. 

If a million people decide that M1NT is worth $100, that is its true actual value. The concept of currency exchange does not change because Benjamin Franklin’s face is no longer involved in the equation; anyone who argues otherwise is simply trying to maintain the status quo and keep from disrupting what has worked for them, which is a dangerously archaic belief. 

A similar argument emerged during the first dot com boom of the mid-90s. The conversation at that time centered around the longevity, value-add, and usefulness of the internet, going so far as to say it was nothing more than a fad. The best example, the concept of buying a tangible item online without seeing, touching, feeling, or smelling, was something some people couldn’t imagine as reality and something others didn’t want to become a reality. 

The actual truth is, society will only ever progress. Horses and buggies served as means of transportation for hundreds of years, but that hasn’t stopped people from embracing bullet trains. It is highly unwise to dismiss the power of the root concepts and factors underpinning the intrinsic value of crypto and DeFi- circular economics, democratization, access, equity and ethical responsibility (to empower and level-up the unbanked, for example), among so many other tectonic forces are at play. 

Rob Charles Bio

Rob Charles, CEO & Founder of Goldfingr, has demonstrated excellence as a visionary entrepreneur for over 30 years and angel investor for over 18 years in the following industries: technology, cannabis, entertainment, real estate, oil & gas, commodities, heavy equipment, art, and M&A. He has the vision and expertise of finding niches early on, building top-notch teams, penetrating international markets and creating cash flow businesses, and building companies from inception to $25M to over $100M market capitalization. In addition to co-founding the first ever online art gallery, Rob has succeeded as a professional athlete, top technology consultant, and world-changing philanthropist.

About Goldfingr:

Goldfingr is an exclusive global investment club and inclusive mastermind network that connects funding to entrepreneurs in a one-stop-shop. Goldfingr is the modern paradigm of social clubs— a think tank, incubator and socially conscious business accelerator. We use technology, events and brick and mortar social clubs to keep our members connected. We’ve integrated raising capital, investing, business, the arts, entertainment and social, adding unprecedented value to our members, with a complete VIP experience.

Learn more about Goldfingr and our mission at  https://www.goldfingr.net/about-goldfingr.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source link

#John #Paulson #Wrong #Crypto #Heres Click To Tweet