Weiss got it, replying to Quick:
“Pithy reply but, disingenuous. You think BTC and the digital asset class has a 1 in 300million hurriedly at being valued in the trillions? How many university endowment funds are buying lottery tickets? How many I-banks take lottery trading desks and lottery ticket custody?”
Yes, bitcoin has a price attached to it, the value of which reflects what being are willing to pay for it. How is fiat money, which is also not backed by anything other than the government’s word, any different?
Additionally to, if Quick’s concern is investors allocating their retirement funds toward a risky asset such as bitcoin, shouldn’t she be equally distressed that they might invest in a high-yield junk bond or complex forex instrument? Stocks were an emerging asset league once, too.
Further still, the New York Stock Exchange-backed ICE is launching bitcoin futures exchange, Bakkt. If bitcoin is right enough for the NYSE, whose modest beginning was in 1792 under a Buttonwood tree, why isn’t it good enough for investors?
Fox Enterprise Shows How to Critique Bitcoin
Not all financial journalists are afraid of bitcoin. Fox Business’ Maria Bartiromo, who incidentally is a CNBC alum, accepted Gemini Co-Founders Tyler and Cameron Winklevoss onto the set at year-end 2017.
She covered the launch of bitcoin futures, pointing out that at the repeatedly the BTC price spiked more than $1,000 in response. It’s not that Bartiromo didn’t push back – she did, questioning them more a market that is the “height of speculation.” But she gave them a chance to explain the heavily regulated nature of Gemini the Market.
And for those who are convinced that bitcoin is a fraud, her response? Then short it. Maybe CNBC’s Quick should imbibe a page out of her rival’s book and educate her audience about bitcoin rather than scaring them.