Bloomberg Criticizes Bitcoin..."Nonsense on Stilts"

Bloomberg has strongly criticized Bitcoin (BTC) in a column.

Mark Gilbert, a Bloomberg Opinion columnist, stated in a column on the 7th that he is "fundamentally critical of all asset classes related to Bitcoin" and that "digital assets like Bitcoin are not connected to anything other than market sentiment."

Gilbert criticized the analogy of Bitcoin as 'digital gold,' calling it "nonsense on stilts." He suggested, "Try replacing the noun 'Bitcoin' with other tradable assets like gold, dollars, or oil," and concluded, "At best, it's sophistry; at worst, it's nonsense on stilts."

Gilbert focused on Bitcoin's volatility. He pointed out, "U.S. 10-year Treasury bonds can be bought or sold based on various factual factors such as U.S. growth rates, inflation forecasts, geopolitical factors, and expected investor behavior," whereas "Bitcoin investors have to rely solely on the psychology of other investors for their buy or sell decisions." He added, "The extreme volatility of Bitcoin shows that its value is based solely on the whims of buyers and sellers."