Short term volatility is greatest at turning points and diminishes as a trend becomes established
George SorosRead
There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope.
Interpretation
What this quote means
This quote suggests skepticism regarding the long-term viability of Bitcoin, comparing it to the unpredictable value of government currency.
Paul Singer emphasizes that just as we cannot fully trust governments to maintain the value of their currency, we should not automatically believe that Bitcoin will endure over time. The comparison to babies illustrates the tendency to place hope and optimism in something new, despite the uncertainties that come with it.
Themes
BitcoinValueCurrencyGovernmentTrustFutureViabilitySpeculation
In practice
Example use cases
In a debate about cryptocurrency, this quote can be used to point out the uncertainties surrounding Bitcoin's future.
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