NEW DELHI: Ever since global markets started rebounding from their March lows, the prices of Tesla stock and Bitcoin have defied gravity as well as valuation metrics. Former Reserve Bank of India (RBI) Governor and eminent economist Raghuram Rajan says the cryptocurrency is nothing but a classic case of bubble, while the momentum in the Tesla stock is being driven partly by hordes of small investors.
“Temporary low performance is being ignored in favour of the idea that we are going to get a strong rebound and things are going to look good going forward. Low interest rates in the near term do not matter relative to the long term. Those are the calculations the market is making. There is, of course, the froth that small investors induced in the markets and this is where things like Bitcoin, Tesla have got priced up, because people are just jumping in,” Rajan said in an interview with ETNow.
Time heals all wounds : Stefan Thomas loses password to Bitcoin worth $220 million, makes peace with loss
Despite Thomas Bitcoin wealth, he forgot his password and he has already made eight unsuccessful attempts to unlock the encryption device.
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Updated: Jan 17, 2021, 11:22 PM IST
Stefan Thomas, a man who forgot the password needed to unlock his $220 million Bitcoin, said that he has made peace with the unfortunate situation.
He said that time heals all wounds , adding that in initial couple of weeks, he was desperate , and questioned his self-worth after the loss. It was actually a really big milestone in my life where, like, I sort of realized how I was going to define my self-worth going forward. It wasn t going to be about how much money I have in my bank account, he said.
Bitcoin slid on Friday as investors took profits from the volatile trading week. The cryptocurrency fell as much as 11%, to $34,409.04, at intraday lows. The
»This Man Has Rs 1,800 Crore in Bitcoin, But Can t Get a Penny as He Lost His Password
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This Man Has Rs 1,800 Crore in Bitcoin, But Can t Get a Penny as He Lost His Password
Representative illustration of Bitcoin, one of the most lucrative and riskiest way to shore up your money today. (Image: Getty Images)
Imagine knowing that an insurmountable amount of wealth is lying inside a hard drive sitting right beside your bedside table, but the Bitcoin pitfalls mean you can’t touch any of it.
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Bitcoin has always been an enigma. While some have been major supporters of the decentralised digital currency that is built to be beyond any form of regulation, many have criticised it for its apparently clear lack of stability and the distinct security risks that it represents. As investing in Bitcoin today has grown into something very elaborate and worthy of long hours of strategising, early investors in the cryptocurrency did not have so much to fear. Today, thoug
Billionaire Bond King Jeff Gundlach says bitcoin appears to be in bubble territory
Emily GraffeoJan 12, 2021, 02:47 IST
FILE PHOTO: Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital, speaks at the Sohn Investment Conference in New YorkReuters on Monday
bitcoin hit bubble territory once it passed $23,000, and he doesn t feel comfortable with the coin s current levels. I don t like bitcoin here, I don t like things that are up on a stilt like that, the DoubleLine Capital founder said of the coin that rallied nearly 300% in 2020. He added that he s neutral on bitcoin.
Bitcoin fell as much as 13% on Monday to $30,558.
It s lost over $10,000 in value since hitting a record above $41,000 last week, but the coin is still up nearly 89% in the last month.