Bitcoin, ethereum, ripple and other cryptocurrencies have taken the finance world by storm, despite the lack of investable options for investors who aren’t comfortable owning the tokens outright. The bigger issue, however, is whether these or any other cryptocurrencies will survive, which is critical when it comes to investing in the long term.
Needless to say, there’s a lot of disagreement about this topic. A recent report from Goldman Sachs outlined just how far apart the bulls and bears are on the matter. In fact, one Goldman analyst thinks the bitcoin price is going to zero and that no current cryptocurrencies will survive the long term. Meanwhile, Pantera Capital’s CEO sees the bitcoin price eventually at $500,000 and predicts the long-term survival not only of bitcoin, but also ethereum, ripple and some of the other early cryptocurrencies.
One of those interviewed in the Goldman report was Steve Strongin, who heads up the firm’s Global Investment Research division. He actually said that cryptocurrencies have no “intrinsic value,” although he also said that fiat currencies don’t either. What makes them valuable is the widespread belief that they do have value