Expert Believes Bitcoin Price Crash Will Continue
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Falling from a record high at the end of December, the Bitcoin price crash continues. Nouriel sent out a series of tweets over the last few days expressing his opinion that the Bitcoin price crash shows no sign of slowing down, stating:.
And the US Hearing on cryptoscams is only a day away. It has since become a meme of sorts, with Nouriel using the will bitcoin continue to sell off end of bitcoin to express his expectation that the rapid downturn will continue and belief that investors should brace themselves for continued losses.
Although Nouriel and many investors are convinced that cryptocurrency is dying, there are other experts that are much more optimistic. For example, in an interview with Al Jazeera, Nithin Eapen, chief investment officer at Arcadia Crypto Ventures, suggested that Bitcoin is here to stay. Compared to that, this is nothing…This is like and the internet.
The Bitcoin price crash is not unique either, with the majority of virtual currencies also seeing their valuations decrease. While Nouriel is just one economist out of many, it seems as if a successful future for cryptocurrency is anything but guaranteed. Bitcoin value has varied drastically since its inception, and its current price still puts it far above where it was at this time last year.
The upcoming Congressional hearing on cryptocurrency is just the latest in an outpouring of hesitation from governments and other regulatory bodies around the world. With a total market cap in the hundreds of billions of dollars, the influence of cryptocurrency is too big to ignore.
Leaked documents from the Chinese government suggested that the country would soon be leveraging higher taxes on Bitcoin miners—a significant issue for mining corporations that call the company home due to low utility costs. This regulation, if put will bitcoin continue to sell off end of bitcoin effect, comes on the tail of the shutdown of Bitcoin exchanges and the banning of initial coin offerings within the country.
Israel has also expressed its concern about cryptocurrency, discussing a potential ban of Bitcoin pending a review by its financial regulators.
While traditional stocks are generally tied to something concrete such as the performance of a company, the value of Bitcoin and digital currencies like it is largely subject to speculation. Even as governments start to treat cryptocurrency more like a traditional investment, Nouriel and others believe that this downturn may spell the end for Bitcoin and its brethren. Nouriel sent out a will bitcoin continue to sell off end of bitcoin of tweets over the last few days expressing his opinion that the Bitcoin price crash shows no sign of slowing down, stating: The uncertain future Of cryptocurrencies While Nouriel is just one economist out of many, it seems as if a successful future for cryptocurrency is anything but guaranteed.
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