The recent drop could be a result of a recurring trend that's in fashion again: Wall Street experts and analysts having a contest in predicting how low Bitcoin could go. Bitcoin just made the Winklevoss twins billionaires. According to Boockvar, bitcoin is a "classic bubble," one that might burst as soon as central banks worldwide start increasing interest rates.
And Robert Shiller, a Yale University professor and a winner of Nobel Prize in economics, once again compared the Bitcoin craze with the infamous tulip mania, one of the first examples of a speculative bubble, Express reported Sunday. Shiller said the price of Bitcoin could "totally collapse," but he also admitted he's unsure about the cryptocurrency, saying that it might just as well "be here in years. The slew of negative predictions aligns with the World Economic Forum, which is taking place from Jan.
Given the number of economics experts there, one can expect a couple more comments on Bitcoin's inevitable demise. It's hard to gauge as to what extent these comments influence the price of Bitcoin, which is in an odd state right now: With no significant news on the development side and no movement in terms of its wider adoption as a currency, its price depends solely on the sentiment of traders and external factors.
In fact, a new Bitcoin bull run would likely inspire experts on the other side of the fence to start predicting extremely high price figures again — and possibly spark another wave of euphoria. There's a common thread amongst most of the doomsday scenarios: They all focus on Bitcoin. Yes, the original cryptocurrency is still here, like a sleeping giant.
It has the first-mover advantage and an air of mystery due to its creator's anonymity, but it sorely needs movement on the development front or some good news from regulators for the price to start moving upwards again. The price of Ethereum is down from a January high in dollar terms.
Since early January, however, it's on the rise if compared to Bitcoin. However, the cryptocurrency world has all but moved on. And other cryptocurrencies, including Ripple, Bitcoin Cash, and Cardano have all risen in value compared to Bitcoin.
Unlike Bitcoin, all these projects benefit from very active development, an ever-increasing number of partnerships, and stacked roadmaps. Right now, it appears they're hurting by sheer association with Bitcoin, but as more old school economics experts realize Bitcoin is not the only cryptocurrency in town, this might change.
We're using cookies to improve your experience. Click Here to find out more. Tech Like Follow Follow. Here's what you need to know before you buy bitcoin.
Customers simply set up their API credentials, click вApply Settings,в and Butter-Bot will start trading automatically on the customerвs behalf. Iu0027ve put: use 15 balance but it doesnu0027t work, it didnu0027t even buy thecoins. The Kraken exchange declined to comment on the lawsuit.