The chief economist of the large European company Allianz, Mohamed El-Erien, in his column on Bloomberg, expressed the opinion that 2018 will be decisive for BTC. “This sharp price correction will either be a catalyst and increase the already huge interest of traders in the new market, or it will be the thing that punctures this remarkable bubble,” writes El-Erian.
Bitcoin has been falling in price recently after hitting a record high of $20,000 in December 2017. For investors new to the cryptocurrency market, this was a painful first lesson - the consequences of trading volatile and extremely volatile currencies can vary. Market veterans are probably already accustomed to the ups and downs in the price of digital currency. And although this situation is more than usual for Bitcoin, El-Erian believes that this was the biggest correction since the launch of BTC futures trading on American exchanges. Recall that in September last year, when Bitcoin was trading at a price of $3,500, El-Erian called this price unjustifiably high, and in October last year he said that $1,500-2,000 was a “reasonable” price for one Bitcoin.
Roger McNamee, musician and co-founder of Elevation Partners, also said in an interview with CNBC that he considers 2018 to be a decisive year for Bitcoin. "Whether the price rises or falls will indicate where Bitcoin will fit into the financial system of the future. We will see these big price swings, from sharp increases to declines. And I think that when the fluctuations calm down, we will get a lot of information about the role of Bitcoin in the long term. In the context of the larger financial world, cryptocurrencies are still a tiny market, but 2017 was an outstanding year for them. We ourselves have created a speculative situation around cryptocurrencies. And if this mania continues, who knows, maybe it will become a generally recognized industry."
According to https://themerkle.com
You May Also Like
Legalization of cannabis and the possibilities of cryptocurrencies
Less than two weeks after marijuana was legalized in Canada, citizens of the country began being denied entry into the United States due to the legal use of cannabis. Canadians became concerned that the United States' borders would be closed to them.
Will the Lightning Network launch?
Recently, news surrounding the Bitcoin network has remained relatively quiet. After Bitcoin's epic rise and subsequent fall at the turn of the year, holders around the world watched it quietly stagnate. There were some serious dives into bear territory; there were several false starts to what many hoped would be a price recovery.
