29 Mar Is Bitcoin Coming To An End?
Is the revolutionary cryptocurrency Bitcoin coming to an end? This has turned out to be one of the hottest queries of investors lately. Bitcoin is undoubtedly the biggest cryptocurrency that has ever existed and being the pacesetter it has a great influence on other cryptocurrencies as well. However, Bitcoin has always been considered a bubble, and with this impression; the end of this bubble is obvious.
Last week has been tough for Bitcoin as it experiences a drop of a straight 20%; however, it was not the only cryptocurrency to experience loss; as other big names like Ripple and Ethereum also embraced huge losses. Although the fall of Bitcoin had been a gossip for a long time, it seems that it is now finally coming to an end.
In an interview with CNN last month, the billionaire investor Warren Buffet also asserted that he would never invest in Bitcoin and other cryptocurrencies as he predicted that these popular assets are heading to their fall. His longtime business partner and manager Charlie Manger, also endorsed the statement of Buffet while explaining Bitcoin and cryptocurrencies as the bubbles that can be burst anytime. Bitcoin has now fallen below $3500 majorly because of the steps that are taken by some banks and countries for shutting does the Bitcoin exchanges while it has also been declared illegal in China, which also leads to a huge fall in three major cryptocurrencies including Bitcoin, Litecoin, and Ethereum.
Financial banks are among the biggest reason that are destroying cryptocurrencies at large because they have realized the fact that if they will not destroy it, it will destroy them; since it is the currency for the masses without bank and government control. Bitcoin and other cryptocurrencies have no financial, government, or bank interference and control, and had the potential to replace banks. This is why big banks are now calling it illegal in order to discourage people to invest in it.
Additionally names like Jamie Dimon who is a prominent leader at J.P. Morgan Chase Co. brand Bitcoin as a fraud. On the other side, Bitcoin has been existing for over eight years and had faced a lot of criticism; but it made to come a long way. Supporters of Bitcoin argue that Bitcoin is actually taking over the market and that the drop in Bitcoin price is merely an impact of an initial price that is being generated the Asian countries.
Undoubtedly, the impression of calling it illegal is definitely producing a long-lasting and devastating effect. In other words, it could just be another stepping-stone for cryptocurrencies to stand on. Hence it is too early to decide whether Bitcoin has come to an end because no one knows, maybe Bitcoin once again survives the criticism rather be reaching an end.