Bit coin has now risen around 15 percent in the last 3 days, continuing its high volatility that was witnessed earlier in the year and still leaving pundits divided on whether the crypto currency is here to stay or it’s a disaster waiting to happen.
Bitcoin has now fallen from $19,000 to around $4250 in today’s trading session, which means investors who got in at the top of the market and didn’t get out are sitting on some serious losses.
"If you had invested in bitcoin a year and half ago, you're profitable. If you had invested when the price was $19,000, it's a disastrous investment," says Campbell Harvey, a finance professor at Duke University.
"With bitcoin, you've got some people that fundamentally believe that it's worth zero and others that fundamentally believe that it will soon be worth $1 million a coin. That is a massive amount of disagreement and uncertainty. It translates into extreme volatility." He added.
One of the most prominent financial voices floating around is New York Stock Exchange chairman Jeff Sprecher who believes rumors that bitcoin will become worthless are unfounded, and predicts that the crypto currency is here to stay for the long term.
He also noted that out of the many cryptocurrencies available, Bitcoin is the standout performer and is likely to retain this crown
"Somehow bitcoin has lived in a swamp and survived. There are thousands of other tokens that you could argue are better but yet bitcoin continues to survive, thrive and attract attention,” Mr Sprecher said
"Often times in finance, it’s not about being the best — it turns out to be about being the broadest and the most commonly accepted and for whatever reason bitcoin has become that. The unequivocal answer is digital assets will survive. He added.
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