Bitcoin has now tumbled over 15 percent so far this week falling down to a nine month low as doubts crept in whether the big money would start investing in the crypto currency
One of the major factors that has been underpinning the price of the Bitcoin and driving its recovery since the middle of August is speculation that some of the big players had begun looking at bitcoin as an investment alternative investment with banks like Goldman Sachs announce plans for a trading desk for Bitcoin.
This excited the market as a new round of legitimacy had seemingly arrived and justified Bitcoin’s recovery with the mentality if the big boys are going in why can’t we? (The average investor)
That all came crashing down on Wednesday when Goldman Sachs announced they were putting on hold their plans for a cryptocurrency trading desk which spooked the market as many believe this temporary delay will become permanent and the bank has abandoned its plans all together with regards to investments in bitcoin.
The US Securities and Exchange commission’s continual refusal to allow exchange traded funds on Bitcoin is also not doing bitcoin any favours
Some investors however are brushing off this latest big money theory and believe the structure of bitcoin is changing and is no longer suitable for short term investment as it was in the past. Investors have to be prepared to invest for the long term just as they would with any other asset class.
"If we expand the time frame" we use to measure bitcoin's growth, "we will see a very attractive bullish trend," said Charles Thorngren, CEO of Noble Alternative Investments.
"This new phase of Bitcoin is no longer the easy money day trading cryptocurrency, its time for the longer term investor to stake their claim and benefit." He added.
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