BITCOIN is not going away, an expert has claimed, despite the cryptocurrency undergoing a bearish start to the new year with its price falling down to below $8,000.
Cryptocurrency expert claims Bitcoin is here to stay
Bitcoin has struggled this year and its price plummeted to a two-month low latest Friday.
Nithin Eapen, Chief Investment Officer at Arcadia Crypto Ventures has claimed the cryptocurrency will always be volatile but said that Bitcoin was the future.
He said: “This is nothing you see. It has just fallen 20 percent this week, maybe in the two months, it has fallen 50 percent.
“I used to remember times when this was one dollar, then it goes to $10 and then it’s back to $3. Compared to that, this is nothing.
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“For all of those newbies out there, oh my God, they’re going to get crushed, but this is not classical music, or Jazz, this is punk rock, and they have to be ready for that.
“If you are expecting classical music, something that is very calm, well you are in for a surprise.”
Also speaking on Al Jazeera, Mr Eapen said: “What percentage of people are in crypto? And this is changing the world.
“This is like 1994 and the internet. By 1998 most of the analysts out there were saying ‘by 2002 there is not going to be any internet there and this hype is going to go away.’
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“So in between that prices went up and prices went down but the space is expanding”.
The expert also claimed that he did not think Bitcoin would be able to be regulated.
“One, you cannot regulate Bitcoin because nobody owns it,” he said.
“You cannot take the server down, there is not one server to take down, there is not one company to take down.”
Bitcoin’s price fell 5.74 percent according to Coindesk, down to $7,716.73, after opening at $8,186.65, at 10.52am (GMT) on Monday 5 February.
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Bitcoin could be set to bounce back as ahead of a meeting this week of the US Senate Banking Committee to discuss the regulation of cryptocurrencies in the country.
Bitcoin hit a price high of nearly $20,000 around the Christmas period.
The meeting could provide clarity for institutional investors who have been sceptical about jumping on the bitcoin bandwagon.
Brian Kelly, the CEO of an investment firm focused on digital currencies, said: “One of the biggest problems we’ve had in this market is institutional investors don’t know where exactly they stand regulatory wise, what can they do, what can’t they do.”
Ran Neuner, CEO of OnChain Capital even claimed that Bitcoin would return to its high prices of last year.
He said: “I’ve been tracking bitcoin since last year and it went up from $17,500 up to $20,000 in anticipation of the futures.
“I’m expecting the market to hover here for a little bit, a little bit nervous. And then I’m expecting some kind of something to bring up the green candle and that will start the momentum back up again.”
