As it often happens, at the moment of panic and the fall in the price of bitcoin, there is even more criticism and negative opinions. The current recession is not an exception.
According to Tradingview citing Coinbase prices, BTC crashed to around $46,800 before bouncing back over $50k again during Tuesday morning’s Asian trading session.
However, as one of the analists said: “Remember who’s driving the market. Coinbase whales have been accumulating $BTC in 44-48k range. Even if there are more corrections, it’s unlikely to go down below 44k.” – and hopefully he was right.. We will see it soon..
Below is one of recent negative views on Bitcoin from U.S. Treasury Secretary Janet Yellen…
WASHINGTON, Feb. 22 (Xinhua) — U.S. Treasury Secretary Janet Yellen warned on Monday that Bitcoin is a highly speculative asset and extremely inefficient for conducting transactions.
“It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer,” Yellen, a former chair of the Federal Reserve, said at a New York Times DealBook conference.
“To the extent it is used, I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering,” Yellen said.
Yellen’s warning came as Bitcoin tumbled as much as 17 percent to below 48,000 U.S. dollars on Monday after hitting a record above 58,000 dollars over the weekend.
While market capitalization of Bitcoin topped 1 trillion dollars on Friday, the leading cryptocurrency is still far from becoming a mainstream investment asset, bringing risks of overvaluation and price volatility, according to multiple investment advisory firms.
“The reality is nobody knows what the value of this pseudo-asset is. It doesn’t have any value cause it doesn’t have any income, doesn’t have any use, doesn’t have any utility. So it’s a speculative play on a bubble that is self-fulfilling,” renowned economist Nouriel Roubini told Yahoo Finance Live on Monday.
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