On March 5, the cryptocurrency bitcoin crossed $68,900, the highest price in its 15-year history. The news comes less than two years after a vicious industry-wide crypto meltdown that vaporized billions of dollars and culminated in the criminal convictions of industry titansMost analysts aren’t surprised by this rebound: bitcoin has long risen and fallen in volatile cycles. But they are split about what its price surge means for the future.
But the trend of major institutions leading the price surge has crypto skeptics worried. “The involvement of traditional and trusted financial firms like BlackRock and Fidelity not only provide false comfort, but also a level of assumed legitimacy,” says Dennis Kelleher, a co-founder of the financial reform advocacy group Better Markets. “Financial firms have engaged in a massive marketing campaign that’s just getting off the ground, and opened up a gigantic new pool of Main Street investors.
Erlam and Qureshi also disagree on the impact that the rise of AI may have on bitcoin. Erlam contends that AI will absorb much of bitcoin’s oxygen. “AI stocks can now move from $20 to $50 to $100 in a short period of time—and those speculative instruments have both real life use cases and potentially massive returns,” he says. “If we start seeing more and more use cases emerge in AI, it will be an interesting test for bitcoin.
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