The value of Bitcoin has started recovering, hitting a forty-day high at the beginning of this week. Nolan Bauerle – CoinDesk Director of Research said that Bitcoin will remain strong in the market despite the series of slumps the currency is facing.
Bitcoin has had a very tough winter after officials and banks were under serious pressure to regulate digital currencies, which resulted in the downfall of bitcoin’s value form $20,000 to $9,000. The cryptocurrency has been criticized by many finance experts. Even Morgan Stanley (a Banking giant) likened the present climate of the cryptocurrency’s market to the dot-com bubble that rose by 250 – 280% during its period.
Why Nolan Bauerle Believes in Bitcoin
Mr. Bauerle said: “Despite the sudden, severe changes in the price of bitcoin and its regulatory crackdown, the cryptocurrency is likely to maintain a significant position in the world of digital currencies. He said, since the beginning of digital currencies, Bitcoin has been the alpha and omega. Bauerle said bitcoin is what gave birth to other crypto ideas out there, and it will continue to be the world’s longest-running, most secure, and strongest blockchain and this will likely not change.
The Value of Bitcoin
Bitcoin was trading at $9,325 as of April 27. The digital currency saw its maximum peak late last year when it got to an all-time high of $20,000. According to a recent poll, bitcoin is gradually moving away from its negative reputation of being a center of attraction for criminals.
The Cryptocurrency Still Gets Negative Comments
The change of perception has not really stopped experts from speaking negative things about the digital currency. John Williams – the Head of Federal Reserve bank of San Francisco said that bitcoin has “a lot of issues.” Williams said that the institutional arrangements or setup around bitcoin, as well as other digital currencies, have issues with fraud, money laundering, and terror financing