This week has been very bearish on digital currencies. The last couple of days have been more bearish as digital currencies are recording double-digit downward trends. The value of Bitcoin (BTC) has also declined significantly.
Over the past seven days, Bitcoin (BTC) has lost more than 16 percent of its value. Nevertheless, those losses have not been enough to convince a lot of investors and enthusiasts that the digital currency is not overvalued and it’s headed for a crash.
Many digital currency cynics have started voicing out their opinion about the fledgling industry. Some have greatly criticized Bitcoin (BTC) as well as the altcoins in the market. One of those blows against Bitcoin (BTC) and the crypto market came from Benoit Coeure.
Benoit Coeure Is Bearish on Bitcoin (BTC) as He Calls It Names
Benoit Coeure is an executive board member of European Central Bank. He recently voiced his opinion regarding Bitcoin and the crypto industry while he was speaking at the Bank for International Settlements in Basel.
While delivering his speech, Benoit Coeure called Bitcoin (BTC) several names. He labeled the digital currency “a Ponzi scheme, a combination of a bubble, and an environmental disaster,” according to Bloomberg.
Over the past couple of days, Bitcoin (BTC) has dropped significantly. The decline in the value of the coin is attributed to the dark cloud cast by Bitcoin Cash (BCH) over the Bitcoin (BTC) industry. Bitcoin Cash (BCH) itself is a hard fork of Bitcoin (BTC). However, there is now a split in the network.
The comments of Coeure reflect the enormous price rise of Bitcoin (BTC) over the past years. At the beginning of 2017, Bitcoin (BTC) was trading below the $1k mark, and it skyrocketed towards $20k by the end of 2017.
While Bitcoin (BTC) and other digital currencies have declined massively compared to their values earlier this year, their values are still far above what they were before the massive bull run last year.
Benoit Coeure said Bitcoin (BTC) was a very brilliant idea. He said, however, not every brilliant idea is a good one. Satoshi Nakamoto created Bitcoin (BTC) ten years ago. He created Bitcoin (BTC) towards the end of 2008 after the downfall of Lehman Brothers. That period also marked the beginning of the worldwide financial crisis.
Christine Lagarde Urges Central Banks to Consider Issuing Digital Currencies
Benoit Coeure spoke after Christine Lagarde took the stage. Christine Lagarde is the managing director of International Monetary Fund. When speaking at the summit, Ms. Lagarde urged central banks all over the world to consider issuing cryptocurrencies of their own.
Bitcoin (BTC) Is Heading for Zero Price
Nouriel Roubini – a U.S economist – said Bitcoin (BTC) is heading for zero price. Roubini is a very popular critic of Bitcoin (BTC) and decentralized digital currencies. Roubini has been highly bearish on Bitcoin (BTC) and other digital currencies, and he strongly believes Bitcoin (BTC) is heading to zero where it belongs.
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
Bitcoin (BTC) is currently trading at $5,525 after a decrease of about one percent over the past twenty-four hours. The current market cap of the digital currency is 96.04 billion and its trading volume over the past twenty-four hours is $4.71 billion.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
