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After falling down for the past weeks like a stone, Bitcoin, made a bounce back in an upward way on Friday and early Saturday, gained close to 12% within 24 hours. Other cryptocurrencies like Ethereum also gained close to 12%, while Litecoin is even better gained close to 19%.
It's a BIG relief to cryptocurrency investors, especially to those who buy at the higher price than the recent levels, before China slams Initial Coin Offerings (ICO). But is the worst end? Will cryptocurrencies reach again $5000 without China?
Stelian Balta, Founder and Managing Partner of HyperChain Capital, says,
“If we look at Bitcoin or Ethereum from a technology perspective, the bad news is not entirely relevant. Miners will continue to mine and developers will continue to create great code and projects. Digital assets are a global phenomenon and the ecosystem is in its early days.”
Balta argues that cryptocurrencies will survive and thrive without China.
“I am very optimistic regarding the global digital assets market,”
He says.“Digital assets can be considered commodities trading on supply and demand. There is fixed supply and increasing demand. China is an important market and the recent news of exchanges shutting down and ICO funding being banned certainly has a short term negative effect on the prices.
However, digital assets are a global phenomenon. Huge Internet businesses like Facebook or Google are banned in China and are doing pretty well.”
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I think in the near future bitcoin will skyrocket. John Mcafee recent said that he believes that conservatively bitcoin will go upto 500,000 dollars, I have also heard long term estimates of 1.5 to 3 million. To me this makes sense because when I talk to my friends and family either they do not know about it or dont know how to purchase bitcoin. I upvoted this post
@modiggy thanks for upvoting mypost. it's a big help, Yes you do have a point on that. before nobody knows yet about the bitcoin but look what is happening now. . this is really a big skywalker of the future. .Bitcoin will be successful despite of the ups and down of the market.
don't forget to follow me also.
Its again going down :)
It's doing fine at least, unlike for the past weeks.
yep, china is telling their exchanges to shut down. It's going to be a bumpy few weeks but I like the resilience of Bitcoin at $3200
yes. . it's good to invest when it is still in a low price.. there will be a big risk. . but if your risk taker it's gonna be the good chance.
thanks for upvoting guys
This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
done. thanks
continue posting guys. . thanks
upvote guys. . please it's a big help
Continue upvoting guys. Thanks
hello guys. .. don't forget to follow me as well