8.15am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin is currently priced at $6,069 after another fall last night from yesterday’s high of $6,241.
This week we’re responding to comment from Brian Kelly, founder and CEO of BKCM LLC, who replied to questions on the latest BTC price plunge by telling CNBC on Sunday – “this is not the funeral for bitcoin whatsoever.”
Bob Loukas, the founder of Bitcoin.Live told Express.co.uk that much of today’s volatility is part and parcel of waiting while the “excesses of the 2017 bull market to wear off.”
He said: “I agree with Brian Kelly, bitcoin is far from dead and we predict this fall will not be the end but another trial after which it is looking to emerge even stronger.
“From an investor’s standpoint, bitcoin’s ability to weather multiple attacks and price collapses, while remaining to be a great performing asset in the past decade, is beginning to gain trust in the marketplace.”
“The world is continuously watching the rise and fall of bitcoin from a very close proximity. What needs to happen if for investors to look at the progress of this cryptocurrency over time.”
Mr Loukas cites similar patterns of adoption with other radical technologies, adding that “although it is currently going through a bear market it’s just going to take more time for all the excesses of the 2017 bull market to wear off.”
He said: “For bitcoin, it started out perceived as this unknown and underground anarchist movement to what is becoming an accepted currency and an enterprise adopted technology.”
Got something to add? Send your reaction / thoughts / analysis / price predictions over to @DavidGDawkins.
Updates below throughout the day….
09.11am – Crypto still a social movement?
Nobel economics prize winner Robert Shiller told Bloomberg yesterday that bitcoin is a social movement whose popularity splits along geographic lines.
He said: “The East Coast is less into it than the West Coast.
“Silicon Valley is really into it. This to me shows that this is not a rational response to new information.
“It’s a social movement. It’s an epidemic of enthusiasm. It is a speculative bubble. That doesn’t mean that it will go to zero.”