Fed President reveals Bitcoin Rally surprise when price falls below …

Bitcoin’s blistering rise to a staggering total value of $ 1 trillion in recent months has done surprised many.

The Bitcoin price has since risen by about 350% its bull run began in October, reached heights of nearly $ 60,000 per. bitcoin over the weekend before falling to around $ 50,000 on Monday.

As the price of bitcoin fluctuates wildly, the president of the Federal Reserve Bank of Boston has revealed his surprise at the continued success of bitcoin.

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Boston Federal Reserve President Eric Rosengren has said he expects the latest bitcoin price control … [+] races end sooner or later.

Boston Globe via Getty Images

“Personally, I have been surprised that bitcoin continues to flourish,” Eric Rosengren, president of the Federal Reserve Bank of Boston, said in an interview with New York Times late last week, adding that he expects bitcoin prices to eventually “come under pressure”.

Rosengren pointed to the development of the central bank’s digital currencies, such as the digital yuan being tested in China, which potentially weighed the price of bitcoin and similar cryptocurrencies in the future.

“I would suspect that a number of central banks will have digital currency,” he said. “When there is a digital currency available, other than the underground economy, it is not clear why people would use bitcoin.”

Rosengren warned its bitcoin price warning before bitcoin fell by 10% on Monday.

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bitcoin, bitcoin price, chart

The Bitcoin price has risen by about 400% over the last 12 months, even after yesterday’s fall.

Coinbase

However, the recent bitcoin price volatility has been dismissed by many cryptocurrency market watchers.

“[The] price movement can galvanize bitcoin’s many critics, including those who recently dismissed the leading cryptocurrency as an economic side show, “said Paolo Ardoino, chief technology officer of bitcoin and cryptocurrency exchange Bitfinex, in emailed comments.

“Such criticism misses the point and the profound impact it is beginning to have. For many of the battle-tested exchanges that have withstood market fluctuations, volatility is not new and can be expected in such a young market.”

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