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.
“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.
Tesla billionaire Elon Musk made strong Bitcoin and Ethereum price warning as crypto market approaches $ 2 trillion
“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.
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.”
Follow me on Twitter.
More Tags We Lovewhich is the best mobile insurance company in india how to find your insurance card online who are the worst insurance companies what is a term life insurance plan cheapest auto insurance monthly what type of insurance is california health and wellness how much do auto insurance rates vary by age life insurance companies in texas what does no medical life insurance mean insurance companies in canada