on the crypto
Despite JP Morgan's doomsday prediction, Bitcoin investors still have an interest in investing. American bank analysts predicted last week that Bitcoin prices would plummet to $ 25.000 in the coming weeks.
They claimed that the fair market value of the asset is between $ 23.000 and $ 35.000. Bitcoin was trading at $ 32.225 at the time of the projection on June 24. However, the value of the asset has increased by 10,11% in the past 11 days.
Ripples Nigeria found that the most popular cryptocurrency was $ 3.261 and currently sells for $ 35.472.
Bitcoin continues to rebound with its value up 2,29% in the past 24 hours. Analysts had expected a sell-off. Investors have continued to be interested in Bitcoin and are looking to increase its value.
The ideologies of Bitcoin
He said that "Bitcoin removes power from dictators and allows financially disadvantaged people to protest peacefully and uses software to stop censorship to ensure freedom."
Michael Saylor, founder of Microstrategy Software Solutions, stated that Bitcoin is now a wedding gift and cited an article to support his claim on the value of the asset.
"Parents are starting to give their children Bitcoin as a wedding gift in India." He wrote on Twitter: "Don't bet against long-term rational behavior."
For those wishing to follow this trend can start buy Bitcoins through reliable platforms.
Bitcoin is a wrong currency
Aswath Damodaran, an Indian professor, believes that BTC is not a good example of a currency because most people don't choose it for payment.
Aswath Damodaran, a professor at New York University and a financial specialist, criticized bitcoin in a recent speech. According to him, bitcoin has failed miserably and has not proved to be a reliable currency.
BTC and gold are not the same
Aswath Damodaran, a prominent Indian professor, shared his views on bitcoin in the latest episode of Moneycontrol Masterclass. He stated that the largest cryptocurrency is not considered a good currency as people don't use it for home and daily purchases.
“A good currency is one that can be used to buy coffee, your home or a car. Bitcoin has failed in all of these areas, and not only has it failed, it has failed badly. "
The Indian talked about the correlation between digital assets and gold. He claimed that the yellow metal was the shop's true value as it holds its price in the face of financial disasters. He pointed out that bitcoin is a volatile investment tool and therefore not a good choice.
“Gold's biggest claim is its ability to hold its value even when stocks go down. If I apply the same test to bitcoin, and look to 2020, it doesn't behave like a collector's item. It was a very risky stock. Simply put, adding bitcoin to my stock portfolio just makes it more volatile.
Was BTC Really That Disappointing?
While many people have questioned bitcoin's merit due to its fluctuating fiat currency price, MicroStrategy CEO Michael Saylor - said it is a better investment than gold in these uncertain economic times of rising inflation. He claimed that bitcoin surpasses the yellow metal 50 times.
“I believe inflation has been a constant expectation for the past 12 months. I think we're seeing it now. Investors are seeing bitcoin rise by 330%, while gold is up 7% over the same period. Bitcoin is now surpassing gold by 50 percent as a hedge against inflation.
Saylor is a well-known BTC maximalist and highlighted the advantages of cryptocurrency over other investment options.
