The rise of cryptocurrencies is boon for some and bane for others: The BITCOIN prices witnessed a fall after financial institutions were confronted with rising pressure to regulated cryptocurrencies. Moreover, the attitude of people towards the Bitcoin is also changing. Further, as the price of bitcoin is hovering around $8000, the cryptocurrency pundits are predicting even more hike in its price by the end of this year.
Commenting on the news channels CNBC, Mr Luorio said, “I think it’s going to go higher from here. There has been a lot of regulatory headlines and bitcoin held in. Now, I think if it trades $8,200, a little bit above where it is right now, I think that’s a spot to stop in with a target of $9,400 on the downside.“
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In a rare statement, the head of IMF, Christine Lagarde has stated that the rapid acceptability of the cryptocurrency will make the global financial system much more secure. She further added that lower cost of financial transactions and diversification of financial landscape will prove to be a boon for the global economic system.
Additionally, the growth of cryptocurrencies will strike an appropriate balance between the centralized and decentralized service providers. Although the incumbents have frequently criticized the adaptation of cryptocurrencies, there are other banks such as Morgan Stanley who have joined the ranks of cryptocurrencies. One of the strongest opposition to the phenomena of cryptocurrencies come from the Bank of England Governor Mark Carney.
Mr lowe further said, “The value of bitcoin is very volatile, the number of payments that can currently be handled is very low, there are governance problems, the transaction cost involved in making a payment with bitcoin is very high and the estimates of the electricity used in the process of mining the coins are staggering.”