Tough times for cryptocurrency enthusiasts. Having hit $950 Bn last year, the cryptocurrency market valuation has been continuously going down since then. While Bitcoin, this week, having plunged below $6K is back to $6.5K now; however, crypto marvels clearly indicate tougher times ahead for Bitcoin and other cryptocurrencies.
Warning that over 90% of the cryptocurrencies are heading to disappear, Hong kong-based Bitcoin Wallet Xapo’s President Ted Rogers tweeted, “We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now.”
Brian Armstrong, Chief executive of San Francisco-based leading cryptocurrency exchange Coinbase too voiced similar opinion. In an interview with Bloomberg, he said that only about 10% of cryptocurrencies, including Bitcoin, will be used in real life applications such as in games and other purchases online; however, the mass Bitcoin adoption for payments is going to take a long time.
Bill Harris, former CEO of Paypal too joined the Bitcoin bubble debate. Speaking of Bitcoin, Bill averred that Bitcoin is a “cult”, heading “straight to zero.” Harris, however, later clarified that he didn’t mean absolute zero but near to zero.
Let’s take a look at this week’s crypto developments!