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Tuesday, 19 February 07:59 (GMT -05:00)



Foreign exchange market

Skeptics Predict Bitcoin Crash


As the amount of Bitcoin users is growing like never before, the amount of Bitcoin skeptics is growing as well. They are warning us that Bitcoin is doomed to crash at some point in the future. There are respected investors among them, who think that the rapid growth of Bitcoin and other altcoins is dangerous to those investing in them.

 
It's interesting to note that the amount of Bitcoin skeptics and critics who see cryptocurrencies as a major threat has been growing for a while. Peter Boockvar, a Wall Street veteran managing over 3,5 billion dollars for Bleakley Advisory, has recently joined the army of those who predict crypto-apocalypsis. He claims that when an asset price follows such a curve, more often than not this curve ends up reaching the starting point, which means a cryptocurrency market crash.
 
He shared this standpoint of his with the CNBC. In particular, he sees cryptocurrencies as a classic bubble. So, he doesn't deny Bitcoin crashing down to $1000-3000 over the next 12 months.
 
For those of you who don't know, this is where the price used to be 12 months ago. At the same time, NordFX experts inform us that on Tuesday, Bitcoin stayed around $11000. So, Mr. Boockvar's forecast means a downtrend by almost 90% off yesterday's prices.
 
 
The expert assumes that the popularity of cryptocurrencies has to do with the so-called monetary easing policies pursued by the Federal Reserve and the European Central Bank for years. The American and European central banks have been loading up on various assets at the expense of digital emission, thereby flooding financial markets with their money and attracting inspired investors. He thinks that this is the main reason why cryptocurrencies have been that popular so far - investors need new assets to diversify their portfolios, especially as Bitcoin and other altcoins have proved to be really profitable.
 
At the same time, the interest rates are now rising and making the fiat money more expensive, which is why a further cryptocurrency rally is no questioned. To reason his stand point, he has published the LIBOR chart, which reflects the average interbank interest rate. The experts predicts that one the cryptocurrency market makes a major drawdown, the investor community's attitude to risky assets is definitely going to change.
 
 

Experts Anticipate Crisis

 

Peter Boockvar is convinced that the conventional stock market is also going to be affected by the expected cryptocurrency market crash. By the damage is likely going to be dictated by psychological factors rather than an economic decline. The thing is, cryptocurrencies are not backed by anything really significant and don't have a really solid foundation to stand on.
 
Some other international experts have also noticed that cryptocurrencies have been increasingly influencing other financial markets, including stock markets worldwide.  For example, Jordan Rochester, FX Strategist at Nomura International Plc., thinks that the world is about to see a cryptocurrency crisis.  Deutsche Bank experts have found direct correlation between the Wall Street fear index and the Bitcoin exchange rate. In particular, they claim that the calmer the American stock market, the more investors start getting interested in cryptocurrencies.

 

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