After the billionaire entrepreneur claimed on Twitter that Bitcoin was in a bubble and not, in fact, a currency at all, the cryptocurrency dropped significantly in value, seemingly illustrating a fragile and unstable nature.
Whether due to historical precedent, a monopoly on investment, or simply an easily swayed investor pool, it seems pretty likely that this recent rise of cryptocurrencies will lead to some sort of drop.
As Brian Kelly, CEO and founder of global investment management firm BKCM, told CNBC , Bitcoin is “in the first years of what is likely to be a multi-year bull market.
“I would say I think conventional wisdom now is that blockchain and the underlying technology is probably more interesting and has more potential than maybe Bitcoin does by itself,” Minneapolis Federal Reserve Bank President Neel Kashkari explained in a Reuters report .
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