Will Cryptocurrency Suffer its own “Black Tuesday”?
The entire crypto world took a hard hit this week, diving down close to a third in percentage. Analysts quickly jumped on the bandwagon to offer their own input on the future of Bitcoin and other cryptocurrencies with varying predictions. RT spoke to both Mikhail Grachev and Mikhail Mashchenko and asked what they thought about the current crisis.
Grachev, a financial consultant with TeleTrade, has a grim outlook on the matter citing crypto’s alleged association with certain illegal activities. “Despite the declared advantages of cryptocurrencies (security, anonymity, and de-regulation), the same pros have become cons that the currency should not have,” he told RT. He also feels early investors could have a huge impact if and when they decide to cut and run with their accumulated earnings.
On the opposite side of the spectrum, Mashchenko is convinced the digital market is not going anywhere soon. As an analyst for social trading and investment network eToro in Russia and CIS, Mashcenko offers his world view of the situation. Although he did admit the comparison of cryptocurrency to the dot-com bubble of the late ‘90’s is somewhat accurate, he stated that the survivors of that dot-com bust are now thriving. He is confident Bitcoin and others have a long, happy future. He understands the crypto market is complex and other currencies besides the well-known Bitcoin could be the answer for current and potential investors alike.
https://www.rt.com/business/414045-cryp ... eet-crash/
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