leonkuravson (leonkuravson) wrote,

Can cryptocurrency mania end like Wall Street Crash of 1929?

Bitcoin and the cryptocurrency market plunged by almost a third this week. What could this mean for the future of digital money? Analysts, polled by RT are divided on the matter.

“Despite the declared advantages of cryptocurrencies (security, anonymity, and de-regulation), the same pros have become cons that the currency should not have,” TeleTrade financial consultant Mikhail Grachev told RT.

Anonymity makes it possible to pay for prohibited items - drugs, weapons, says the analyst. The lack of regulation leads to a lack of responsibility, and if any controversial issue arises, it will hang in the air, he added.

“And the most important argument is that bitcoin, etherium and others cryptocurrencies, are quoted in US dollars, and no one has given up on the greenback in favor of a combination of digital symbols,” Grachev said.

The cryptocurrency market is going to crash, when people who invested on the dawn of the boom, will cash out, says the analyst.

Tags: bitcoin
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