Home Business News Bitcoin prices to drop below $2,000 next?

Bitcoin prices to drop below $2,000 next?

by Purvai Dua
22nd Nov 18 4:02 pm

After losing close to 30 per cent of its valuation in the last seven days, traders are left wondering if the digital currency could melt down to $2,000 valuation.

Let’s take a look at what some experts say:

Bitcoin bull Tom Lee, managing partner at Fundstrat Global Advisors, has stated in a market note: “While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications.”

Speaking on CNBC, Lee also admitted the recent decline “has definitely been a negative development.”

But there are others who are still bearish on the digital currency. The former chief economist at the IMF, Kenneth Rogoff, told CNBC that bitcoin “will be worth a tiny fraction of what it is now.” The Harvard economist also said that transaction costs and a lack of comparative speed put it well behind traditional payment systems.

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