Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Research Firm Calls Bitcoin 'Essentially Worthless'

Published 10/04/2018, 11:42
Updated 10/04/2018, 11:42

Investing.com - Capital Economics says bitcoin is "not a credible long-run alternative to conventional currencies" and is "essentially worthless."
In a note to investors, the firm said it sees more losses ahead for the No. 1 cryptocurrency, which has already lost more than half of its value this year.
Capital Economics said there are several reasons behind the plunge: concern about a global regulatory crackdown, the ban on ICO advertising on major Internet sites such as Facebook (NASDAQ:FB) and Twitter and the decision by some U.S. and UK banks to ban cryptocurrency purchases with their credit cards.
In a January note, the firm said bitcoin "has all the hallmarks of a classic speculative bubble, which we expect to burst."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.