Bitcoin saw a dramatic crash in prices last week as the value plummeted to an overnight low of around $8,000 on Monday after Lloyd’s bank announced a ban on buying NTC with credit cards.
With the cryptocurrency’s recent crash more scepticism around the so-called digital gold grew among financial experts.
JP Morgan’s John Normand told Bloomberg he dislikes bitcoin and does not believe the cryptocurrency will replace or challenge traditional currencies.
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He said: “I don’t like bitcoin relatively to government-issued currencies.
“I understand its novelty value and I understand its usefulness in a few circumstances.
“But as long as it will never be legal tender I fail to see how it’s ever going to be a challenge to Government-issued currencies.”
Nigel Green, CEO of deVere Group claimed bitcoin could gain by 50 to 60 per cent but will remain highly volatile as it comes under “increasing pressure” from ethereum and other cryptocurrencies.
He said: “Bitcoin – the world’s highest profile and largest by market-cap cryptocurrency - slumped by 30 per cent last week. There’s increasing scrutiny of the market by governments around the world, plus enhanced regulation.
“However, demand for cryptocurrencies is set to skyrocket in 2018 as more people get to know about them and use them, and as the interest of governments and businesses, and more regulation, demonstrate how the market is maturing and becoming ever-more mainstream.”
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Cryptocurrency price: A year in charts
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Oliver Isaacs, a cryptocurrency investor and influencer, believes the technology behind bitcoin could be the currency’s saving grace.
And he believes that while there may be a current dip in value, the currency will recover over time.
He told Express.co.uk: “The crypto-markets are extremely volatile and as an investor, you often have to look beyond the initial panic of a large price drop, not let emotions get in the way and look at the long-term likelihood of a positive return.
“Bitcoin, Bitcoin cash, Ethereum, and Ripple are some of the most well-known and talked about cryptocurrencies with largest market caps.
“While their short-term value fluctuates depending on the market news, the underlying technology – blockchain will survive and prosper, and I am very confident in the tech. I am a strong advocate for Ethereum and Bitcoin cash and believe the price will recover over time.”