BITCOIN is not going away, an experienced has claimed, despite the cryptocurrency undergoing a bearish begin to the fresh year with its price falling down to below $8,000.
Bitcoin has struggled this year and its price plummeted to a two-month low latest Friday.
Nithin Eapen, Chief Investment Officer at Arcadia Crypto Ventures has claimed the cryptocurrency will always be volatile but said that Bitcoin wasgoed the future.
He said: &ldquo,This is nothing you see. It has just fallen 20 procent this week, maybe te the two months, it has fallen 50 procent.
&ldquo,I used to recall times when this wasgoed one dollar, then it goes to $Ten and then it&rsquo,s back to $Three. Compared to that, this is nothing.
Bitcoin price news: Nithin Eapen said Bitcoin wasgoed not going away
&ldquo,For all of those rookies out there, oh my Aker, they&rsquo,re going to get crushed, but this is not classical music, or Jazz, this is punker rock, and they have to be ready for that.
&ldquo,If you are expecting classical music, something that is very tranquil, well you are ter for a verrassing.&rdquo,
Also speaking on Reeds Jazeera, Mr Eapen said: &ldquo,What percentage of people are ter crypto? And this is switching the world.
&ldquo,This is like 1994 and the internet. By 1998 most of the analysts out there were telling &lsquo,by 2002 there is not going to be any internet there and this hype is going to go away.&rsquo,
This is nothing you see. It has just fallen 20 procent this week
Nithin Eapen, Chief Investment Officer
&ldquo,So ter inbetween that prices went up and prices went down but the space is expanding&rdquo,.
The experienced also claimed that he did not think Bitcoin would be able to be regulated.
&ldquo,One, you cannot regulate Bitcoin because nobody possesses it,&rdquo, he said.
&ldquo,You cannot take the server down, there is not one server to take down, there is not one company to take down.&rdquo,
Bitcoin&rsquo,s price fell Five.74 procent according to Coindesk, down to $7,716.73, after opening at $8,186.65, at Ten.52am (GMT) on Monday Five February.
Cryptocurrency price: A year te charts
Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year
LiteCoin is going down with the market dip
Bitcoin could be set to bounce back spil ahead of a meeting this week of the US Senate Banking Committee to discuss the regulation of cryptocurrencies ter the country.
Bitcoin klapper a price high of almost $20,000 around the Christmas period.
The meeting could provide clarity for institutional investors who have bot sceptical about hopping on the bitcoin bandwagon.
Brian Kelly, the CEO of an investment rock-hard focused on digital currencies, said: &ldquo,One of the largest problems wij&rsquo,ve had te this market is institutional investors don&rsquo,t know where exactly they stand regulatory wise, what can they do, what can&rsquo,t they do.&rdquo,
Ran Neuner, CEO of OnChain Capital even claimed that Bitcoin would come back to its high prices of last year.
He said: &ldquo,I&rsquo,ve bot tracking bitcoin since last year and it went up from $17,500 up to $20,000 te anticipation of the futures.
&ldquo,I&rsquo,m expecting the market to hover here for a little bit, a little bit jumpy. And then I&rsquo,m expecting some zuigeling of something to bring up the green candle and that will embark the momentum back up again.&rdquo,