In the previous 24 hours, the worldwide global valuation of cryptocurrencies has plummeted to $1,24 trillion, down from $1,29 trillion on Wednesday, according to Coinmarketcap. Bitcoin dropped to over $29,000, a figure last witnessed around December 2020. According to certain sources, there seems zero guarantees that a further BTC pullback will not occur.
Ben Bernanke, the former chairman of the Federal Reserve, has issued a caution to Bitcoin (BTC) investors. Bernanke thinks Bitcoin has two existential threats from politicians and governments in a recent CNBC interview.
Bitcoin will not become an alternative form of money, says former Fed Chair Ben Bernanke
“One of the other risks that Bitcoin has is that it could, at some point, be subject to a lot more regulation. And anonymity is also at risk, I think, at some point. So investors in Bitcoin should be aware of that.”
Bitcoin and various cryptocurrencies, according to the former Fed chair, had underperformed in their intended aim.
“Bitcoin i druge kriptovalute čija se vrijednost mijenja iz minute u minutu bile su uspješne kao špekulativna imovina. I ljudi upravo sada vide lošu stranu toga. Ali, oni su trebali biti zamjena za fiat novac. I mislim da u tom pogledu nisu uspjeli.
Jer ako bi Bitcoin bio zamjena za fiat novac, možete koristiti svoj Bitcoin za kupovinu namirnica. Niko ne kupuje namirnice Bitcoinom jer je to preskupo i previše nezgodno za to. Štaviše, cijena namirnica, cijena celera, radikalno varira iz dana u dan u smislu Bitcoina. Dakle, nema stabilnosti ni u vrijednosti Bitcoina.”
Bitcoin seems doubtful to supplant fiat currencies as a source of cash, says Bernanke.
“Ne mislim da će Bitcoin preuzeti alternativni oblik novca. To će postojati sve dok ljudi budu vjernici i žele da spekulišu o tome.”
Bitcoin is trading for $29,800 at the time of writing.
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Source: https://coinpedia.org/bitcoin/bitcoin-traders-should-be-aware-of-these-2-major-risks-on-horizon/