Bitcoin has lost in value by thousands of dollars to take the cryptocurrency’s price to below $10,000.
It happened after Facebook executive David Marcus answered questions about the tech giant’s plans to launch its own cryptocurrency called Libra.
What is usual value of Bitcoin?
Bitcoin’s current price of around $9,500. In the beginning of the year it was $4,000. In 2017 it was close to $20,000.
Many senators in public hearing were criticizing cryptocurrency. Some of them supposed that the Libra cryptocurrency could be exploited by criminal organisations to facilitate money laundering, or even finance terrorist activities.
David Marcus tweeted that Facebook’s cryptocurrency would not be launched until the firm has “addressed regulator concerns”.
Marcus Swanepoel, CEO of cryptocurrency firm Luno told that “The criticisms of Google, Facebook and all cryptocurrencies have unsettled investors,”
Plenty of reasons to stay positive
Despite the losses, many bitcoin advocates remain positive about the future of the cryptocurrency.
One of the most outspoken figures in the space is cyber security pioneer John McAfee, who earlier this week stood by his bet that bitcoin will hit $1 million by the end of 2020.
Generally speaking it was just a weekly news that had short term effect on Bitcoin value, however in a longer term we can see Bitcoin power is growing and many jurisdictions started to support it. Recent example is that China’s central bank announced launching a state-backed cryptocurrency and handing it out to several biggest institutions in the country. Other countries also work hard in terms of regulations and creating crypto-friendly cleat for investors.
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Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the Ceo of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.