The price of bitcoin on Thursday by 13:30 Moscow time continues to fall – by 3% to 48.882 thousand dollars, according to trading data. Cryptocurrency within 5 days “exchanged” another round mark of 49 thousand, starting to fall from a historical maximum of 58.352 thousand dollars on Sunday, February 21.
Over these days, the popular cryptocurrency has fallen in price by a quarter after continuously appreciating since January 31, and its value has almost doubled.
The cost of bitcoin began to rise sharply on Monday, February 8, from 44 thousand dollars: demand was spurred by the Tesla company Elon Musk, who bought bitcoins for $ 1.5 billion. The demand was also supported by investors who buy cryptocurrency in the hope of protecting their savings from the threat of inflation.
But the bitcoin rate collapsed by the same Musk, who reiterated that the price of the cryptocurrency was overstated. Bitcoin and Ethereum are “really high”, Musk wrote in addition to his tweet that everything regulates supply and demand. “Money is just data that allows us to avoid the inconvenience of bartering. This data, like everything else, is prone to delays and errors. The system will evolve to minimize both,” Musk said.
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
Musk was previously skeptical of cryptocurrencies. He was against Tesla’s investment in cryptocurrency – the investment is “reckless.” But Musk is not running the company.
“The fundamental value of bitcoin is negative given its enormous environmental costs (mining consumes a lot of energy),” said economist Nouriel Rubini, who predicted the 2008 global crisis. Tokens are a “return to barter,” Roubini said. This is not inflation protection or even assets – bitcoin does not create cash flow, has low liquidity and is not used for payments. He likened the boom in cryptocurrencies to the Tulip Crisis in 1637, when demand for tulips in Holland led to the collapse of the country’s economy and the ruin of many people who bought bulbs in a desire to get rich on speculative price increases.
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