The prices of Bitcoin have dropped on Monday which is followed by a criticism from few investments in the world’s best known wealthy people.
According to few sources, the cryptocurrency has hit a low of $9,188.66 on Monday after climbing above $9,900 over the weekend. Bitcoin is recovering 40 percent from the lows around $6,700 last month; it is still unable to gash the level of $10,000.
Bill Gates’s reviews
Bill Gates, Co-founder of Microsoft asserts that he might bet against Bitcoin. Later he says “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment,” “I would short it if there was an easy way to do it”.
Warren Buffett, Chairman and CEO of Berkshire Hathaway hunk on the current bitcoin criticism Monday and stated the “asset itself is creating nothing.” Further, he says “When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along,”
Buffett has called Bitcoin has “probably rat poison squared”. Charlie Munger, Chairman of Berkshire says that the trading of virtual currencies is a “just dementia”.
Spencer Bogart, the partner at Blockchain Capital says I think that Buffett and Gates comments could be having an effect but I think the bigger factor at play today is regulatory; some market participants are concerned the SEC will issue negative commentary coming out of a hearing on Monday.
Few hypotheses claim that U.S Securities and Exchange Commission and Commodity Futures trading commission is going to hold a meeting on Monday.
As per the report published on Wall Street Journal says that a group of regulators along with senior SEC and CFTC officials has been excepted to content whether securities law must apply to cryptocurrency counting ether as the second-largest cryptocurrency.
Few speculations on Bitcoin
Joe DiPasquale, CEO of BitBull Capital says, “While Bitcoin is not under direct scrutiny, the ramifications of this meeting could affect the entire global crypto market, The hesitation we are seeing right now could easily be broken and lead to a fresh rally, should a favorable tone be set by officials in attendance.”
Many other cryptocurrencies were been traded at the low price on Monday. Bestowing too few sources, Ether fell 7 percent trading nearly to $731. Ripple and Litecoin fell at 5 percent.