John Hathaway of Tocqueville Asset Management, who primarily focuses on a gold had harsh word for the cryptocurrency market as “garbage”.
According to Hathaway, the question of whether the market is in bubble territory is no brainier and the present state of affairs “garbage”.
“Sure, you can make money in bubbles any time but you have to get out. Let’s not forget that the total market value of these cryptocurrencies is $180 billion or so, maybe a little less now -that’s tiny compares to gold”.
He also aims at arguing that gold markets are seeing less attention from investors because of cryptocurrencies declares the idea “drivel”. He adds, “It’s just not true”.
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Related Coverage: Price Volatility: Bitcoin price drops below $4000 again
Regulation Solving Bitcoin Price Volatility
Bart Chilton, commissioner for the Commodity Futures Trading Commission (CFTC), writes to CNB that huge variations in the price are troublesome. Earlier, Bitcoin shot around $4975.04 mark, subsequently tumbling amidst a spate bad news development. At the time of article writing, according to the CoinMarketCap, Bitcoin price is trading $3719.57.
He wrote in the piece:
“There’s no questions that had digital currencies been regulated. I would have sought an investigation into the precipitous price changes we’ve witnessed”.
Chilton’s perspective conclusion that, cryptocurrency will be part of that process as “money will be digitized”. He writes, “Rather than waiting for governments to take actions that ruin the development of digital currencies. It should lead efforts to put in place apt regulatory omission for these new and innovative financial technologies”
Meanwhile, he asks for advocates for the tech to proactively work with regulators. Until, they go ahead and take a first move.