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Bitcoin boom backed: Cryptocurrency going 'higher' and 'mainstream' despite slump

Ali KhanJun 02, 2021Business
Bitcoin boom backed: Cryptocurrency going 'higher' and 'mainstream' despite slump

Bitcoin has enjoyed a remarkable period of stability since the weekend, and this has extended to other cryptocurrencies such as Ethereum and Cardano. Meanwhile, Dogecoin enjoyed a boost of around 10 percent after popular crypto exchange Coinbase added the asset to its professional trading platform. This comes as welcome news for investors who had seen cryptos hit due to Tesla CEO Elon Musk’s Bitcoin U-turn. Tesla announced in March that Bitcoin could be used to pay for its products, but this stance was abandoned last month.

Mr Musk said Tesla would not sell any Bitcoin, and intends to use it for transactions as soon as mining transitions to more sustainable energy.

He added: “We are also looking at other cryptocurrencies that use [less than] one percent of Bitcoin’s energy/transaction.”

The move sparked doubts over whether cryptocurrencies can truly go mainstream.

One expert who is convinced that it can is investor Bill Miller, who said in April that Bitcoin will go “higher” and “mainstream”.

The founder and chief investment officer of Miller Value Partners told CNBC: “Supply [of Bitcoin] is growing two percent-a-year and demand is growing faster. That’s all you really need to know, and that means it’s going higher.”

Mr Miller did acknowledge that Bitcoin will continue to endure price swings given its volatile nature.

He said that a surge back in 2017 was, in fact, a bubble that ultimately burst, but that it’s different now.

He continued: “I don’t think this is a bubble at all in Bitcoin. I think this is now the beginning of a mainstreaming of it.”

READ MORE: ‘Problem’s brewing’ for Bitcoin as its future plunged into doubt

“In my line of work you see people do disastrous things if you don’t understand how leverage works, which is the use of borrowed money to take on greater risk.”

Britain’s Financial Conduct Authority (FCA) warned investors of the risks that come with Bitcoin following the recent slump.

They said: “If consumers invest, they should be prepared to lose all their money.

“Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering.

“Significant price volatility, combined with the difficulties valuing [Bitcoin] reliably, place consumers at a high risk of losses.”

Express.co.uk does not give financial advice. The journalists who worked on this article do not own Bitcoin.

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