Bitcoin price: Crypto boss says bitcoin bubble has burst and it’s good news | City & Business | Finance

The Bitcoin price bubble burst at the start of this year when it continued a downward slide from its all-time December high.

Cryptocurrency advocate Meltem Demirors, who is Coinshares’ chief strategy officer, said the Bitcoin bubble may have popped but the real traction for the cryptocurrency will come in time.

Speaking on CNBC, Ms Demirors said: “I think the hard part about Bitcoin is the narrative around Bitcoin is still really hard to grasp and I think the crypto community is really struggling with narrative right now.”

She added: “If we look at Amazon, Amazon at its peak took nine years to recover from peak, troff, back to peak. So you had to be in Amazon for nine years to recover your value. If we look at Intel, 15 years. Microsoft, 17 years.

“New technologies that shift the paradigm take a long time to really understand.

“I think what we saw in crypto is we saw this massive run up where everyone got fear of missing out and what it caused was this speculative bubble.

“We have talked about bubbles and capital formation a lot but all of that capital is now getting deployed into building real businesses that serve a real purpose.

“So I think it’s a story that will take some time. We are experimenting with that narrative. But we are starting to see real traction.

“A lot it is really dependent on finding those data points, those metrics that are going to drive that growth story.”

Bitcoin price is $6,510.35 at 11:55 BST, on Saturday, according to CoinDesk.

Bitcoin and other cryptocurrencies have faced criticism by banks and finance experts, with billionaire Bill Gates telling CNBC he would bet against the Bitcoin and short it if he could.

The Microsoft co-founder said: “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.”

He added: “I agree I would short it if there was an easy way to do it.”

Former PayPal CEO Bill Harris also claimed Bitcoin is the “greatest scam in history”.

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