8.00am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Aftter tipping the $11,000 mark earlier this week, Bitcoin is now looking to stay there and continue on the path onwards and upwards. At least, that’s what wallet holders hope.
However, Siam Kidd, founder of TheRealisticTrader.com isn’t so sure.
Mr Kidd tweeted yesterday that: “BTC is likely to fall to $8000 and the world stock markets are about to take a hammering…”
But if last month’s $6,000 is the new “bottom”, then is the threat of the bubble bursting now over?
Bill Miller, multi-millionaire investor and founder of hedge fund Miller Value Partners compared Bitcoin with other major inventions throughout history, telling FOXBusiness:
“What I observed with Bitcoin is that it’s following a very time-honored path of disruptive innovation going all the way back to the printing press, railroad, electricity, radio in the 1920s, biotech, the internet.”
According to CoinTelegraph, Miller says that the market actually needs this “bubble” to find out whether the idea of this new technology can be adopted.
He said: “Bubbles are necessary to bring capital into the market to see if these innovations are actually going to stand.”
Updates below throughout the day….