RE: “Bitcoin’s fall from glory” (The New Times, January 24).
Only time will tell. At this time, nobody should claim that he knows with certainty the future of Bitcoin and other cryptocurrencies. Whether it is me, you or the Central Bank of one of the most powerful economies. I watched financial experts’ discussions on many western TV channels and I came to conclude that one should be prudent in their analysis with regards the future of cryptocurrencies.
The fact that the value of Bitcoin has been falling does not necessarily mean the end of it. Decades ago, the value of gold had fallen to $280 per ounce. Those who had invested in it, and did not panic and sell their shares, did not regret.
I do not believe that traditional economic models can be used to predict the future of technologically-driven cryptocurrencies. Let’s wait and see.