Bitcoin is not the next global currency after all

Editor, RE: “Bitcoin’s fall from glory” (The New Times, Janaury 24). I thought you were advising the central bank to buy some Bitcoin (and some other cryptocurrencies) or that they should start developing a cryptocurrency for Rwanda. I’m really surprised you’re still engulfed in traditional economic theory books.

Editor,

RE:Bitcoin’s fall from glory” (The New Times, Janaury 24). I thought you were advising the central bank to buy some Bitcoin (and some other cryptocurrencies) or that they should start developing a cryptocurrency for Rwanda. I’m really surprised you’re still engulfed in traditional economic theory books.

But let me propose something to you: next time do some study on price analysis of the cryptocurrencies of your choice. And a reminder: none of them has finished the process of adoption.

To conclude, this price downfall is for us an opportunity and you wait until the remaining coins have been mined. You’ll then see what will happen.

All the best in your effort to protect our economy.

Jean-Claude

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Well done, Sam Baker! Let people know Bitcoin is worse, much worse even than the sub prime mortgages that caused the 2008 financial crisis. While mortgage asset underlying MBS then were overvalued Bitcoin as you rightly put no such value.

2008 was corrected by governments not without causalities of course. Who will save the Bitcoin?

Eugene Haguma

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There is no clear evidence to base on and determine the fall of Bitcoin; I argue that price fluctuations are always there in any currency, but Bitcoin is here to stay.

Fred Mushabe

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Mr. Mushabe, when you plot the fluctuations of Bitcoin, you find that they dwarf fluctuations in the dot-com bubble and even those of the Dutch “tulipmania”. These were among some of worst bubbles.

Although I agree that every asset class has fluctuations (equities, currencies, etc), Bitcoin’s fluctuations are incomparable to these other asset classes.

Sure, Bitcoin may stay on, like it has since 2008, but it will not be the big revolution taking over the currency world, like many thought it would.

Sam Baker

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