Bitcoin News and Price Analysis: Ripple CEO Thinks Bitcoin Cannot Become Dominant Cryptocurrency of The Future. Monday, June 18
Important Bitcoin News
Ripple CEO Thinks Bitcoin Cannot Become Dominant Cryptocurrency of The Future
The Ripple CEO, Brad Garlinghouse was a member of a panel at the 2018 Stifel Cross Sector Insight Conference in Boston last week, where he contested the assertion that Bitcoin is going to be the dominant internet currency in future.
Garlinghouse made reference to the comments made by a number of tech leaders such as Apple co-founder, Steve Wozniak and Twitter CEO, Jack Dorsey about Bitcoin dominance saying: “I don’t think that any major economy will allow that to happen. By the way, it doesn’t make sense.”
He went further to say no country would want to use a digital currency that the Chinese government could have control over saying Bitcopin is “owned by China”.
He continued “There are four miners in China that control over 50% of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”
Bank of International Settlement Sees Bitcoin As Threat On the Internet
The Swiss based BIS thinks that regulators are not doing enough on exercising some control over Bitcoin, which the agency says is breaking the internet. A 26 page report released by the Bank of International Settlements raised the concern following the fall in trading volume of BTC which has lost 50 percent of its value since December.
The warning came from the so-called central bankers bank despite the fact that Bitcoin does not yet enjoy mainstream adoption. Financial experts are of the view that the digital currency is not a threat to global economy, although this has not debarred BIS from raising concerns about it.
The BIS report says that the main challenge to global regulation of Bitcoin is that existing laws are obsolete because it never envisaged the emergence of borderless digital currency such as Bitcoin.
BTC Price Analysis
Bitcoin started the week trading above $6800, however it quickly dropped below $6500, hitting the lowest point on June 13th, when BTC was worth $6294. Two days later it recovered to $6600 region, where it stayed rather stable for the rest of the week. The price movement was rather sideways without any significant spikes, while the fluctuations in some days didn't even exceeded $50. Today, Bitcoin has increased rapidly from $6503 to $6774 in a matter of hours. Does it mean the price is heading back again to the previous month's highs?
BTC/USD Price Chart, Monday June 18th:
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