Real price of bitcoin could be $0.00, warns Morgan Stanley

 

© Aly Song / Reuters

 

Real price of bitcoin could be $0.00, warns Morgan Stanley

RT.com

Bitcoin is not like a currency because there is no interest rate associated with bitcoin, the analyst wrote.

It’s not like gold either, as it doesn’t have any intrinsic use like gold.

According to Faucette, bitcoin is tiny compared to traditional financial instruments.

“Bitcoin average daily trading volume of $3 billion (last 30 days) vs. $5.4 trillion in the FX market. Estimated $300 million in daily purchase volume vs. $17 billion for Visa,” he wrote.

Coinmarketcap data says Faucette’s numbers are not correct, as an average daily volume of bitcoin is $11.5 billion. The whole cryptocurrency market’s daily volume is almost $27 billion.

One of the biggest bitcoin bulls, John McAfee of McAfee antivirus, says there is no reason for panic despite the correction in the cryptocurrency market.


OK Everyone … stop panicking about the across the board dip in cryptocurrencies. It’s Christmas for f-ck sake. The costliest time of the year. People are cashing in to buy presents which no-one wants or ever uses but pretends to be thankful for. After Xmas – big boom.

Bitcoin has fallen more than 25 percent from its recent all-time highs of $20,000 spurred by futures listings on major derivatives exchanges.

Bitcoin enthusiast, billionaire Michael Novogratz who has also been very bullish on cryptocurrencies, has revised his forecast and said bitcoin could drop to $8,000 by year-end. Previously, he predicted bitcoin would be worth $40,000 by 2019.

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http://www.rt.com/business/414180-bitcoin-zero-morgan-stanley/