Bitcoin Will Make Lots of Millionaires Before “Returning Down to Earth”: Economics Professor
Despite its price volatility, Bitcoin is likely to make more millionaires.
Panos Mourdoukoutas, chair of the department of economics at LIU Post in New York City, whose works are published by Forbes and The New York Times, thinks Bitcoin is likely to turn more individuals into millionaires before its price dives again.
Bitcoin recently reached an all-time high of $3,000 this June after a huge correction to $2,682 from $2,957 in the period of two days. This is after tech billionaire Mark Cuban reportedly called Bitcoin's recent price surge a bubble.
However, this is not the case since the cryptocurrency is showing an uptrend, based on its recent price of $2,831 and its continuing upward trend.
Mourdoukoutas shared a partially similar viewpoint to Cuban's. Both had similar claims that Bitcoin's price would drop after a substantial surge, however, he stopped short of calling Bitcoin a bubble.
By: Charles Dearing