Bitcoin price BOOST: Not even cryptocurrency 'CIVIL WAR' has not stopped 'upward momentum'

Bitcoin has survived countless wobbles since its incredible rise to almost $20,000 in value for a single token.

Bitcoin has somewhat stabilised at $12,585.82, according to Coindesk.com, at 2.18pm GMT, on January 20, after its price plummeted following reports from South Korea suggesting crypto trading could be ban in the Asian country.

The bitcoin price also slumped after China said it would target bitcoin mining operations by limiting the electrical power used by the outfits based in the country.

However, Matt Leising, of Bloomberg, seems upbeat about the future of bitcoin, despite stiff competition from Ripple and ethereum in the marketplace.


Leising said: “You’ve seen some incredible price movement in bitcoin in the last year.

“A year ago, it was under $1,000. It went to over $20,000 briefly last month and now it’s back at $12,000.

“It’s not often you can see an asset that seems to be in a bubble and a crash at the same time, but what we are looking at is what are the kind of things that could dent that confidence in bitcoin.

“We’re making the case that really bitcoin is a belief. People believe in it, it’s the first digital currency that can’t be stopped by governments or corporations, and that is very appealing to a lot of people.”

Leising added: “With bitcoin you have seen hacks of exchanges, hundreds of millions of dollars of bitcoin being stolen. You’ve seen governments try to ban it. There’s been a civil war going on among the developers who are essential to this for years, and yet none of that has really stopped this incredible upward momentum.”
Speaking ahead of the World Economic Forum in Davos, Switzerland, Mr Shiller questioned the cryptocurrency, claiming he “doesn’t know what to make of bitcoin ultimately”.

Ahead of his Davos address, he told CNBC: “It has no value at all unless there is some common consensus that is has value.

“Other things like gold would at least have some value if people didn’t see it as an investment.
“It reminds me of the tulip mania in Holland in the 1640s, and so the question is did that collapse?
“We still pay for tulips even now and sometimes they get expensive. Bitcoin might totally collapse and be forgotten and I think that’s a good likely outcome but it could linger on for a good long time, it could be here in 100 years.”

Bitcoin is currently valued at $12,585.82, according to Coindesk.com, at 2.18pm GMT, on January 20.
Ethereum, is currently valued at $1,132.44, according to Coindesk.com, at 2.39pm GMT, on January 20.
Ripple is currently valued at $1.56, according to Coindesk.com, at 2.35pm GMT, on January 20