One Opinion 0f Bitcoin Fans in Steemit About the Drop in Bitcoin Prices.
question asked by @mtmatrans7
how do you think about bitcoin prices that lately always fall in price,
What is your opinion?
and the answer is one of the bitcoin fans @vdux
It's a really volatile market and totally speculative. BTC has no value but it's a gateway into blockchain-based investments for many people. Seems like BTC and alt coins go in opposite directions, both moving purely on what they think they're worth, with no value to base it on (other than peoples' opinion).
Not concerned about the fall in price because US money is about to come pouring into BTC. "Institutional investors" - hedge funds, investment firms, holding companies, etc - have recently agreed that bitcoin is an asset class, meaning, they can not get sued if the price goes down.
In other words, they can advise their clients or allow them to invest in bitcoin even if it crashes. Until recently, nobody considered bitcoin an "asset" - in a legal sense - and so, if they advised their clients to invest in bitcoin, and the price went down, their clients could sue them for negligence. It was like investing their clients' money in toothpaste or cows or tires ... none of those things were legitimate investments, and so the clients could sue them for huge declines in the price of toothpaste or cows or tires.
That's changed. Now, bitcoin can go to zero and the investment companies can not get sued because of it. So, once they comply with legal stuff - eg, making sure keys are secure, a process for securing clients' wallets, setting up exchange accounts, etc, etc - you'll see a shift from money coming in from big US investors .
Maybe not enough to affect the price of bitcoin ... but maybe!
that's what bitcoin fans are saying
and how about your opinion?
Well said!