Anyone who can accurately foresee cryptocurrency price changes stands to become extremely wealthy, profiting by purchasing virtual coins when the price is low and then selling high.
Bitcoin has been buffeted this year by a series of negative headlines centring around increased scrutiny by global regulators.
Yesterday, European Central Bank executive board member Yves Mersch used a speech in Paris to warn that Bitcoin is not a currency, but a speculative digital asset, according to a Market News International report. He added that because virtual currencies ‘may become worthless at any time’ because do not have a trusted issuer like a central bank behind them. Mersch said he is not surprised that virtual currencies are not widely accepted as a means of payment.
A new research commissioned by software developer Citrix (NASDAQ: CTXS) has found that 50% of large British businesses have stockpiles of cryptocurrency. The study, which was carried out in partnership with One Poll, surveyed 750 IT decision makers within large UK businesses of 250 employees or more. It found that those businesses hold an average of 24 bitcoins each. Out of those companies, just 7% are investing in bitcoin alone and 93% in a more diverse portfolio of cryptocurrencies. 54% have bought litecoin, 43% ethereum, 33% Ripple’s XRP, and 29% dash.