Bad news for crypto currency markets are not seen to be ending at all. Steem was down by 7%, rather not lost much grounds as compared to its larger peers which lost between 9 to 14 percent.
At the time of writing this post bitcoin was trading 9% down to $3600 a piece. This time a warning from world's largest hedge fund manager sent the markets into red.
Ray Dalio who co-founded Bridgewater Hedge fund which has highest number of assets under maintenance in the world joined his friend and fellow billionaire and JP Morgan CEO, Jamie Dimon in calling Bitcoin a bubble.
Dalio did not call bitcoin as scam but stated that Bitcoin is “not an effective storehold of wealth because it has volatility to it, unlike gold !
Its shame on those who call bitcoins as currency, according to Dalio. All the
action and resulting volatility in cryptocurrencies is nothing but is driven by people thinking that they can sell it at a higher price, without any understanding of the fundamentals of economics or investing.