BITCOIN price continues to generate conflicting expert opinions on whether the cryptocurrency will be a bursting bubble or will survive in the traditional trading markets
Bitcoin price fluctuated from its highest value of just below $20,000 to its continuing fall during the Christmas holidays, but the cryptocurrency continues to show consistency amid predictions of its decline.
Ark Investment Management CEO Cathie Wood told CNBC News that she is a strong supporter of the cryptocurrency and the cryptocurrency market as a whole.
Ms Wood invested in GBTC in 2015 when bitcoin was valued at below $250 and has been happy with the cryptocurrency results ever since.
She said: “Bitcoin right now is, the market cap is somewhere between $250 to $275 billion.
“I know a lot of people who say ‘Don’t compare this to Apple which is nearing a trillion dollars’, but this is so much bigger an idea than even Apple, which is a pretty big idea.”
After a remarkable year for the cryptocurrency and countless warnings, the market remains seemingly robust.
In 2017 bitcoin has seen a 400 percent increase, however, during the Christmas holidays the currency saw a dramatic correction and was trading at below $14,000.
Some financial experts predicted the cryptocurrency would top £100,000 per unit by the end of 2018.
However, many of them have also criticised the cryptocurrency for being a mere speculative vehicle.
Jamie Dimon, CEO of JP Morgan Chase called bitcoin a “fraud”.
William Galvin, Massachusetts Secretary of the Commonwealth, said bitcoin is dangerous for investors as it is subject to manipulation.
Mr Galvin issued a warning for the State of Massachusetts earlier in December against the cryptocurrency like the one his office issued against Apple in the 1980s.
He said: “With Apple, there was at least a theory of a product, there is no product here. This is entirely speculation. That’s already been proven by the wild duration of the value.”