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Bitcoin under attack: Is it really the September Bubble?

Published 2 years ago by writer

This month is a point in time when Bitcoin faces the global heavy weight champions such as the China bans, Jamie Damon’s (JPMorgan CEO) de-legitimizations, Ray Dalio bubble shout-out ($150B Hedge fund manager), Singaporean banks which are rumored to halt activities to crypto related companies and other anti-cryptocurrency “echoers” who join in. In Q2 2017 companies raised $800M via ICOs; many companies are overvalued, raising too much money only for product development; some ICOs are not legit and don’t offer any value; there are even ICO scams, phishing websites and advertisement, hacking and sorts that takes place in the industry.

Apparently, a growing number of participants around the world are willing to pay good value for Bitcoin, so in a manner of speaking Bitcoin does have value. So it is not an opinion, it is a fact indicating that enough people are willing to take risks in order to evolve and promote and depends on Bitcoin and blockchain technology instead of the old banking/financial institution dependent system.

Bitcoin and other digital currencies might be overpriced and questioning the value of a single Bitcoin is justified. Some suggest it is overpriced with no reason behind it, while others claim that the price of Bitcoin is still very humble and will keep on multiplying itself in coming years as more fortune finds its way to cryptocurrency market, and there is only a limited number of Bitcoins available and distributed – what we know as printing money is not possible in Bitcoin.

In a recent CNBC interview with Ray Dalio, the founder of a $160B hedge fund, who claims that “the Bitcoin price rise is driven by people thinking simply that they can sell it at a higher price, so it is a bubble”!. Bitcoin, and a only a limited number of other cryptocurrencies, have growth potential due to rising acceptance rate and demand, those coins represent real value and have valid commercial applications.

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