Bitcoin, the world’s most famous and biggest digital currency, is trading mostly unchanged Tuesday, continuing the theme of lower volatility for the No. 1 digital currency.
Bitcoin hasn’t traded outside the $7,000 to $8,000 range since May 22, which many see as a good sign for increased adoption of the decentralized technology.
“Some level is price stability is important,” said Charles Hayter, co-founder of CryptoCompare. “There’s a lot of debate around if it’s a store of value, or possibly a currency and the lower volatility does help those camps.”
One person who isn’t buying into the adoption of bitcoin is Jim Chanos. Speaking at the Institute for New Economic Thinking, the man who predicted Enron Corp.’s demise said bitcoin is a “libertarian fantasy” and it’s “the last thing I’d want to own is bitcoin if the grid goes down.”
A single bitcoin BTCUSD, -0.83% last changed hands at $7,438.94, down 1.1% since Monday 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.
