With strong proponents and detractors, the history of Bitcoin so far. Now, in the middle of an interesting rally, while Digital Currency Group’s Barry Silbert says he is buying more bitcoin, billionaire investor Howard Marks sentenced: “In the long run, I think it will be shown not to have any substance”.
It’s true, right now Bitcoin bounces around $8,400. Also true, is that it’s still worth $200 billion less than its record high last December.
Barry Silbert thinks bitcoin is “…an asset class that’s here to stay”. “I’m 100 percent confident a decentralized, non-fiat form of money is here to stay”.
The bitcoin price is going up, but it’s still some 58% off the $19,783.21 high it hit at the end of last year. Bitcoin has somewhat recovered in the past few days; the flagship cryptocurrency is trading around $8,400. Although market capitalization or value is down by almost $200 billion since then.
Bitcoin’s recent move might be, in part, a result of BlackRock setting up a working group last week to look into cryptocurrencies and blockchain. Also, Mastercard announced that it was awarded a patent that could let customers to pay for things using cryptocurrency via a credit card.