BITCOIN price has begun to recover overnight hitting a 40-day high earlier this week – with CoinDesk Director of Research Nolan Bauerle suggesting the cryptocurrency will continue to be strong despite a series of slumps.
Bitcoin has survived a tough winter after banks and officials faced calls to regulate cryptocurrencies which saw its worth fall down from a $20k high to $9k.The digital currency has faced criticism by finance experts, with Banking giant Morgan Stanley likening the current market climate of bitcoin to the dot-com bubble that, during its most “exuberant” period, rose by 250 to 280 percent.The CoinDesk expert told Express.co.uk that despite the slumps in its value and the regulatory crackdown, bitcoin is likely to hold a significant role on the crypto scene.Mr Bauerle said: "Bitcoin is the alpha and the omega of cryptocurrencies since the beginning.
"It's where all the ideas come from originally. And it remains the strongest, most secure, longest-running blockchain in the world and that will not likely change."Bitcoin price was at $9,325.8 at 13:40 (BST) on Friday, April 27. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.The Foundation for Defence of Democracies found through a recent survey that bitcoin is stepping away from its negative reputation of attracting criminals.The think tank discovered “less than one percent” of identifiable transactions between 2013 and 2016 were from illegal sources.
But the change of perception hasn't stopped experts to speak out against bitcoin, with Head of the Federal Reserve Bank of San Francisco John Williams saying there are “a lot of problems” with bitcoin.
Bitcoin is the alpha and the omega of cryptocurrencies since the beginning Nolan Bauerle
Mr Williams told CNBC: "The setup or institutional arrangement around bitcoin and other cryptocurrencies, first of all, they have problems with fraud, problems with money laundering, terror financing. There’s a lot of problems there.”Former PayPal CEO Bill Harris also said he thinks bitcoin is the “greatest scam in history” because it has “no store value”, it should “not be accepted as a means of payment” and has no intrinsic value.Writing in Recode, Mr Harris said: “Okay, I’ll say it: Bitcoin is a scam.“In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen.”The European Parliament voted for tighter regulation against the potential use of cryptocurrencies in money-laundering and the funding of terrorism last week, supporting a previous bill to force exchanges to register.The vote is just the beginning of a potential series of clamp-downs from significant economies who are fearful of crypto-potential.A recent statement by Adena Friedman, CEO of Nasdaq, floated the idea of Nasdaq becoming a cryptocurrency exchange.The move has been warmly received with one industry analyst saying, "if the blockchain and crypto industry want to attract institutional investors, the only way forward is by established exchanges looking to build their offering, whilst maintaining their best practices from the traditional market."
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