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Bitcoin [BTC] will be ‘alive and well’ in the future, claims Mark Mobius

Biraajmaan Tamuly



Bitcoin [BTC] will be "Alive and Well" in the upcoming period, claims Co-Founder at Mobius Capital Partners
Source: Pixabay

Since its inception in 2009, Bitcoin has had to deal with its fair share of critics, all of whom were highly skeptical of it. While investors like Tim Draper have championed the cause of Bitcoin and blockchain, other major investors like Warren Buffet have continued to denounce the cryptocurrency. However, there are also some who have recanted their old views on the digital asset.

Mark Mobius, Co-founder of Mobius Capital Partners, is one of them. Mobius spoke about Bitcoin and its future credentials, in light of the current Bitcoin rally, during an interview with Bloomberg. Mobius stated that people of the present era had a strong “desire” to be able to transfer their money around the world, with ease and high confidentiality.

According to him, cryptocurrencies such as Bitcoin fulfill this need. He added,

“The madness is really the backing that Bitcoin has, which is really tight. So I believe Bitcoin will be alive and well.”

However, Mobius conceded that he was yet to invest any capital in Bitcoin [BTC], since the volatility attached to the digital currency was too much for his liking.

Back in December 2017, Mark Mobius had remarked that Bitcoin gave people a tool to indulge in illicit activities and hence, was very dangerous without proper regulations keeping an eye on it. Mobius also made news after he stated that he did not see Bitcoin [BTC] as a store of value, or as a good investment.

Mark Mobius is not the first famous investor to change his opinion on Bitcoin [BTC]. Earlier in March, Marc Faber, a famous Swiss investor, made his first Bitcoin [BTC] purchase. Like Mobius, Faber was also critical of Bitcoin’s future in the financial market. However, after making his first investment in Bitcoin [BTC], Faber commented that it was possible that Bitcoin [BTC] will be the “standard for money transfers.”

This change of heart, on the part of many major investors, is promising for Bitcoin’s future as it further validates the existence and future utilization of the largest virtual asset.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?




Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.

A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:

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