Ask Terry Questions Cryptocurrency Future

Cryptocurrency Future

By Terry Savage on December 18, 2019 | Wild Card

Now that the IRS has included a question about virtual currency activities do you think there will be more federal involvement in the near future? And how will that affect the volatility of the virtual currency market as a whole, is it a step forward to accepting virtual currency?

Terry Says

The virtual currency market could hardly be more volatile! There are now 5,000 crypto currencies and 20,000 exchanges and the vast majority of both the crypto currencies and the exchanges are questionable.
As of today, we mark mark two years since Bitcoin hit a record $19,783. Last year the e-currency dropped 73.4% and this year it’s up 85% despite falling more than 3.5% in yesterday’s trading to below $7,000, its lowest close since May.
And there have been multiple stories of fraud, deception, theft and loss at the so-called “exchanges” where you trade your dollars (or other recognized currency for crypto-currencies).
I think you have a better chance at winning the lottery! And government involvement is a bit behind the curve. Yes, there ar4e futures based on Bitcoin prices –= but it’s the underlying product that is so questionable.

It’s not that the blockchain technology is the problem. In fact I’ve long said that Blockchain will revolutionize banking and change the world. But the currencies themselves are a rqw speculation without any assurances against fraud at this point.



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