The cryptocurrency market once again has been hit by major fall in the value of digital coins in the last 24 hours, making market capitalization drop to $425,157,529,972 as against $509 billion market cap in February 28.
Bitcoin price today (March 7, 2018) as at 8:49AM was $10,531.20, losing 7.09% in the last 24 hours as against its over $11,500 in the last two days, coinmarketcap.com says.
It crossed the $11,000 hurdle Sunday morning (4:50AM) February 18, 2018, the first time in February.
Bitcoin value has been a major determinant of value of other digital coins, but BTC hasnt shown any sign of rising above its own all price high set in December 2017.
The inconsistency in the value of bitcoin made a Harvard economist submitted that the most valuable cryptocurrency is more likely to be worth $100 than $100,000.”
Kenneth Rogoff, a professor of economics told CNBC Tuesday, March 6 that bitcoin will lose its value heavily, falling to $100 than $100,000 by 2028. He was speaking to reporters during an edition of the networks Squawk Box segment.
Professor Rogoff submitted that bitcoin only had value because of its use in money laundering and tax evasion.
“I would see $100 as being a lot more likely than $100,000 ten years from now.
Basically, if you take away the possibility of money laundering and tax evasion, [Bitcoins] actual uses as a transaction vehicle are very small.”
Rogoff now joins a number of bitcoin critic; JPMorgan CEO Jamie Dimon used to be one of the critic, but he seems to have made a U-turn in recent times even though he’s still playing smart with his stance on cryptocurrency.
Rogoff isnt the only voice against BTC, last month Berkshire Hathaway vice president Charlie Munger told a gathering during an AGM speech that Bitcoin was “totally asinine” and that people investing in it “disgusted” him.
Bitcoin and money laundering
There are fears that bitcoin is suitable for money laundering, but it seems the game is changing as BTC in particular has lost favor with perpetrators, who allegedly prefer other more anonymous assets such as Monero.
Monero (XMR) was valued at $342.06 at the time of publishing this report. It lost 6.07% in the last 24 hours.
Meanwhile, Europol had early this month suggested that as much as $5.5 Billion per year is laundered via cryptocurrency.
What about Ethereum, Litecoin, NEO, Monero and others?
The fall was across board as ethereum, the second most popular was $786.43, losing 7.44% in the last 24 hours, while Litecoin falls below $200, staying at $191.16, losing 8.11% in the last 24 hours.
Regulation will negatively affect bitcoin price
Crypto regulations had been predicted to help bitcoin and other cryptocurrency gain more value, but Rogoff believes otherwise.
He suggested that regulation will rather force the price of Bitcoin down, not up, while many industry commentators welcome regulatory moves as a step towards mainstream acceptance and adoption.
Will bitcoin ever fall to $100?
The last time bitcoin fell to $100 was June 2013, having valued at $130 in May the same year even though it was 266 to $1 in April 11, 2013.
What do you think f bitcoin value before the end of 2018?