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8.00am HEADLINES
Hello and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin is down at $9,059 a fall of $120 on the day so far and a sharp drop from the week’s high of $9,922 posted on Saturday.
Billionaire investor Warren Buffett’s comment over the weekend, namely calling bitcoin “rat poison squared”, has angered and confused the crypto community – many of whom consider Buffett to be a “hero”.
BBC Apprentice Winner, Mark Wright is a BTC investor and a firm believer in cryptocurrency.
Mr Wright told Express.co.uk that he completely disagrees with Warren Buffett’s opinion on Bitcoin.
He said: “Despite its volatile nature, the cryptocurrency sector has soared in recent years, with experts predicting it will hit a market valuation of $1 Trillion by the close of 2018.
“This figure in itself proves Buffett wrong, particularly when you take into account how the value of Bitcoin has developed since 2014 – the time when Buffett first expressed negative opinion on the sector.”
Mr Wright adds that, “despite his years of experience in business, Buffett’s comment shows lack of engagement in technology and innovation.”
However, Bob Loukas, Founder of Bitcoin.live told Express.co.uk that Mr Buffett’s comments about cryptocurrency, “rise from lack of regulation, not from the market itself”.
He said: “Firms and venture capital fear the unknown of what is coming and whom they will be held accountable too, and this is stopping them from making longer term commitments.
“Cryptocurrency continues to grow even when progress has been hampered by this cloud of uncertainty and any movement towards providing clarity with regards to regulation is something I am personally excited about.”
READ MORE: Bitcoin is like ‘trading freshly harvested baby brains’ says investor Charlie Munger
Updates below throughout the day….
12.54pm – UPDATE – BTC in the green
Bitcoin has turned losses into gains and reversed the $120 loss.
BTC is now £32 up on the day so far with the price at $9,212.
12.00pm – UPDATE – “Outlandish’ Warren Buffett
Adam Dodds, CEO and Founder of Freetrade told Express.co.uk that he “disagrees with what Buffett said and I think it’s a rather outlandish statement”.
He said: “Cryptocurrencies as a technology are a paradigm shift, and I don’t think we have seen the capabilities of this technology yet. Based on a recent poll of our community (35,000 British millennials) we found that almost half (47 percent) think cryptocurrencies should account for up to 5 percent of their portfolios (31 percent thought even higher than 5 percent!).
“I think these figures show that crypto has proven itself as an asset class for this generation. As a high risk, high return asset class, some of our community members made high returns by investing in crypto. Now, they want to safeguard those returns with more stable investment options, e.g. stocks and property.
“Buffett said he was wrong on technology before – and a paradigm shift like crypto is hard to understand. I think that investing into crypto is partially exploring this new asset class, the tech, and being part of the movement. If you decide to go in though, expect volatility and understand your risk! Don’t invest more than you are willing to lose.”
9.51am – UPDATE – BTC cuts losses
Bitcoin has halved its losses on the day so far from $120 to $63.30 with the price now at $9,121.
8.42am – UPDATE – Former Trump camp advisor backs crypto
Former Goldman Sachs President and one-time chief economic advisor to US President Donald Trump, Gary Cohn believes that cryptocurrency it will be a part of our future, but it will be a coin “more easily understood”.
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