Bitcoin LIVE news: Price latest as top investor warns cryptocurrency is an 'unfounded FAD'
THE BITCOIN price is still bouncing back despite a billionaire investor warning that digital currencies are “nothing but a unfounded fad”. Here is the latest Bitcoin price, live updates and breaking news.
Investor Howard Marks, who predicted the financial crisis and dotcom bubble implosion, warned that cryptocurrency is a nothing more than a fad or pyramid scheme style scam.
He said: ”In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it.”
”Speculation, on the other hand, occurs when people buy something without any consideration of its underlying value or the appropriateness of its price."
Bitcoin suffered a crash earlier this month but has since bounced back and is now up by almost nearly 160 per cent this year.
On Wednesday Bitcoin briefly fell as low as $2,433.83, its lowest price since the cryptocurrency dramatically rebounded last week.
The volatile digital currency saw a surge last Thursday after miners backed a new upgrade of the system designed to solve the cryptocurrency’s scaling issue.
Thursday July 27
Midnight: Thursday's high was $2,715.69 and its low was $2,541.71, according to CoinDesk. Bitcoin opened at $2,550.18 and closed at $2,697.47.
9.15pm: The provider of a publicly traded bitcoin exchange-traded note (ETN) has been fined more than £93,000 ($120,000) by Nasdaq Stockholm for infractions of exchange rules and financial regulations.
The stock exchange's Disciplinary Committee announced that it had levied the fine because the company, XBT Provider, violated provisions in its Internal Rule Book and certain regulations of the Financial Instruments Trading Act.
Among those violations, according to the statement, were "failing to ensure that the risk function reports to the board" and "failing to implement an audit of the company's internet and IT security."
The release also pointed to infractions related to annual reporting requirements.
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Bitcoin price passes $2500
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Howard Marks will be eating his words in a few years
The 6 different types of people when it comes to Crypto:
Those who understand crypto and believe it will be the future.
Those who understand crypto but just use it for profits.
Those who understand crypto and are against it.
Those who don't understand crypto and berate it.
Those who don't understand crypto but are indifferent.
Those who never heard of crypto.
He seems to fall under category 4.