Has Bitcoin reached bottom and when to expect growth

Yesterday, Bitcoin once again came close to the critical level of $20,000 per 1 BTC. Even the record-breaking increase in the interest rate of the Fed did not save the main cryptocurrency from falling. However, it could not save, since cryptocurrencies are a fairly young investment asset, which has not yet been affected by transition periods and changing phases of economic growth.

The crypto market continues to develop according to its own rules, remaining a speculative product, the high volatility of which attracts a large number of traders who are ready to take risks for the sake of quick earnings. Most often, such traders massively buy cryptocurrency during the growth phase and start to get rid of it just as massively when the market falls, which stimulates a further collapse.

But this time the situation is somewhat different. Many analysts are talking about the beginning of the “darkest time for crypto” in its entire history. The traditional opponents of bitcoin have also revived. Thus, the famous financier Warren Buffett recently stated:

“If I were now offered to buy bitcoins at $25, I would not take them. What should I do with them then? I would have to sell them back to you later. This is a dead end.”

And he added that he doesn’t know if bitcoin will rise or fall next year, in five or ten years, but he knows for sure that he does not produce anything.

The Open4business publication turned to Igor Stakovichenko, an expert in economics and finance, with a request to comment on the situation in the cryptocurrency market. According to the economist, the problem of the lack of a real resource and production base for digital assets has become especially acute in recent months. This is due to the fact that Russian aggression in Ukraine disrupted supply chains and led to higher prices for real sector products in the global economy.

“The fall in the capitalization of the largest companies and the crisis in the stock market naturally…

Read more at en.interfax.com.ua

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