Home / Finance News / Bitcoin price LIVE: BTC slumps AGAIN – prices expected to ‘die’ at $43, says expert | City & Business | Finance

Bitcoin price LIVE: BTC slumps AGAIN – prices expected to ‘die’ at $43, says expert | City & Business | Finance


Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin has slumped again overnight, falling to $6,211 at the time of press with ethereum at $426 and ripple down at $0.43.

Following on from Noah Smith at Bloomberg outlining the three most-likely scenarios for bitcoin in the years ahead, Joseph Carson, chief security scientist at Thycotic told Express.co.uk that the most pessimistic of the three scenarios is the most likely.

The expert says that bitcoin will fail as mining costs increase and prices fall to just $43.

Just to recap, Mr Smith predicted that bitcoin will take one of three paths:

At number one Mr Smith says bitcoin will “triumph” replacing all other fiat currencies as the economy’s “main unit of exchange”.

He said: “People buy pizzas, finance their mortgages and pay their rent in bitcoin.

At number two he says that bitcoin becomes like “gold”.

Mr Smith says that continuity crumbles on with fiat currency remaining the main unit of exchange everywhere except in a few “extremely dysfunctional economies like Venezuela’s”.

However, in this scenario “bitcoin’s market capitalisation remains substantial, and it rises in value over time, occasionally experiencing large bubbles and crashes.”

Number three is the worst case scenario when bitcoin goes “bust” and BTC as we know it is “abandoned, crashing relative to the dollar and never being useful as a payment method for daily necessities.”

Choosing from the three possible paths for BTC in the years ahead, Mr Carson told Express.co.uk: “The most likely scenario is that bitcoin will die; my current valuation of bitcoin is approximately US $43 as opposed to the hyped and manipulated valuation.

“Unless Bitcoin is able to become more efficient at mining, and more stable overall, it is likely to die. These higher mining costs and the fact that more retailers are failing to accept bitcoin as payment – as they are unable to convert it as it is too expensive – will mean the end of it.

Got something to add? Send your reaction / thoughts / analysis / price predictions over to @DavidGDawkins.

Updates below throughout the day….

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