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Paul Donovan's recent bearish observations for Bitcoin are an attempt to bury the high-level cryptocurrency definitively.
UBS Executive plays the Death Knell for Bitcoin
Second CNBC, Paul Donovan, Chief Economist at UBS Global Wealth Management, said he had no praise for Bitcoin, but was ready to bury the number one virtual currency. The UBS executive also stated that it was time to discard digital currencies, as they were "approaching the end of the road".
The chief economist believes that the most important cryptocurrency is about to collapse completely, considering its latest price performance. Donovan added that one of the main obstacles of Bitcoin was the government, stating that the idea of replacing the Fiat was rather ambitious.
Contrary to the above, this is not the first time that BTC has suffered a price collapse. It always bounces back to a new maximum.
Donovan also stated:
Since the start of the tour at the end of last year, it was pretty obvious that this would have ended badly, unfortunately, for some of the people who were not protected by any sort of regulation and were sucked into the process.
Anthony Pompliano, however, recently said that BTC was the most performing class of activity in the last decade.
The UBS executive went on to say that virtual currencies could not become currencies, either now or in the future. Contrary to this statement, the president of the USS, Jay Clayton, stated that the main cryptocurrency was not a security. Clayton also claimed that Bitcoin is a replacement for sovereign currencies including the dollar, the euro and the yen.
In addition, the leading digital currency has found success in supporting remittance corridors throughout Southeast Asia and Africa.
However, Donovan is not the only vocal critic of BTC at this time. The trader of Oanda, Stephen Innes, has recently stated that the main cryptocurrency would have plummeted to $ 2,500 by January 2019. Vinny Lingham also added that the price of Bitcoin would remain between $ 3,000 and $ 5,000 until the middle of 2019.
Bulls Undeterred by Current Bitcoin Price Action
The current share price action of the first class cryptocurrency revealed a volatility yield that was absent from the second quarter of 2018. The bitcoin started its sudden decline in mid-November, to reach $ 5,600. Since then, the cryptocurrency has seen volatile price fluctuations.
According to a previous report, Bitcoin and other virtual currencies showed some bullish trends. The superior cryptocurrency increased by 5% in a few hours, with $ 4,300, positively dragging other altcoins. Bitcoin is currently struggling to stay in the $ 4,000 range, a significant decrease compared to the previous price.
Despite the wild price swings, some stakeholders are bullish on Bitcoin. NYSE president Jeff Sprecher described the main virtual currency as a survivor, despite the worst downside situations. The Chinese billionaire, Zhao Dong also predicted that the price of Bitcoin could reach $ 50,000 to $ 100,000 by 2021.
Image courtesy of Shutterstock and Coinmarketcap.
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