FinExpertiza, a network of Russian auditing and consulting firms, devalued Bitcoin as the least profitable investment tool in 2018.
The Russian newspaper Rossiyskaya Gazeta requested a report on the investment ranking of 14 FinExpertiza instruments. While the precious metal palladium turned out to be the most profitable investment, Bitcoin losses were equal to 71.15% at the time the report was compiled.
The price of Bitcoin has risen in the past and this has led people to believe it was becoming "digital gold". One of these supporters included Alex Gurevich, former JPMorgan executive and math professor, who said that the weather was working for Bitcoin despite the recent price decline. He said: "Every day does not disappear, it is approaching a permanent level at digital gold".
However, FinExpertiza's research has put bitcoin under silver, platinum and gold, which has lost only 15.37%, 15.16% and 5.91% this year.
Two sides for a story
Currently, the Internet is saturated with articles that state that Bitcoin is as good as dead. The comparisons made between its price in December 2017 and this month are plastered everywhere to alert people to invest in cryptocurrency.
However, Bitcoin did not work as badly as they concluded various researches including FinExpertiza. According to Bloomberg, when the price of BTC in 2017 and 2018 is compared with its price in 2011 and 2013, this decline seems to be consistent with normal cryptocurrency market cycles.
When one looks at the collapse in prices in recent months, many would consider the purchase of cryptocurrency again. But it must be remembered that BTC decreased by 87% in November 2013 and it took almost four years to get its momentum. In the same month of 2017, its lowest price was recorded at $ 5555.55. Subsequently, the price went to break records and reach a maximum of around $ 20,000.
Bitcoin is not dead
99Bitcoins reported that BTC was declared dead 91 times in 2018. This data is not yet close to 125 times that the bitcoin has been defined as a total loss in 2017.
Jeff Sprecher, president of the New York Stock Exchange (NYSE), said that despite living in a "swamp" and a decline in price, Bitcoin is still surviving. "Often in finance, it's not about being the best – it's about being the broadest and most commonly accepted and for whatever reason the bitcoin has become so," said Sprecher.
Shutterstock foreground image. Price charts from TradingView.
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