The cryptocurrency analyst thinks Bitcoin depends on people who believe in its future to succeed

Bitcoin (BTC) is the largest and most valuable virtual currency on the market. Although 2018 was not a perfect year for BTC, it remains the most important currency in space. Second Elizabeth SchulzeThe correspondent of CNBC technology said that the future of Bitcoin depends on the people who believe in the famous cryptocurrency.

During the last weeks, Bitcoin trampled to new lows over the years. This is clearly something that many investors could not bear. In fact, some of them have made the decision to sell their funds. However, this was not enough to shake the strongest hands on the market.

The survival of Bitcoin will depend on users who believe in the future of this virtual currency and how it will behave in the market.

By the way, Schulze explained during a CNBC segment:

"Bitcoin's success ultimately depends on its customers – its buyers believe in it, it's not something supported." There is no authority that will come and say "we'll buy Bitcoin if no one else does it", so c & # 39 it is really a belief in this system ".

Since Bitcoin was created – or at least during most of the time since it is operating on the market – the price of Bitcoin fluctuated because there were speculators behind Bitcoin. Other activities depend on several factors Bitcoin it has no revenue, assets or liabilities flows.

With blockchain technology and cryptocurrencies, there is a new technology that feeds a number of new applications. At the same time, Bitcoin has the potential to compete with the fiat money system. This is why there is a slight chance that Bitcoin will increase in value many times more.

In order for Bitcoin to succeed, people should believe in it as a form of payment, a store of value or a new class of activity. Schulze He went on to say that there are enough investors ahead of the market and Bitcoin has not gone to zero. However, he said that not everyone tries to enter the market, referring to some investors and hedge funds.

There are several companies that are starting to work to offer Bitcoin-level institutional services. Goldman Sachs, Fidelity Investments and the Intercontinental Exchange (ICE) are all working on their institutional services to welcome new investors.

During this year, Bitcoin has lost about 80% of its value. Bitcoin is currently trading at $ 600 dollars above its lowest price in a year, which is very positive considering that in the last 2 weeks the crypto market has lost about 40% of its value.

At the time of writing, Bitcoin is trading close to $ 4,100 dollars and has a market capitalization of $ 72.78 billion.