The US central bank, the Federal Reserve, raised the base interest rates from 1.25 to 1.5 percent on December 13, while the chairwoman, Janet Yellen, gave her last conference, referring to bitcoin as a “highly speculative asset.” The financial media has been abuzz with stories about bitcoin’s dramatic climb into the $1000’s and then beyond ... Andolfatto responded that cryptocurrency is private money and as a result, it does not fall under the purview of the central bank. Further, given that there is no “need for decentralized consensus based record keeping” concerning the dollar, he does not believe that it will be replaced with cryptocurrency. He added that the demand for crypto is supplanting demand for existing reserve The authors, David Andolfatto and Andrew Spewak, conclude that one of … Crypto VC Says Everyone’s Forgotten about Bitcoin: Why That’s Okay. By Z24Crypto Posted in Bitcoin Bitcoin Opinion Chris Burniske News. Posted on January 6, 2019. Placeholder co-founder Chris Burniske says the mainstream has forgotten about bitcoin. However, that’s not something to be upset about — it’s a ... The authors, David Andolfatto and Andrew Spewak, conclude that one of the factors dragging down the price of Bitcoin is an ever-expanding supply of alternatives. Bitcoin is an inherently speculative and volatile asset. A fixed supply doesn’t mean an ever-increasing value. Demand determines value, after all. Other tokens are frequently launched which have properties attractive to a portion of ... According to Andolfatto, the price of bitcoin "consists purely of a bubble".  Comparisons of bitcoin to the tulip mania of seventeenth-century Holland have been made by the vice-president of the European Central Bank, Vítor Constâncio  and by former president of the Dutch Central Bank, Nout Wellink.  Hence, Bitcoin might be lagging behind altcoins in such a case. However, the Federal Reserve economists still believe that the price will not touch zero. An important factor to take into account is that one aspect of Bitcoin’s value, its utility. As other coins develop more functionalities, Bitcoin’s future might be in danger.
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