Dot-com bubble shows that bitcoin is heading back below $1000, says analyst 260 reading now More
Bitcoin is heading lower - much lower - if the go-go years of the dot-com bubble are any indication.
Already slashed by more than half since hitting a record near $US20,000 in December, the cryptocurrency could plunge a further 90 per cent in an environment of unsustainably growing supply, according to Bloomberg Intelligence commodity strategist Mike McGlone. Using Amazon. and the Nasdaq's spectacular rise and retreat at the turn of the millennium as a proxy, he said the currency could plunge to $US900. US regulators warn of cryptocurrency risks US regulators warn of cryptocurrency risks
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"I spend a lot of time reading about this, and the more research I do, the more bearish I get," McGlone said in an interview. "It's very similar to these Internet companies we saw in the late nineties."
While the creators of bitcoin intended to limit supply to 21 million coins, forks mean that there are already more than 50 million outstanding coins based on the original blockchain. There's also nothing preventing rivals from spawning an infinite amount of clones, he said. The number of tradable cryptocurrencies jumped 120 per cent in the past year. Related Articles...