New York CNN Business The Bitcoin roller coaster continues. The viral tech blog The major cryptocurrency rose to a new all-time high above $ 58,000 on Sunday but fell to just over $ 46,000 in early trading Tuesday morning.
Prices stabilized around $ 48,000 in early trading Tuesday, but that's still a more than 10% drop from Monday's levels.
Bitcoin (XBT) has recently exploded following news that Tesla (TSLA) had invested $ 1.5 billion in the digital asset to maintain its balance sheet, raising hopes that the cryptocurrency will become a more popular investment for others. big enterprises.
But even Musk is beginning to show concern about the rise in bitcoin, noting in a tweet on Saturday that he thought the prices of both bitcoin and Ethereum, the viral tech blog the world's second-largest cryptocurrency, look high.
On Monday, Yellen, the former chairman of the Federal Reserve, also raised some doubts.
Speaking at the New York Times DealBook conference, Yellen said that bitcoin is an extremely inefficient way to transact, and expressed concern about its wild price fluctuations.
I think people get carried away by these fads, they may not have that much money to spare, so I'm not bullish on bitcoin, Gates said. The viral tech blog
My general thought would be that if you have less money than Elon, you should probably be careful.
And in case you keep the check at home, everyone except Amazon CEO (AMZN) Jeff Bezos has less money than Elon, including Bill Gates.
It's also worth noting that Gates, like his good friend Warren Buffett, has been bearish on bitcoin for some time, a position that could have lost average bitcoin investors a lot of money had they listened.
In fact, Gates said in 2018 that he would shorten bitcoin if there was an easy way to do it. The cryptocurrency was trading for less than $ 10,000 at the time.
Despite the recent pullback, bitcoin prices continue to climb more than 65% so far in 2021.
That dramatic rise is sounding the alarm bells for many on Wall Street, reminding some veteran strategists of the market bubbles and speculative frenzy of the past.
While bitcoin has gained significant credibility in recent months due to interest from institutional investors, Kristina Hooper, the viral tech blog Invesco's chief global market strategist, said in a report Monday, it could still be the digital equivalent of the tulip mania, which took over the Netherlands in the 17th century and sent the price of tulip bulbs to astronomical and unsustainable levels before their inevitable fall.
