#Bitcoin: Bitcoin Price Drops Overnight by $300- Expert Make Shocking Claim
The number one cryptocurrency, Bitcoin, has shocked the market overnight by dropping by $300 below $9,000.
Despite high hopes of Bitcoin, surging to $10,000, it took a different shape as it dropped by $300 overnight.
While speaking to Express.co.uk, one of the experts and a Senior Trader at ayondo markets, Vinay Sharma, said;
“the buzz around cryptocurrencies seems to be dissipating.The question of their use and viability as a currency still remains.In my view, the chances of crypto’s being used as a viable medium of exchange in the future is very slim. The question I always like to ask is: ‘If I get paid in bitcoins how do I get taxed on it? In my opinion cyrptocurrencies aren’t really currencies at all. With volatility so high they become assets that traders and investors can speculate on and I imagine this will continue to be true in the long term.The chances of crypto’s being used as a viable medium of exchange in the future is very slim. The question I always like to ask is: ‘If I get paid in bitcoins how do I get taxed on it?”
During an interview with CNBC, US Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, said;
“Bitcoin and a lot of its other virtual currency counterparts really have elements of all of the different asset classes, whether they’re meeting payment, whether it’s a long-term asset.We see elements of commodity in it that are subject to our regulations, but depending on which regulatory regime you’re looking at, it has different aspects of all of that.”
He added that there are certain aspects of bitcoin that look similar to an asset like gold. “Only it’s virtual. It’s digital,” he said.
