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We are stilling growing money at a 16% to 18% pace, and then we have budget deficits as far as the eye can see. Many bitcoin experts including former Coinbase executive and Litecoin creator Charlie Lee stated that in the long-term, it is less likely that Bitcoin Cash would be able to compete with. "But if you step back and think of the macro environment, you're in an environment where you have unprecedented monetary stimulus. "If you have any exposure to crypto, even bitcoin which is by far and away the least volatile, you have to be prepared for 20% to 30% pullbacks," Gayeski said on Yahoo Finance Live. (Skybridge recently started managing bitcoin as an investment for clients). Skybridge co-CIO Troy Gayeski echoes Sonnenshein's view. "If your conviction hasn't changed and you still believe in the role that bitcoin can play in your portfolio and you can buy cheaper than you could yesterday, that's a compelling trade for a lot of investors," Sonnenshein said. Musk's comments also put severe pressure on dogecoin ( DOGE-USD), which plunged 32% by afternoon trading Thursday. Sonnenshein noted that: "This is an opportunity for the entire crypto space to really think about moving the narrative towards something that's a little more solutions-oriented when it comes to energy consumption." This content is not available due to your privacy preferences. Now, having moved far beyond its original application within cryptocurrency, the underlying technology of Bitcoin is being applied in a variety of situations. Musk continued, “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment." “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” “Tesla has suspended vehicle purchases using bitcoin,” Musk wrote on his Twitter account Wednesday evening. When Yahoo Finance Live asked Grayscale CEO Michael Sonnenshein if traders should ignore Musk's comments on bitcoin, Sonnenshein said, "yes." Grayscale bills itself as the world's largest digital currency asset manager, managing various crypto ETFs.Īs usual, traders in bitcoin ( BTC-USD) were far from ignoring Musk on Thursday.īitcoin prices plunged by more than 10% as Musk voiced concerns over bitcoin mining practices.
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#BITCOIN EXPERT TALK HOW TO#
Stop letting random musings on bitcoin from Tesla CEO Elon Musk influence your decisions on how to trade the cryptocurrency and remain focused on the fundamentals, said one crypto expert