Some people are comparing the price movements in the beginning of 2017 to the rise and fall of the Bitcoin price at the end of 2013 into 2014. However, Chris Burniske from ARK Invest, is of the opinion they are not the same and that Bitcoin is showing signs of maturing.
Excerpt from Coindesk article states:-
“Certainly, a similar narrative could be spun: bitcoin breaks $1,000, the People’s Bank of China issues some comments that scare people, bitcoin crashes. But if a few marketplace characteristics are investigated, I think the difference in bitcoin’s maturity between then and now becomes clear.
On 5th December, 2013, a short while after bitcoin broke $1,000, the People’s Bank of China (PBOC) sent out a statement claiming bitcoin was “not a currency in the real meaning of the word”. The PBOC went on to restrict financial institutions from getting further involved with the technology.
Last week, on 6th January, 2017, a short while after bitcoin broke $1,000 for the second time in its eight-year life, the PBOC sent out new statements indicating that its representatives had met with major China-based bitcoin exchanges to reinforce the importance of remaining compliant with “relevant laws and regulations.”
The tenor of the statements was markedly different, but let’s focus on the numbers.” Click here to read the full article here
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