RATE Group | Bitcoin [BTC]’s downward spiral points at an imminent implosion, finds UK-based research…
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Bitcoin [BTC]’s downward spiral points at an imminent implosion, finds UK-based research…

12 Oct Bitcoin [BTC]’s downward spiral points at an imminent implosion, finds UK-based research…

Posted at 01:08h in Bitcoin News by

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The downward spiral of Bitcoin [BTC] in the recent past despite getting opportunities to capture the market points at a bleak future for the cryptocurrency, according to a UK-based researcher.

The study conducted by Windsor Holden analyses why Bitcoin could not emerge as a viable substitute for traditional currencies, even when the market was suffering from shocks like “the Brexit and US-China relations”.

The report states that the year was “ideal” for digital currencies to step up as an alternative to traditional currencies. Almost all government-backed currencies suffered a setback due to Brexit and growing trade links between China, EU, and the US.

According to Holden, this points at the incapability of digital tokens to replace live currencies. He says:

“If Bitcoin cannot make gains in such favorable circumstances, then it is unlikely to prosper as and when these issues are resolved… We feel that the industry is on the brink of an implosion.”

The…

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