Bitcoin price: Expert reveals what bitcoin’s SURVIVAL hinges on | City & Business | Fina…

Bitcoin price slumped over the past week to its lowest point since last September and CNBC’s Elizabeth Schulze has said the cryptocurrency’s survival relies solely on its customers believing in it. Ms Schulze said: “The survival hinges on a couple of things. First, there is this underlying idea, which we talk about a lot.

“The technology that underpins bitcoin is blockchain. Blockchain extends well beyond just bitcoin.

“This is a space that companies across tech, across healthcare and finance, are looking at how they can use blockchain to make their operations more efficient.

“Bitcoin’s success ultimately hinges on its customers, its buyers believing in it. So it is not centrally backed.

“There is no authority that is going to come in and say ‘we will buy bitcoin if nobody else does’.

“So, there’s really a belief in this system and currently it looks like there is enough early investors still out there. It hasn’t gone to zero but not a lot of retail investors,…