Tuesday, 09 October 2018 19:50

Bitcoin value ‘on the slide’ in face of restrictions: report

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The value of annual bitcoin transactions is expected to slide further from the latter half of next year, according to a new study which reveals that daily cryptocurrency transaction volumes have fallen from an average of around 360,000 per day in late 2017 to 230,000 in September 2018.

According to the study by Juniper Research, bitcoin has not only fallen sharply from its December 2017 peak, but has failed to recover despite the weakness of a number of leading fiat currencies, continuing uncertainty around Brexit outcomes and ongoing trade disputes between the US, China and the EU.

The study points out that not only were national and state governments imposing additional restrictions on — and conducting criminal investigations into — cryptocurrency exchanges, but visibility and reach had been severely curtailed by advertising bans introduced by leading social media companies, including Google and Twitter.

It also emphasised the ability of casual investors to buy bitcoin had been significantly reduced by the decision of many financial institutions to prevent purchases via credit cards.

The study also cast doubts on the longer term prospects for bitcoin, due to both closer regulatory scrutiny and, ultimately, the rationale behind its valuation.

Report author Dr Windsor Holden said: “Bitcoin has no intrinsic value. Like any asset, it is worth whatever someone is prepared to pay for it, but it has no meaning or existence beyond the confines of the ledger.

“It is a bubble, and there is a strong possibility that this bubble could burst in the near future.”


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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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