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Bitcoin has seen its value sink again after Bank of Japan Governor Haruhiko Kuroda joined a growing list of central bankers expressing scepticism about the industry’s usefulness in the real world. The cryptocurrency slumped by seven percent to near $35,500 (£25,000), down to levels seen in the crypto meltdown last week. Ethereum has also crashed by 7.5 percent from £1946 to £1812 over the same time period.<\/p>\n
Dogecoin has plunged even further, this time by around eight percent from £0.24 to £0.22.<\/p>\n
Tesla CEO Elon Musk sparked a recent crypto crisis after his company stopped accepting Bitcoin as a mode of payment.<\/p>\n
He tried to throw his weight behind crypto once more, but this has done little to undo the damage.<\/p>\n
He said: “The true battle is between fiat [money] and crypto. On balance, I support the latter.”<\/p>\n
The future of crypto is the subject of big debate, with the recent turmoil turning many off investing.<\/p>\n
Fawad Razaqzada, market analyst at ThinkMarkets, said last week that a big drop is often followed by a surge.<\/p>\n
He said: “The bigger the drop, the higher the bounce.”<\/p>\n
However, he added that crypto’s up and down nature will remain, meaning Bitcoin will continue to be an unpredictable asset.<\/p>\n
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Mr Razaqzada said: “But it remains to be seen whether the recovery will hold.<\/p>\n
“Cryptos will likely stay volatile for a while as speculators weigh the impact of China’s ban and Tesla’s U-turn against the recent growth in institutional interest.”<\/p>\n
Another big name to cast doubt on crypto recently is JPMorgan, who warned in a report last week that institutional investors are dumping Bitcoin in favour of gold.<\/p>\n
The American investment bank added: “The Bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors.<\/p>\n
“Over the past month, Bitcoin futures markets experienced their steepest and more sustained liquidation since the Bitcoin ascent started last October.”<\/p>\n
David Sacco, an expert in cryptocurrencies from the University of New Haven, told Express.co.uk earlier this year that Bitcoin will one day reach the $1million (£722,000) mark.<\/p>\n
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He said: “Companies tend to do what other companies do, especially if something is seen to be effective.<\/p>\n
“Other companies will follow suit because they’ve seen the results.<\/p>\n
“There’s the scarcity associated with it, I think we are at the tip of the iceberg of people’s acceptance of it.<\/p>\n
“We have a globalised economy in which people have less trust in global institutions, making Bitcoin an appealing prospect.<\/p>\n
“I wouldn’t bet against Bitcoin hitting a million dollars in my lifetime, even in the next five to 10 years.”<\/p>\n
DON’T MISS<\/strong><\/p>\n Dogecoin crisis: Crypto ‘won’t last’ as Elon Musk deals brutal blow [INSIGHT]<\/strong><\/p>\n George Soros’ Bitcoin backing: ‘Taking buyers from gold’ [ANALYSIS]<\/strong><\/p>\n Crypto shake-up as Ethereum ‘has more potential than Bitcoin’ [INSIGHT]<\/strong><\/p>\n But other experts, including Giles Coghlan, believe cryptocurrencies won’t go mainstream.<\/p>\n He told Express.co.uk: “I think the advantage of transferring Bitcoin has gone now we can exchange current currencies so easily with small fees.<\/p>\n “When you see an asset and think, ‘Wow this can only go one way’ – that is a recipe for either making a fortune or losing a fortune.<\/p>\n “What I’d say is yes, you can invest in cryptocurrencies. I would advise all clients against using heavy leverage and manage their risks.<\/p>\n “Know exactly how much of your capital is at stake at any one time and have a clear exit plan.<\/p>\n “In my line of work you see people do disastrous things if you don’t understand how leverage works, which is the use of borrowed money to take on greater risk.”<\/p>\n Express.co.uk does not give financial advice. The journalists who worked on this article do not own Bitcoin.<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/22\/590x\/secondary\/Bitcoin-news-Musk-has-backed-crypto-but-Tesla-stopped-accepting-Bitcoin-3076040.jpg?r=1622211570198\")
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