By Hassan Mehmood (Saudi Arabia)
Bitcoin always remains the main center for the financial controversies, and not only those but the theories and other explanations always paint Bitcoin as something that is always at a loss and will take you down with it. As a matter of speaking, it did remain the eye of the storm, and it can be confirmed by the recent ups and downs the cryptocurrency had to endure falling significantly from the highest price point and then rebounding once again to the highest possible value. Bitcoin has endured some of the worst daily price drops in its history.
The treasury secretary has their own remarks regarding Bitcoin, and the statement did manifest that it is an extremely inefficient form of investment or digital asset that can’t remain consistent. At other times the investors have warned people of the fact that it is a risky form of investment, so to speak. But even after all those claims and statements, Bitcoin continues to thrive, is here, and has become the favorite for the investors and like-minded finance corporations for sure.
How Financial Institutions Back Bitcoin?
There are claims, however, featuring that Bitcoin has support from the large financial sectors of the globe and that a single tweet from an influential personality can bring down or stake up the price of Bitcoin. These claims, however, can’t be fully acknowledged or backed down at the moment; however, a London-based fund manager has made some efforts in the last year or so within the crypto market after making an initial investment of about 550 million pounds. That corporation goes by the name Ruffer, and as of their last investment in Bitcoin, they have made a significant profit of about $750 million.
Once again, after all this time, Ruffer is among the news regarding Bitcoin, which signifies that financial institutions do have some reach in the lowering or scaling up the price of Bitcoin, give or take. Ruffer classifies Bitcoin as a peculiar digital asset that always brings something unique or unwished-for to the portfolios. The rise and fall of cryptocurrency are still ongoing, and there is no final destination for Bitcoin at the moment rather than crossing the $50k+ narrative in the upcoming days and then stabilizing itself around this price point. But given the volatility of the crypto market, it seems like a hard shot at the moment.
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