Brad Sherman, United States Congressman, speaks anti-Bitcoin, and he stated that the token is all set to be harmful to the USD.
Mark Zuckerberg, Facebook CEO, appeared before the Congress for interrogation on the Libra, and he spoke a lot about financial inclusion; however, the Congressman did not take anything out of what was being said.
Sherman stated, “You’re trying to help those for whom the dollar is not a good currency: drug dealers, terrorists, [and] tax evaders.”
Several lawmakers are not in agreement about the reality behind a complete ban on a decentralized system like the Bitcoin.
The price of the Bitcoin is currently suffering; however, the price of the Bitcoin might touch $100,000 by 2021 per claim from several analysts.
The price of the Bitcoin is not going great. Several other cryptocurrencies have as well been having continual slides over the past few months.
The price support of Bitcoin has been at $7,200 over the long term, and this might be put to the test leading to a minor price bounce as well. If the price would cross the $8,352 it will be thus invalidating the bearish lower highs, which have been set up on the price charts.
The low volatility consolidation has not left the investors happy. In just 15 minutes, the price fell by $500. The Bitcoin Price Index (BPI), reflecting the global average price shows $7,549. The overall market capitalization of the Bitcoin has tanked to $135 billion.
A big move is overdue for the Bitcoin. The cause of the crash is subject to speculation, and there has been no good reason to arrive so far. Some of the Bitcoin analysts have to name the testimony of Mark Zuckerberg to be one of the influential factors behind the price crash.
Yet another announcement from Google stated that they had solved a problem by making use of quantum computing, which is something that would have taken years to resolve even with supercomputing.
For those investors who put their money into Bitcoin, this is not good news. They have put in all their cash, trusting that the decentralized system of rewording will be hard to be cracked by mere computing power.
In response to the quantum solving one of the Bitcoin, enthusiast stated, “We still don’t even know if it’s possible to scale quantum computers; quite possible that adding qbits will have an exponential cost.”
They do not believe that Google is not anywhere near quantum cryptography.