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Title: [2017-12-30]2017 in review part II - Cryptocurrencies and the world Post by: DowBit on December 31, 2017, 02:19:51 PM In part I, we reported the main events that shaped and affected the cryptocurrency investment market. Some events led to reactions from governments – and vice versa. The cryptocurrency market is very susceptible to news regarding how the world sees it and reacts to it. Now in part II, we will discuss some events that shaped and were shaped by cryptocurrencies this year, and what reactions from the world we expect in 2018.
The Bubble The cryptocurrency market has grown exponentially since the beginning of 2017. Since both specialized and mainstream media featured Bitcoin and altcoins we have seen a mass adoption of virtual currencies. It was inevitable that somewhere along the way we would hear declarations with the word “bubble.” And we will keep hearing it. Jamie Dimon made the most famous proclamation. The CEO from JPMorgan Chase is one of Bitcoin’s biggest critics. He has called Bitcoin a fraud, a bubble, a tool for money laundering, and even a twenty-first-century tulip mania. Interestingly enough, his words caused a 2% drop in BTC prices. Ironically, after CME announced it would offer Bitcoin futures, JPMorgan started considering allowing its clients to invest in them. How about that? Nevertheless, the Bitcoin community was not happy about it. His words were harshly criticized and several high-profile figures defended Bitcoin such as Chamath Palihapitiya and John McAfee. This was the origin of McAfee’s famous genitalia-eating bet, which he later raised. The backlash got worse when a JPMorgan subsidiary was accused of, guess what, money laundering. More: https://dowbit.com/2017-part-ii-cryptocurrencies/ |