Bitcoin’s rapid surge to a staggering total value of $ 1 trillion in recent months has surprised many

Bitcoin price, which has soared around 350% since its bull run began in October, hit highs of nearly 60 over the weekend000 USD per Bitcoin before hitting around 50 on Monday000 USD fell

With Bitcoin price volatile, the President of the Federal Reserve Bank of Boston has expressed his surprise at Bitcoin’s continued success

Eric Rosengren, president of the Boston Federal Reserve, said he expected the latest bitcoin price bull [] run to end sooner or later

“Personally, I was surprised that Bitcoin continues to thrive,” said Eric Rosengren, president of the Boston Federal Reserve Bank, in an interview with the New York Times late last week, adding that he expected Bitcoin prices to increase eventually “to come under pressure”

Rosengren pointed out that the development of central bank digital currencies, such as the digital yuan tested in China, could potentially weigh on the price of Bitcoin and similar cryptocurrencies in the future

“I would later suspect that some central banks have digital currencies,” he said, “If a digital currency other than the underground economy is available, it is not clear why people would use Bitcoin”

Bitcoin price has risen by around 400% in the past 12 months even after yesterday’s decline

“[The] price movement could shake up the many critics of Bitcoin, including those who recently dismissed the leading cryptocurrency as an economic side effect,” Paolo Ardoino, chief technology officer at Bitcoin and Cryptocurrency Exchange Bitfinex, said in email Comments

“This criticism misses the point and the profound ramifications it is beginning to have. For many of the battle-hardened exchanges that have weathered market volatility, volatility is not new and to be expected in such a young market”

I am a journalist with significant experience in technology, finance, business and economics around the world. As the founding editor of Verdictcouk I have

reported

I am a journalist with significant experience in technology, finance, business and economics around the world. As the founding editor of Verdictco, I covered how technology is changing business, political trends, as well as the latest culture and lifestyles I’ve seen the rise of Treated bitcoin and cryptocurrency since 2012, portraying its emergence as a niche technology as the greatest threat to the world’s established financial system and the most important new technology since the internet itself.I have worked and written for CityAM, the Financial Times, and the New Statesman, among others, and Follow Me on Twitter @billybambrough or email me at billyATbillybambroughcom
Disclosure: I occasionally hold a small amount of Bitcoin and other cryptocurrencies

Bitcoin Value, Bitcoin Price

World News – FI – Fed President Reveals Bitcoin Rally Surprise As Price Below 50000 USD falls

Source: https://www.forbes.com/sites/billybambrough/2021/02/23/fed-president-reveals-bitcoin-rally-surprise-as-price-falls-under-50000/