Crypto traders might want to heed the warnings of several experts that are predicting a Bitcoin (CCC:BTC-USD) collapse is coming.
While there’s no denying that BTC is worth a pretty penny with tokens trading in the $45,000 range, that doesn’t mean rough weather could pull it down. We saw that earlier this year when the crypto took a massive drop from about $60,000 to $30,000 per token.
Now some experts believe a Bitcoin collapse is coming. Let’s take a look at what they have to say below.
Bitcoin Collapse Coming?
“Private money usually collapses sooner or later. And sure, you can get rich by trading in bitcoin, but it’s comparable to trading in stamps.” — Riksbank Governor Stefan Ingves, Investing.com
“Quantum computers, expected to be operational by around 2026, will easily undermine any blockchain security systems because of their power. Blockchains are effectively fundamentally flawed if they don’t address the oncoming quantum age. The grownups in the room know what’s coming.” — Arqit founder David Williams, Forbes
“We were planning to go live in a few weeks, so we reached out to the SEC to give them a friendly heads up and briefing. They responded by telling us this lend feature is a security. Ok – seems strange, how can lending be a security? So we ask the SEC to help us understand and share their view. We always make an effort to work proactively with regulators, and keep an open mind. They refuse to tell us why they think it’s a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why.” — Coinbase (NASDAQ:COIN) co-founder and CEO Brian Armstrong.
“People will not want their purchasing power, their salary to go up or down 10% from one day to another. You don’t want that volatility for purchasing power. In that sense, it is not a good safeguard of value.” — Bank of Mexico Governor Alejandro Diaz de Leon, Reuters
BTC is down 2.9% over a 24-hour period as of Friday morning.
We’ve got more crypto news traders will want to know about below!
InvestorPlace offers up the latest crypto news with our daily coverage of the space. That includes upcoming news for Terra (CCC:LUNA-USD) traders, how celebrities will influence crypto, as well as an overview of recent Shiba Inu (CCC:SHIB-USD) movement. You can find all of that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.