Bitcoin Has Lost Its Charm: Deutsche Bank Reports
The Bitcoin realm witnessed troubled waters on their pricing and investment value as their credibility was questioned. The digital war of words was led by CEO of Tesla Elon Musk’s controversial tweet that set the BTC crypto users in a frenzy. Magnifying the controversy, China’s People’s Bank had administered a statement saying digital tokens like BTC will not be utilized by Chinese crypto investors. The marquee cryptocurrency in the Fintech realm ‘Bitcoin’ witnessed a 30% drop and recorded a price value drop of $48,000 from a momentous $60,000.
Preceding the critical remarks that were made in the digital ecosystem about BTC, the token hasn’t been faring well in the Fintech ecosystem. Musk put it on record that the electronic car firm, Tesla, won’t endure payments done through BTC tokens citing environmental concerns.
The bad blood between Musk and BTC might be due to his debut into the crypto ecosystem. Musk has originated $STOPELON, which has a market cap of $24.9 at the time of writing this account. $STOPELON crypto token has been developed on the Blockchain Network of Binance Smart Chain.
The unrest that has developed by the People’s Bank of China is due to the scrutiny measures taken by countries over the world. China is also in the developmental and planning stage to launch its very own homegrown digital fiscal network.
With these concerning remarks, Deutsche Bank said that the upward trend of Bitcoin would not see a growth trajectory at a fast pace. This was reported by DB after prior examination and review of the crypto tokens financial reports.
The German-originated multinational investment bank, DB highlighted that BTC’s main peculiarities are majorly availed by users as a fiscal venture, and only 30% of the crypto tokens investor uses BTC for digital payments.
The potent factor of BTC’s resilience is that it offers small lucrative and strategic investment slots. Even with the decline of investment and price value, the coin will not be written off easily. Championing onwards, Bitcoin will continue to showcase its resilience in the crypto realm.
