RIYADH: Bitcoin traded higher on Wednesday rising by 2.88 percent to $47,731.21 at 5:37 p.m. Riyadh time while Ether traded at $3,428.65, up 2.95 percent, according to data from CoinDesk.
Despite ups and downs, financial gurus and analysts predict a bright future for the cryptocurrency.
Cathie Wood, CEO of Ark Investment Management, said the price of Bitcoin will be more than $500,000 in five year, which is more than 10 times what it is today.
Speaking at the SALT conference, she said she was pleased that Gary Gensler, chairman of the Securities and Exchange Commission, understood crypto and the advantages of Bitcoin in particular.
On the other hand, Ray Dalio, founder of the world's largest hedge fund Bridgewater Associates, believes regulators will eventually take over control of Bitcoin if the cryptocurrency achieves mainstream success.
“I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it,” Dalio said in an interview on the sidelines of the conference.
According to the results of a study conducted by market and data research firm KLA, about 47 percent of adults in South Africa own cryptocurrency, with the majority of this number holding low-value investments. Many are still trying to understand cryptocurrency.
The study also showed that 25 percent of South Africans own cryptocurrencies with an average asset value of less than $70. In addition, 36 percent plan to invest in cryptocurrencies in the future.
“While this percentage is high, the amount invested is low. This indicates that the bulk of cryptocurrency investors in South Africa are experimenting and venturing without making a significant financial commitment,” Tessa Nowosenetz of the KLA said.
Only 3 percent of the respondents said they own cryptocurrencies worth more than $3,400. However, the majority of South Africans 53 percent are not cryptocurrency holders.
In Uzbekistan, cryptocurrency cannot be adopted as a method of payment, according to an official from the country’s central bank.
The representative of the regulator also noted that unlike cryptocurrencies, while speaking to local media, the national law is backed by the bank’s assets.
The deputy chairman of the Central Bank of the Republic of Uzbekistan, Behzod Hamraev, said: “As an economist, I can assume that cryptocurrency, will never be equal to world currencies such as the dollar, euro, yen, ruble.”