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Bitcoin Not To Blame For The Cryptocurrency Market Woes, Says CEO

Samantha Mitchell

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Bitcoin Not to Blame

For the past few weeks, one of the leading Cryptocurrencies, Bitcoin has been on the receiving end with many wondering whether it will stay in the market for the expected time. But one Mr. Stephane Boujnah has a different observation.

According to this financial expert, who is also the current Chief Executive Officer for Euronext, Bitcoin has absolutely nothing to do with what’s currently going on in the cryptocurrency market.

Not a Real Cryptocurrency

Bitcoin-BTCUSD-forecast-and-analysis-on-February-1-2018On the first day of February 2018, the price of this largest Cryptocurrency by market capitalization suffered a huge blow when it hit $9,114.56. Just at a time when the crypto madness is seen to be calming down, Boujnah claims that Bitcoin should not even be regarded as a Cryptocurrency.

In an exclusive interview that he had in Paris, Mr. Stephane Boujnah disclosed that his firm {Euronext} has no intentions of opening a Bitcoin market. He said this would not happen because his company’s obligation is to set in motion the capital markets operating in the Pan-European region. He added that the other mandate that they have at Euronext is to bankroll the real economy, something he claims Bitcoin has absolutely nothing to do with.

He has a strong belief that Bitcoin is entirely focused on its own operations and has nothing to do with the entire crypto market. Bitcoin, according to him, should just be referred to as a crypto asset. To explain it further, Mr. Boujnah gave a reminder that the fact that all currencies are classified under assets does not make all assets currencies. He added that with what is currently witnessed in this vast financial market, Bitcoin appears just like a mere piece of art; something like a Poker card or diamond.

Why People Trade in Bitcoin

Having described Bitcoin as an ordinary piece of art, Mr. Stephane Boujnah said that despite how good it is at capturing value, people still trade in this cryptocurrency for a myriad of other reasons. He said that the main reason why people purchase Bitcoin is the fact that it goes up although it is not as transparent and serious as a host of other assets.

He appreciates how fancy and great Bitcoin has been, but dismiss it as none of their carte blanche. Their mandate is to participate in a market that is not only transparent but also reliable and open, which they think is missing in Bitcoin.

Continuing Appreciation from Investors

Cryptocurrency-bitcoin-marketsAs earlier indicated, it has not been easy sailing for some of the major Cryptocurrencies in the market. The roller coaster they have suffered in the few months tells it all. But despite all that, established crypto coins like Bitcoin, Ripple and Ethereum have never stopped to receive appreciation from various organizational capitalists. This was according to Dr. Garrick Hileman of the Cambridge University’s Centre for Alternative Finance. He described blockchain and Bitcoin as a breakthrough or advanced technologies where hypes always come before the reality. He said it is not the first time this is happening, it had seen before back in 2013.

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