Categories Technology

Bitcoin falls 5%, turns risky investment

Bitcoin has turned out to be a very risky investment as can be confirmed by the 5% fall of the cryptocurrency. Fear over the future of bitcoin still keeps investors opting for stocks, bonds, and mutual funds. And, this was proved by a survey conducted by Gallup and Wells Fargo, where only 2% of major investors were interested in investing or have invested in bitcoin.

Traders were concerned on the upcoming tax crackdowns and adoption of blockchain-based applications by the traditional financial institutions.

Picture Courtesy: Pixabay.com

Enthusiasm to buy the coin remained huge, but the investors’ group who were polled for the survey considered the bitcoin to be a risky investment and won’t be buying it in the near future. The bitcoin remained in the pockets of the wealthiest ones but only 3% of those who are earning $90,000 or more considered to own or owned the bitcoin.

The ‘not safe’ perception dragged the sales of the cryptocurrency downward. And the survey noted that investors prefer to play safe with regards to investing in cryptocurrency and going for security instead of growth.

After slumping earlier this year, the bitcoin price showed signs of a boom recently. But miners remained very bullish on the future prices as the bitcoin hash rate continued to grow at an amazing pace.

Meanwhile, software developer Perfectial started acknowledging Bitcoin, Ethereum, and Litecoin as payment options for its services. Also, Gibraltar United Football Club has been reportedly planning to introduce cryptocurrency as payment for players. As of 2:05 pm ET, Bitcoin has fallen 3.08% to $7,718, and Ethereum was 3.86% lower at $432.65.

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