CHATTANOOGA, Tennessee (WDEF)– “Bitcoin itself since the start of the year has risen 100%, fallen 50% and risen 100%,” said Chris Hopkins.
Cryptocurrency, especially Bitcoin, has gradually made its way into the mainstream over the past few years, but reached a new level when Bitcoin debuted on the New York Stock Exchange.
“This ETF launch is the second most successful in NYSE history in terms of trading volume alone, over $ 1 billion in transactions on the very first day.”
Hopkins says that Bitcoin ETF trading is not technically Bitcoin trading, but Bitcoin futures trading.
“When you think about it, there is a future contract for oil, wheat and soybeans and everything in between. These are in fact only bets on the future price of commodities.
He says bitcoin and similar cryptocurrencies are known to be extremely volatile. Going forward, he expects to see cryptocurrencies with government backing, such as cryptocurrency with the stability of the US dollar attached to it.
“The Fed is working hard on it. Chen already does. About 130 countries are working on a digital conversion of their own currency which will provide all the benefits in terms of instant transactions and almost at no cost. “
He believes that in the long run, this would significantly reduce or eliminate cryptocurrency like Bitcoin, as the volatility of federal government crypto would be significantly reduced.
“Let’s call it a bitdollar and has a stable dollar per coin, it’s hard to imagine, in my mind, three or four years from now, the value of bitcoin.”
He says the Blockchain technology used for Bitcoin, and not Bitcoin itself, will likely be the one used for years to come.