Investors Still Wary of Bitcoin

Setting aside a massive December price correction, Bitcoin has pushed its way into the minds of ordinary people all over the world.

Google stats for 2017 have Bitcoin as the second most searched news term of the year, as everyone from plucky investors, cryptocurrency newbies and diehard technologists look for the latest news and price updates on the lucrative cryptocurrency.

With a market capitalization of over $11 bln, Bitcoin has made many a millionaire with its rapid appreciation in value this year. Investors flocked to buy Bitcoin during its most recent bull run which started in November which saw the price skyrocket to an eventual high of $20,000.

The almost inevitable correction in the lead up to Christmas sent jitters through the market and many investors will have lamented the dramatic drop in price.

It’s not surprising to hear financial analysts and industry experts describe an apathy towards the market due to the volatility seen in recent weeks. Both big businesses and individual investors still seem wary of putting their money into cryptocurrencies.

Small players

Speaking to CNBC this week, American billionaire Tilman Fertitta, who made his fortune as a restauranteur, believes the average man won’t go near Bitcoin until they have some sort of insurance.

“They don’t have the money. It’s just paper. That’s all Bitcoin is, is paper, but it’s not insured by the FDIC today. And until it’s insured, a lot of people are never going to buy it.”

Nevertheless, the 60-year-old isn’t opposed to the idea of Bitcoin becoming a widely accepted payment method in the future, even by some of his businesses, ranging from casinos, hotels to restaurants…

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