WELTRADE company blog | Why can Bitcoin fall further? Will Google destroy Bitcoin? Quantum computer – threat to “Kryptonians”?

A few weeks ago, the price of Bitcoin fell to a 5-month low during a speech by the head of the companyFacebook (NASDAQ:FB) Mark Zuckerberg at a hearing on the financial services committee of the US House of Representatives. Congressmen expressed concern about cryptocurrencies in general and the Libra project in particular, stating that cryptocurrencies pose a threat to traditional fiat currencies such as the dollar and can also be used to finance illegal activities and money laundering. Congressman Sherman also called on Congress to consider banning cryptocurrencies.

When asked why companies leave the projectLibra (Mastercard (NYSE:MA), Visa (NYSE:V), eBay (NASDAQ:EBAY) and PayPal (NASDAQ:PYPL) left the project), Zuckerberg responded that Libra is a risky project and he is not sure that it will earn. Zuckerberg also said that Libra will not be launched until it receives regulatory approval.

Downward pressure on the price of Bitcoin could alsoprovide news that a bill has been submitted to Congress to give stablecoins the status of securities. If this bill is passed, stablecoins and their issuers will fall under the jurisdiction of the Securities and Exchange Commission.

Another factor dropping the price of the maincryptocurrency has become a statement by Google (NASDAQ: GOOGL) about the progress in creating a quantum computer that can perform operations thousands of times faster than the most powerful supercomputers. Quantum computers will be able to solve complex algorithms, which is a cause for concern for investors, since such computers will become a threat to the bitcoin network.

What do you think?

Vasily Barsukov (Chief dealer WELTRADE)