JP Morgan’s CEO Jamie Dimon recently criticized the bitcoin and other cryptocurrencies, saying that they are unstable and they are creating a bubble that could burst. His main argument is the fact that cryptocurrencies don’t have a central authority, a public ledger which will help to control the currency, but instead, it is going with the flow, which makes its value very unstable. Another argument is that bitcoin is vulnerable to hackers. Without a central bank, the victims risk losing all without any insurance.
Besides Dimon’s concerns for the bitcoin, every day more and more companies accept it as a payment method and the trading volume sets new global all-time high. Finance experts say that after the big drop a few weeks ago, the currency is now stabilized and it will rise in the coming months. There is a 42% chance of a rise in November, and more than 50% in December. The short-term forecast for the next few days is that bitcoin value will be between $3900 and $4100, but the long-term forecast predicts that the value could rise up to $8000 till New Year.
Many international P2P bitcoin markets have a dramatic rise in volume in the last week, which is caused by China’s crackdown because many traders are forced to use P2P markets. The markets in Malaysia, Thailand, United Arab Emirates and Switzerland have about 25 to 35 percent increase in their volume.