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Crypto – Bitcoin-Suisse CEO: «The Worst of Bitcoin is Over» News

Friday, September 15th, 2017 | Economy

On 1 September the Bitcoin course climbed a new all-time high at 4951 dollars, after the crypt was only worth 1000 dollars at the beginning of the year. But for the past two weeks it has been downhill: the bitcoin rate fell by nearly 40 percent to currently 3,000 dollars.
The initiator of the price was the ban imposed by China in early September by so-called Initial Coin Offerings (ICO), the creation of new cyclic currencies. According to BTC China – one of the world's largest Bitcoin trading venues – on Thursday, a new Chinese Bitcoin exchange announced a new deal with ViaBTC.
Cash has co-operated with Nikolas Nikolajsen, CEO and co-founder of Bitcoin Suisse – the largest Swiss broker for cryptic investigations – on the consequences of this development for Bitcoin:
cash: Mr. Nikolaisen, China bans the creation of new cyclic currencies. The last days have also announced two major Bitcoin trading venues in China a trade stop. How will this affect Bitcoin?
Niklas Nikolajsen: I do not believe that this will have a big impact. Bitcoin does not need the Chinese trading venues to prosper. Chinese people can dig a lot of bits, but the actual Bitcoin trade from hand to hand is not so huge. Because of the experience from the last time that China ran against Bitcoin, I think that this will be forgotten again in two to three months. (Editor's Note: In January 2016, the Chinese Central Bank announced that it would proceed against several Bitcoin exchanges) ,
The value of Bitcoin has fallen to nearly 3000 dollars in today's trading, which is more than 40 percent lower than two weeks ago …
… but still nearly 40 percent higher than three months ago. Bitcoin also went through the ceiling by 500 percent within 12 months. Bitcoin can not just rise, rise and rise. A serious correction had to come.
So investors do not need to worry?
Because of China, Bitcoin investors certainly do not have to worry. But there is some uncertainty due to bitcoin splitting. At the moment there are Bitcoin and Bitcoin Cash, in November Segwit2x will be added. There will then be three different bitcoins. The question will be: Should I invest in all three or only in a certain Bitcoin subgroup? The answer will be known at the earliest in December.
How will the Bitcoin course develop?
I think the worst is over. But we are not at the end of the correction. In two years I see Bitcoin again on a new all-time high.
Bitcoin is often in the criticism. This week, JPMorgan CEO Jamie Dimon bitcoin as fraud …
That is normal. Bitcoin has been described as foolish or dead by numerous actors from the traditional financial sector. Now, in contrast to formerly, more prominent persons are speaking. This is due to the fact that Bitcoin can no longer be ignored due to its now high market capitalization.
But how do you explain this great skepticism to Bitcoin?
I can hardly understand this. The main criterion for Bitcoin is actually for all currencies. Money is nothing more than a widespread illusion. The network effect gives money a final value.
Can you explain this more precisely?
It might cost a horse to print a 1000 franc note. The value of the note is only something we have agreed on because we feel that other people give us something for it. The Franconian is also basically a fraud and could collapse.
And what about gold where you have a real value?
Gold also has no real value. The electrochemical value is perhaps $ 20 an ounce. Nevertheless we pay 1300 dollars per ounce. And only because people have decided that gold has this value.
But Bitcoin is also a fraud, like gold and currencies?
With Bitcoin it is exactly the same. In contrast to traditional currencies, Bitcoin has a predictable inflation trend. One can trust that not suddenly someone throws extremely many new Bitcoin on the market. This makes Bitcoin an electronic gold, a plausible way to preserve value. So I prefer my savings in Bitcoin rather than in dollars.
Do you have all the savings in Bitcoin?
No. And nobody should do that. You should never put all the eggs in the same basket. Bitcoin is a good diversification for a portfolio. It is not tied to a banknote and an additional option to place money. In addition, Bitcoin has shown in the past that it does not lose much of its value.
Can Bitcoin make good money?
I do not believe that you can get rich with Bitcoin in the long term. Certain Bitcoin investors have done this, but have taken a high risk. However, bitcoin in the portfolio makes sense for ordinary investors.
How does the recent Bitcoin case affect your business?
The last days and weeks we had a lot to do. Currently trading volumes are exploding. On the one hand because of panic sales and on the other also, because certain see this as an entrance point.
Niklas Nikolajsen is CEO of Bitcoin Suisse, which he joined in August 2013 together with Dr. Johannes Schweifer founded. Bitcoin Suisse is the largest Swiss broker for cryptos such as Bitcoin, Ether or Tezos based in Baar. Nikolajsen moved from Denmark to Switzerland in 2012 and worked as a consultant for several Swiss financial institutions before founding Bitcoin Suisse.


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