Bitcoin overview: BTC is a lousy investment - Apple’s co-founder
- Steve Wozniak said that Bitcoin has potential, but it is too volatile to be considered as an investment.
- BTC/USD returned to $3,800 handle after a failed recovery attempt.
Co-founder of Apple believes that the first digital currency has significant potential, but it is still too early to invest money in it. He said that he spends Bitcoin while traveling and pay with cryptocurrency in restaurants; however, he is not ready to invest in digital gold. As of yet. Speaking in the interview with Bloomberg, Wozniak explained that the sharp downside trend had done more good than harm to the coin’s value.
He believes that the cryptocurrency market participants are sensitive to psychological impact. Thus, fear and ill-considered actions of inexperienced investors may influence the price fluctuations. That’s the main reason, why digital gold is suitable only for experiments, despite a huge potential.
At the end of January, the co-founder of Apple said that he had sold his cryptocurrency when its price was close to the historical maximum. Considering that he bought the coins at $700, he pocketed a good profit.
At the time of writing BTC/USD is changing hands at $3,794, down 2.5% from Thursday peak reached at $3,884. The cryptocurrency attempted a recovery towards the critical short-term resistance at $3,900, but the upside impulse proved to be short-lived. We will need to see a sustainable move above the said level to get a chance to retest the recent high at $4,187.
BTC/USD, 1D chart
Author
Tanya Abrosimova
Independent Analyst
