Bitcoin’s price will continue to fluctuate until a crypto-dollar appears, “which is being actively created now”. This was stated by Sergei Kalashnikov, first deputy chairman of the State Duma Committee on Economic Policy, Industry, Innovative Development and Entrepreneurship, writes Sputnik.
According to the lawmaker, geopolitical uncertainty undermines the reliability of fiat currencies.
“In an environment of unreliability in major currencies, including the dollar, the yen, and the pound sterling, ‘crypto’ is one of the base currencies in which one can store one’s savings,” Kalashnikov said.
The deputy believes that cryptocurrency volatility is driven by speculators, who “pump it up and, conversely, push it down.”
Earlier in November, VanEck’s fund managers found that since the beginning of 2020 Bitcoin’s price volatility was lower than that of 29% of the S&P 500 companies.
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