The ongoing trade war between the US and China has lead to the sharp increase in the cost of Bitcoin. According to Fins.az, investors in China turn yuan into Bitcoin and other currencies. According to the report, the cost of the cryptocurrencies increased by more than 14 percent over the past 24 hours to $ 8,148. The US government raised the tax on $ 300 billion worth Chinese goods from 10% to 25% on May 11. The Chinese government has announced that it will apply 5-25% customs taxes on US products totaling $ 60 billion since June 1. In addition, 25% customs taxes will be set on 2,493 products. In general, the new tariffs will cover 5,000 products.
So how is the position of the cryptocurrencies currently evaluated on the market? What expects Bitcoin in the near future?
According to economic expert Rashad Hasanov, in the next 10 years, a significant part of the worldwide turnover will be realized through cryptocurrencies. "This process has already started and will be inevitable in the future. Innovative aspects of the blockchain technology have many advantages. The speed and acceleration of transit services increase the interest in this type of currency. In recent years, central banks of different countries have become more serious about cryptocurrencies. Cryptocurrencyinvestment has been officially launched in several countries. From this context, in the next 10 years, the share of cryptocurrenciesin the trade turnover and transfer of funds will increase rapidly, which will lead to permanent price changes in the market. At present there are serious risks. The sharp fluctuations in the price of Bitcoin, one of the most well-known types of cryptocurrencies, stems from these risks. Because there is no economy or power behind this type of currency. At the same time, there is no legal guarantee. In many cases, the risks associated with the transformation of Bitcoin into the hands of criminal gangsters lead the world banks to improve regulatory mechanisms in this direction and make a more conservative position. As a result prices hike. Under present conditions, Bitcoin's price does not reflect its real value. If the turnover changes and effective mechanisms of legal regulation are established, cryptocurrency markets can find a reliable and durable position in the market. This can further increase the circulation volume by increasing interest in this type of currency. In fact, the market is not so great. Thus, there is about $ 250 million in circulation. The impact of any global player on buying and selling cryptocurrenciesalso affects prices. The opinions voiced by a number of governments can directly influence the prices. With the emergence of certain threats between the United States and Iran, new risks have emerged. In such a period, recourse to alternative financial instruments is increasing. The demand for cryptocurrencies is growing, which lead to the increase in prices. Some countries can not fully benefit from payment system services. Therefore, they prefer to use alternatives. It also increases the demand in the market. Positive reviews about cryptocurrenciesincrease their value," noted the expert.
IT expert Shaig Muradov said that Bitkoin is viewed as an investment. "Cryptocurrenciesare in fact an alternative currency. In fact, there are many types of cryptocurrencies. The blockchain system, which is based on this type of currency, forms an alternative for the future. Even if it is not Bitkoin, alternative cryptocurrencies will be used in this technology in the future. Bitkoin has been evaluated as an investment so far. The majority buy Bitcoin and sell it when the prices rise. When supply and demand increase or when a well-known company adds Bitcoin to its portfolio, prices rise very rapidly. And if the company refuses it, the prices fall again. One of the main reasons for Bitkoin's depreciation was its prohibition in several countries. Nowadays, it is difficult to predict prices, as their changes depend on great players," he stressed.
According to telecommunications expert Elchin Verdiyev, in small countries, the prospects for cryptocurrenciesare not so great. "This type of currency has broad prospects in countries with larger economics and ICT sector and global companies. In small countries like Azerbaijan, the development of this sector is not so important. Because the energy sector is over the ICT sector. There is a need for further growth of the ICT sector for the popularity of cryptocurrencies," the expert said.
IT specialist Gafar Ahmadov noted that cryptocurrencies can be developed in those countries where they are widely used in virtual payments. "In our country, this type of currency will not develop in the next 10 years. Cryptocurrencyis a virtual currency. But since the prices are not stable, there are big risks. Bitkoin's price can go down $ 10,000 per day. There are some forces behind it as the Blockchain is a technology built on another mechanism. People have not yet been accustomed to using Bitkoin. If this happens in the future, this may be more favorable than the currency we use. But you can not put this currency in your pocket. That's why this currency is not trusted," he said.