The Federal Reserve Bank of San Francisco released a report on May 18 discussing the volatility of the bitcoin price and its impact on the ways of classifying bitcoin, whether as a currency or commodity only.
The author of the publication Mr. Joost van der Burgt and fintech policy advisor at the Federal Reserve’s San Francisco branch, confirms that bitcoin straddles the properties of all three asset classes. He also draws interesting points over properties that make bitcoin fit into one category better over others.
Burgt also shows historical evidence that suggests bitcoin is in a bubble, without saying firmly whether it is or not.
If we don't hold at $7,000, expecting a drop towards $3,000, according to the weekly. Only time will tell :)
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