The Bitcoin cryptocurrency is set for its worst week since April 2013 but analysts remain confident that it will still hold its value against the North Korean Won.
The price has fallen below $7,910 on the Bitstamp exchange – a 30% decrease over the previous week, leaving Bitcoin owners to push for price comparisons with North Korea’s currency in a bid to create a more optimistic impression of the digital currency’s financial performance.
Soon to be disappointed currency trader and recent Bitcoin owner Mr. Luke Armatrading said, “One North Korean Won was worth roughly 0.007 US Dollars as of January 2017 and it’s falling all the time, so rather than comparing Bitcoin with the dollar – if you compare it to North Korea’s currency, Bitcoin is actually increasing in value in a relative sense. The value of my Bitcoins would already make me a millionaire in Zimbabwe, Venezuela, Iran and Vietnam so all this talk about the value of Bitcoin decreasing is pure nonsense depending on which way around you look at currency valuation.”
The recent price fall comes amid a number of incidents that appear to have shaken the belief in digital money, with China and South Korea both issuing declarations that state the money used in the Monopoly board game will be more readily accepted as legal tender in both countries before any recently launched Cryptocurrency.
The UK Financial Conduct Authority has warned prospective investors that they could lose all their money if they buy digital currencies issued by firms known as “initial coin offerings,” with the use of the word, “initial” in the phrase being a reference to the fact that such coin offerings are offered initially, but could then in theory be swiftly withdrawn depending on how reputable the company offering them actually is.
“If you compare the price of Bitcoin with the Greek Drachma, German Mark, Portuguese Escudos, French Franc, Italian Lira and Spanish Peseta – the price hasn’t moved at all in recent times so that tells me that Bitcoin is holding its own against the currencies of most major EU countries,” Mr. Armatrading added.