Research Firm Calls Bitcoin 'Essentially Worthless'

Investing.com - Capital Economics says bitcoin is "not a credible long-run alternative to conventional currencies" and is "essentially worthless."In a note to investors, the firm said it sees more losses ahead for the No. 1 cryptocurrency, which has already lost more than half of its value this year.Capital Economics said there are several reasons behind the plunge: concern about a global regulatory crackdown, the ban on ICO advertising on major Internet sites such as Facebook (NASDAQ:FB) and Twitter and the decision by some U.S. and UK banks to ban cryptocurrency purchases with their credit cards.In a January note, the firm said bitcoin "has all the hallmarks of a classic speculative bubble, which we expect to burst."