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What Happened: Bitcoin (BTC) price corrected sharply from $57,000 to just under $50,000 earlier today, before recovering to $54,178 at the time of writing.
Over the course of its rally, the market-leading cryptocurrency has come under scrutiny from those skeptical of its success – most recently from
Barclays (NYSE:BCS) investment chief Will Hobbs.
Hobbs, who is the Chief Investment Officer at Barclays’ Wealth and Investments, went on to compare Bitcoin to a “flightless bird.”
Why It Matters: Most analysts have suggested a key driver of Bitcoin’s successful rally has been the popular “store of value” narrative that surrounds the asset.
Many investors, including