After reaching new highs in June, the infamously volatile Bitcoin tanked earlier this month. The popular cryptocurrency has since mostly recovered, but a veteran in the industry says Bitcoin\u2014and all other cryptocurrency, for that matter\u2014remains a “ticking time-bomb.”<\/p>\n
Charles Hoskinson, who helped develop the ethereum blockchain, told Bloomberg that<\/a> “people are blinded by fast and easy money.\u201d<\/p>\n Hoskinson’s Ethereum, a rapidly emerging alternative to Bitcoin, skyrocketed from $8 earlier this year to nearly $400 last month, before plummeting alongside Bitcoin. Unlike Bitcoin, Ethereum has thus far failed to recover.<\/p>\n Hoskinson is not alone in his skepticism of the cryptocurrency market, which promises freedom from the financial sector but cannot find a stable footing on which to enter the mainstream.<\/p>\n \u201cWe are very bearish in the near term for a number of reasons,\u201d Harry Yeh, a managing partner at digital currency dealer Binary Financial\u00a0told Bloomberg<\/a>. \u201cWe are definitely headed for some turbulent and volatile times in the short term.\u201d<\/p>\n Earlier this week, hackers stole several million dollars worth of Ethereum from CoinDash, an exchange platform for such currencies.<\/p>\n