Erekat: About 200 million people trade cryptocurrencies in the world

  • The largest cryptocurrency trading companies declared bankruptcy as a result of wrong investments

Muhannad Erekat, chief analyst at CFI, said on Wednesday that there are about 200 million people in the world trading digital currencies.

He added to the country’s pulse program, which is broadcast on the “Roya” screen, that digital currencies are moving towards a decline, indicating that there is no real fair value for these currencies.

He explained that the largest digital currency trading companies declared bankruptcy as a result of wrong investments, and the significant decline witnessed by these currencies, which are affected by all events affecting the world, expecting a continuation of the decline.

Bitcoin is leading the way

For his part, economist Mohammed Al-Rawashdeh said that Bitcoin, which is the most popular digital currency, has witnessed violent tremors during the recent period, adding that digital currencies have nothing to do with any other currency and depend only on supply and demand.

“Cryptocurrencies are completely unrelated to gold and prices, and the connection between them is incorrect,” according to Al-Rawashdeh.

He pointed out that the price of the bitcoin currency determines the prices of the rest of the currencies, advising not to buy and trade when watching it decrease.

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