How bad have the recent Bitcoin price drops been for the overall market? Not as bad as they would have been six months ago, according to a report from investment firm Wedbush Securities. The 16-page report, titled ‘Bitcoin: Watch the Innovation, Not the Price,’ claims that the Bitcoin market has actually shown a surprising resilience in value.
The report notes:
As a sign of price stabilization we would point out that Bitcoin has declined less than 15% in the face of its biggest and oldest exchange being crippled and other key exchanges coming under a broad denial of service attack.”
The report notes that a similar situation even as recently as six months ago could have crippled the virtual currency market.
Wedbush’s assessment is a rare piece of data-driven insight to come from the traditional investment sector. The report presents Bitcoin’s rocky recent growth as being similar to many traditional tech startups like Tesla Motors or Facebook. Citing growing merchant interest in accepting Bitcoin, the Wedbush report note that “widespread adoption” of cryptocurrencies in some form doesn’t seem far fetched.
An in-depth look at the report’s contents is available at Coindesk. The report is available from Wedbush’s website for 0.1 BTC (about $60 at the time of writing).