

CCTV2 has launched a new series on the global investment trends regarding to bulk stock, cryptocurrencies, real estate and art market. The debut episode this Wednesday focuses on cryptocurrency.

The price of bitcoin hit a new record high of about $3500 this Tuesday. Chen Qian, a Singapore-based CNBC commentator analyzed the performance of such four cryptocurrencies as BTC, ETH, XRP and LTC.

The open price of bitcoin was $968.23 on the first day of 2017 and spiked to $3018 in June. Bitcoin price closed at $2873.83 on July 31.

“The cryptocurrency market has enjoyed a bull run over the past 7 months. Bitcoin price has increased by 197%, ETH 2338%, XRP 2517% and LTC 860%. Though price rallies, the hard fact is that the market cap of these four coins are still very low.”

But Charlie Lee, creator of Litecoin, believes that crypto coins stand a chance to be used for everyday payment.

“As the demand for application grows, cryptocurrency will end up being used as actual currency instead of being labelled as a speculation tool.”

According to coinmarketcap, there are over 1000 crypto coins on market now, will they all be used as currency?

“There will only be a handful of coins can be used as currency and the rest will be just for fun, kind of a token, like Dogecoin featuring a dog as its logo.”

The program also covers the topic of Bitcoin’s scaling solutions and makes a comparison between BU and Segwit.

BU Segwit miners developers Bigger blocks Off-chain two layer Centralization decentralization

“Bitcoin Cash is a fork coin that has little or no relation to the future of bitcoin. It is the demand of big blockers, the outcome of higher number of transactions. But analysts believe that it has deviated from the original vision of bitcoin and it will find its place in the altcoin landscape.”

However, some Chinese big blockers argue that the government wants Segwit because they want to control bitcoin by simply supervising the operators of the off-chain.

Last month CCTV2 went to visit mining farms in Sichuan and questioned why bitcoin miners don’t pay taxes. And now the program says the miners side represent centralization. What does this indicate?