There’s major negativity hovering in the markets regarding Bitcoin. Particularly after last week’s decision by the South Korean government to stop its trading in the country.
Investors across the globe have started taking a cautious approach. News of hacking, money laundering and price manipulation undoubtedly influenced investors’ strategies as well.
To understand about the market value of Bitcoin completely, let’s take a glance at recent stats:-
Yes. this is pretty much has been the case for everyone as Bitcoin has brought upon a kind of ‘digital revolution’. Most people foresee that crypto-currencies will not only remain a ‘complex form of gambling’ but completely replace paper money world-wide.
“I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed; is a reliable e-cash.”
(Professor Milton Friedman, A Nobel Prize winner in economics)
Controversies regarding Bitcoin start from its origin. The founder is unknown as he went by the pseudonym ‘Satoshi Nakamoto’.
Also, it has been noticed that Bitcoin has a link with the black market for illegal drug trade on Silk Road. Not surprisingly, it has been the major tool for mischief makers as Bitcoin (and other crypto currencies) assist them with their fake IDs and undercover sex work.
The value of Bitcoin is never constant. Therefore, investors may face loss if market values plummet.
Current worth of Bitcoin:-
1 Coin is equivalent to $12086.62. It became mainstream in 2009 after which its worth escalated significantly from $153 (April 2013) to between $500-1000 in the next four years.
NASDAQ (the world’s second largest stock exchange) have chalked out plans to allow market traders bet on the rise and fall of its price.
Will there be a downfall?
“Well. I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin.-People has made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.”
(Richard Branson: Founder of Virgin Galactic and 400+businesses)
“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. But I am not familiar with the specific product to assert whether it is the best potential setup. And we need a long time to establish confidence.”
(Nassim Taleb: Statistician, former trader and risk analyst)