Bitcoin is Booming Again – But No One Seems to Know Why
Mike Sanders / 3 years ago
Since around the middle of the year, I’ve been getting something of a feeling that Bitcoin (and likely Cryptocurrency in general) was on the verge of something pretty major again. Don’t ask me why, but it’s hard to deny that demand for graphics cards has again been on the rise and not, incidentally, just from general gaming consumers.
In the last 24-hours, however, Bitcoin has just hit an all time high of of $23,698.80, and, quite frankly, this only means one thing. Yes, we’re in the middle of another huge Crypto-boom!
Bitcoin Price Soars
The resurgence in Bitcoin through the latter part of this year has been truly remarkable. As you can see in the chart below, around March, Bitcoin was only(?) worth around $6,000 a coin. While that did climb slightly towards the Autumn months though, from October onwards, the path has clearly been an alarmingly high spike.
Put simply, if you had any doubts about a resurgence in cryptocurrency mining, this should put that entirely to bed.
Bad News for Consumers
With the price of Bitcoin soaring, this unfortunately means that industrial-scale mining operations are going to be keenly gobbling up graphics cards into order to boost their production. By proxy, this means that humble gaming consumers can likely expect two things over the next 3-6 months. Namely, graphics cards will be harder to get, and prices will almost certainly start to go up!
I sincerely hate being proven right about this, because quite frankly, the last boom was a bad time for general gaming consumers looking for an upgrade. What goes up, however, invariably always must come down. Let’s just hope that this boom doesn’t result in some dark days ahead!
The only real mystery surrounding this is that nobody seems to know why Bitcoin is suddenly seeing a huge spike. This is, quite frankly, nothing like that last time it occurred in 2017/2018 where everybody wanted a piece of the crypto-pie. I mean, I’m sure some of you have theories, and you’re welcome to put them in the comments (I’m genuinely interested to hear what you think). On the whole, however, unlike last time, it’s equally just as hard to predict if/as/when this new bubble will burst.
What do you think? – Let us know in the comments!
