Bitcoin Smashes New Value Record!
Mike Sanders / 6 years ago
The value of the Bitcoin has never been greater!
Bitcoin, the digital crypto-currency has hit a new high. In a manner that is baffling both investors and tempting those peeking through the window of mining, the value of the digital currency continues to grow. So what is it exactly that is sustaining this growth? Particularly at a time where some considered that we might have been seeing the first wavering signs. A potential bursting of the crypo-bubble.
How much is the Bitcoin currency worth?
If the current value doesn’t stagger you, the amount it has grown just in the last 3 months will.
In May this year, I wrote an article heralding the $2000 mark had finally been met. At the time, I suspected that this might have represented a ceiling, however since then it has continued to grow and grow.
Coindesk, one of the major crytocurrency exchanges is currently valuing the bitcoing at circa £3,500. At the time of writing this, it was $3,476 per coin. You can, therefore, forget $2000, this has now broken $3500 and despite my many reservations, shows no signs of stopping any time soon.
What is behind this growth?
I am not an economist, no offence to my editors, but if I was, I wouldn’t be writing here for a living. Definitely not if I had seen 10 years ago just how massively this currency would explode. The actual reason for this growth though is a little puzzling.
We are at a point where crytocurrency mining is at an all time high. Even companies who produce the technology such as AMD and Nvidia have started acknowledging the fact that a good portion of people are not buying their products any more just for gaming usage.
We even reported earlier this month how there an actual genuine graphics card shortage in germany due to demand for Ethereum mining.
My only speculation as to why the value is increasing in simply based on the fact that consumers are ‘buying’ into it.
Will the bubble ever burst?
It has to, and I suspect when it does, it’ll hit the market hard.
I’m not certain that people really know where the currency is going to end up. Will this remain the anonymous online currency is was originally planned to be? Could it start becoming a high-street staple spent as freely as pounds, dollars, yen or euros? Will it ever be adopted as a national currency?
Like a broken record, I still feel I’ve missed the boat with the whole Bitcoin mining saga, however, as my article from last May clearly proves, I was wrong then. There is, however, just a little gremlin in the back of my mind that keeps whispering as me ‘this can’t last forever’.