Bitcoin – creation and steady rise
When it was created in 2008, it was worth almost nothing, even when its source code was released to the public as an open-source software in 2009. In the coming few years, businesses using Bitcoin as a global cryptocurrency payment mode increased steadily that its value remained at around $600-700 with occasional drops and peaks.
It was in 2017 when Bitcoin value started to and broke the $1,000-mark early in the year. However, numerous global events during that year has caused the value of Bitcoin to skyrocket to a staggering $19,000 by the end of that year, more than 1,800% of its initial value at the start of the same year.
Current status of the Bitcoin market
Though short-lived, Bitcoin’s value breaking the $10,000-mark and almost reaching $20,000 has got everyone’s attention in the potential of Bitcoin as a global digital payment system. Investors, finance experts, and even internet and tech enthusiasts have joined in the entire Bitcoin trading and investment game.
Currently, Bitcoin is valued at around $9,400 according to an “Artikel von Brokerworld24”. While it may seem that Bitcoin value has been stable in the past couple of months and may very well be a valid alternative digital payment system for global transactions, not all financial experts look at Bitcoin with optimism.
Speculations on Bitcoin’s inevitable failure
Some economic and financial experts predict that despite how good Bitcoin’s value is, it will not be sustainable in the long run. The erratic behavior Bitcoin has performed in the market can be construed as Bitcoin’s volatility and instability, characteristics of an unsustainable financial and economic unit.
Other cite the likelihood of monopoly in Bitcoin mining as a major contributing factor to Bitcoin’s inevitable doom. They say that the current dynamics on Bitcoin mining and the existence of mining pools lead to a natural monopoly which can undermine Bitcoin’s core value proposition in the future.