If you’re aware of Bitcoin and cryptocurrencies, chances are you will have noticed that Bitcoin has seen a price surge rise this week. The surge is confusing at the dips with Bitcoin, but there are trends to watch.
The price of Bitcoin has reached its peak value since the beginning of last year, and so far this year, the cryptocurrency has more than tripled. £11,000 as we write this.
One of the reasons for its sudden rise in value is because cryptocurrencies are the talk of the financial world at the minute with Facebook launching its own digital money form. It is believed by many that the Facebook announcement has prompted further interest into the cryptocurrency setup. This is why Bitcoin is enjoying a bit of resurgence.
It is thought that people are now starting to treat digital currency as a real player and with a company like Facebook launching its own cryptocurrency. It is giving digital money a marketing platform that is making everyone take notice.
Bitcoin has certainly had its ups and downs. The value of Bitcoin took a pasting last year, falling to its lowest in June. Since the beginning of this year, however, and certainly within the last week, it’s had a massive value transformation. It is currently enjoying one of its most extended stints of positive value – which is making many people sit up and wonder what on earth is going on.
Bitcoin, from its very early existence, has seen massive peaks and troughs, this might be another one of those rises that comes before a fall. It is our opinion that it is, and will fall again in the coming months. It’s been quite a resurrection so far this year. Bitcoin is now up nearly 180 per cent and is still on the rise. Nobody knows for sure how it will all end up, but it is a situation that is certainly well worth noting and keeping an eye on.
Our advice is to stay out of it, there is a need for cryptocurrencies, but in our opinion, Bitcoin is not it. It has too many scalability problems. Not to mention the political issues that can and will affect it.