Is the cryptocurrency bitcoin the biggest bubble in the world today, or a great investment bet on the cutting edge of new-age financial technology? My guess is that in the long run, the technology will thrive but the prices will change.
Its price is up 600% over the past 360 days, and 1,600% in the past 720 days. At over £3180.24, a single unit of the virtual currency is now worth more than three times an ounce of gold.
What happens from here will depend a lot on how governments react. Will they tolerate anonymous payment systems that facilitate tax evasion and crime?Another key question is how successfully bitcoin’s numerous “alt-coin” competitors that are going to take over the mearket.
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