Bitcoin is the most popular and considered to be the first cryptocurrency. We saw this cryptocurrency hitting a major high recently at over $52,000 for one coin. Original investors from back in 2009 could be sitting on a goldmine. That’s because tech and finance are loving crypto, and it’s creating a huge spike. What is the future of Bitcoin?
The currency of the future?
Elon Musk and his company Tesla invested $1.5 billion in Bitcoin, and many people followed his lead. Now the nation’s oldest bank, Bank of New York Mellon, will let clients hold the currency in their portfolios. Even Miami is considering paying municipal workers in Bitcoin and accepting it as payment.
Bitcoin skeptics
Despite cultural icons like Jay Z and Jack Dorsey getting into the game, there are still many unanswered questions about the future of Bitcoin. In fact, one person who has their doubts is the outspoken founder of Barstool Sports, Dave Portnoy. He recently admitted that he would never buy Bitcoin. He believes that it will continue to be profitable, but he doesn’t buy the underlying “junk” behind it. But what does this mean for the rest of us? This currency is really volatile! It changes prices faster than other normal currencies, it’s unstable, and people make a lot of money over the fluctuations. And for some, it’s seen as a little too risky to store value.
Bitcoin and the government
The biggest problem with Bitcoin that people don’t talk about is the government. Make no mistake; they can cancel Bitcoin – if and when they feel like it. And they might have a good reason. This currency and other unregulated money movements are often used on the black market to buy anything from drugs to a stranger’s identity. And if the government decides to crack down on this unregulated activity, Bitcoin could be outlawed in a snap, and the value would drop immediately.
So let us know what you think. Do you own any of this blockchain technology? Are you considering it? Let us know in the comments below
