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Bitcoin Might Die Soon And Pakistani Investors Need To Stay Sharp

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Bitcoin, a cryptographic digital currency anonymously designed by a person or group of persons universally known by the pseudonym, Satoshi Nakamoto of Japan. It was in 2009 when Nakamoto released Bitcoin software for the very first time, the version 0.1; and ever since then, the price of Bitcoin has grown in tremendous value despite increasing warnings over a price bubble.

The cryptocurrency allows its consumers to omit banks and other conventional payment processes to exchange for goods and services. But banks and other state bodies have been concerned about Bitcoin’s associations with money laundering and e-crimes.

The digital currency which started operating at a negligible value has recently been crowned the world’s best-known cryptocurrency that hit an all-time high of $ 6,147.07, surpassing the former peak of $ 5,231.28, according to data from Bloomberg. The value of the currency escalated 750% in the past year, and is now worth four times as much as an ounce of gold, proving false the majority of negative speculations from the regulators.

Source: Steemit

But the price remains very unpredictable, as in mid-September Bitcoin collapsed below $ 3,000 after Chinese government issued a crackdown by ordering the Bitcoin exchanges to halt trading and block further registrations due to fears that rising numbers of buyers pouring into the market might trigger complicated financial concerns. Russia also announced recently that it would be putting a ban on all cryptographic digital currencies from operating in the country, according to Reuters.

Although the story of Bitcoin may seem to sound like a fairy tale to the investors but alarming setbacks were predicted recently by the boss of JP Morgan who claimed Bitcoin was a “fraud” and a tool for “murderers and drug dealers”; he further gave the remarks, it was “worse than tulips bulbs” in the 1600s.

Source: Daily Express

 

In a recent interview with Bloomberg News, the head of BlackRock and the world’s largest investor with $5.7 trillion under management, Larry Fink said he thinks the mighty growth of Bitcoin points to nefarious behavior. The former chief economist of the IMF critically analyzed the future of Bitcoin, and said that “in the long period of time, the technology will flourish, but that the value of Bitcoin will crash.”

But too many barriers seem to have granted Bitcoin a lift; as, despite warnings, Bitcoin is gaining more popularity which is believed to be the pith factor in increasing its value. A property developer of London, The Collective, said it would allow its tenants to pay their deposits in Bitcoin and accept rent payments in the cryptocurrency by the end of the year.

Source: CoinTelegraph

The government of Japan has also announced that soon it would legitimize Bitcoin as a proper mode of payment. Eminent public figures have also shown a keen interest, with Floyd Mayweather, Jamie Foxx and Paris Hilton promoting Bitcoin offerings.

Another region to focus is that currently, Bitcoin faces increasing competition from the Ether. Bitcoin, which stands ten times above the price of Ethereum, the price of Ether could still beat Bitcoin’s by the end of 2018, said Olaf Carlson-Wee.

Source: The Merkle

It has been observed that Ethereum has quadrupled its share, acquiring almost a quarter of the total digital currency market. Supporters of Ethereum also believe it could become a universally popular medium for running businesses as the technology allows more intricate transactions in a shared, decentralized manner.

Fred Wilson, co-founder and managing partner at Union Square Ventures, is similarly confident about the bright future of the alternative cryptocurrency. He said, “The market cap of Ethereum will bypass the market cap of Bitcoin by the end of the year.”

The Public Coin (abbreviated to TPC), is another rivalry which Bitcoin might face in the near future. Compared with other digital currencies, TPC has many advantages. Its growth and advantages have attracted the attention of Orman, an American financial management master. According to Orman, looking at this with a financial point of view, not buying TPC is a mistake for Millennials.

Howard Marks spoke the same words as Orman. Howard Marks said that as a way to pay, Bitcoin has advantages, but the advantages are not potent enough for its appreciation. Although TPC has yet not been opened for trade, there were over a million registrations and more than 8 thousand Bitcoins to be bid for TPC. So, it would rather be unwise to bet all your chips on Bitcoins…

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