05 Jun 2018 Arjun Agarwal
Bitcoin Hits Another Low - Trading at 7300 USD
The cryptocurrency’s value slump comes following Forbes’ article identifying Bitcoin's "Achilles Heel" – the immense amount of power supply needed for mining the cryptocurrency, estimated as the supply needed for an entire country.
The article discusses the issues from a global point of you, noting that Bitcoin diggers neglect the dangers related to energy utilization. In his piece, Sherman Lee alarms on issues like electricity theft and the increasing cost of mining gear.
The globally-renowned cryptocurrency expert, John Linden, argues Bitcoin’s mining method, commenting for the CNBC: "Typically, Bitcoin excavators make no thoughts on both their energy utilization and the danger it brings to normal individuals, business organizations and the planet that they."
This had a straightforward effect on the coin’s value, as at the latest "time of death", indicated on 99Bitcoins, the BTC exchange rate was $7,312. In December, the market saw the 200th price drop, when the BTC value hit the $11,000 bottom line after a nearly $20,000 record.
This year Bitcoin’s lack of value stability has been a hot discussion topic for cryptocurrency analysts, experts, and influencers. Warren Buffett, the billionaire chairman and CEO of Berkshire Hathaway, suggested that Bitcoin is "probably rat poison squared". Bank of England’s Governor Mark Carney believes that BTC has failed to withstand the idea of independent digital currency.
The crypto community also heard the opinion of some of Bitcoin’s most prominent advocates. Apple’s co-founder Steve Wozniak stated: "Bitcoin is the quintessence of digital currencies as they how should look and behave". This supported Jack Dorcey’s, Twitter’s CEO, opinion that Bitcoin will be the only cash in the world and the internet in 10 years’ time.
Market analysts expect that the Bitcoin price will maintain an exchange value of around $7,500, at least until September, when another loop might happen and then reach the $8,000 mark at the end of the year.
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