Bitcoin bubble looming

Written by
  • 6 years ago
  • Posted: November 19, 2013 at 12:21 am

If there is a currency currently in news it is the bitcoin (Read: Bitcoin the digital currency simplified). It is in everyone lips; from skeptics to US congress. The currency that started as a non-centralized cryptocurrency is now facing the battle of its time at a time where it is soaring high and higher in the exchange market. Two days ago bitcoin was exchanging at around $500 per bitcoin but by the time of writing this article the crytocurrency had reached a new hight of $645 per bitcoin. That means if you bought 100 bitcoins two days ago, you could now be worth $14,500 more (Kshs 1,232,500); who else makes over Kshs 600K per day?

The unrealistic demand for bitcoins that has made the digital currency enjoy a bullish market in the last month must have been occasioned by the media coverage of bitcoin occasioned by the US Congress interest in the cryptocurrency and the news about the Norwegian who turned $27 dollars (shs. 3000) to over $880,000 (shs 75 million) in just four years.

Now we have everyone rushing to buy Bitcoins, spending thousands of dollars to acquire as much Bitcoins as possible. There are those businesses that have set up web portals for selling Bitcoins and Africa has not been left behind. Some of the top sponsored links that either deal with exchanging Bitcoins to hard currency are from South Africa. This website has been solely set up to trade Bitcoins with Kenyans.

I imagine that right now everyone is rushing into this gold to hold on to it expecting that within a month or two Bitcoin’s value shall have doubled or tripled so that they can easily dispose of the coins to reap the millions that are waiting. Not bad. I am not in a position to right now predict how far the value of Bitcoin will continue to rise, I can only hope that guys have at least a few weeks to a few months before the Bitcoin bubble hits home.

But when Bitcoin bubble comes it will come in a big fall. I would safely say that the steep rise will be met by even a steeper fall, and this fall will be so hard that it has the potential of killing bitcoin altogether, or ground it to below 0 for a while. If bitcoin shall survive the looming bubble then the cryptocurrency was meant to be the cryptocurrency that took humanity into the futuristic technology of medium of exchange. If bitcoin shall survive the looming fall, then it may just turn out to be the universal-global currency.

If you want to invest in bitcoin, you should have done it yesterday. The next best time is now.

What is your opinion on the topic?
Odipo Riaga
Managing Editor at KachTech Analytics Ltd
Film Director, Tech and Business Blogger, Chess Player, and Photographer. God is Science.
Odipo Riaga on FacebookOdipo Riaga on LinkedinOdipo Riaga on Twitter
Article Categories:
TECH NEWS