What’s happening with Bitcoin. The cryptocurrency just jumped over the US$20k barrier 48 hours ago and has gained a further $3000. It is trading at $23,147.10 United States Dollar at the time of writing this article. It gained 12% price in 2 days.
is it a bubble as warren Buffett predicted three years ago? What if it goes on and hit $100,000 in the near future? There are many questions and doubts about the future of Bitcoin.
Guggenheim’s Scott Minred thinks Bitcoin should be worth $400,000 based on its limited supply and value compared to gold.
The real question is, why is it gaining so much price. Is it money or technology? What is its actual value? Are there enough buyers and exchanges where it can be traded easily and frequently?. Founded by a pseudonymous founder, Satoshi Nakamoto who laid out a white paper in 2008, the question that keeps popping up in discussion is the real story behind this Cryptocurrency.
Truth is, nobody knows how Bitcoin’s supply works.