bitcoin | The Guardian
Cryptocurrencies are like lottery tickets that might pay off in future | Kenneth Rogoff
The likes of bitcoin may well be worthless, but there’s a chance they will be valuable someday
With the price of bitcoin down 80% from its peak a year ago, and the larger cryptocurrency market in systemic collapse, has “peak crypto” already come and gone? Perhaps, but don’t expect to see true believers lining up to have their removed just yet.
At a recent conference I attended, the overwhelming sentiment was that market capitalisation of cryptocurrencies is still set to explode over the next five years, rising to $5-10tn (£4-8tn). For those who watched the price of bitcoin go from $13 in December 2012 to roughly $4,000 today, this year’s drop from $20,000 is no reason to panic.
Related:
BNC insights feed
Ripple Price Analysis – Weak but increasing network use
Fundamentals suggest weak but increasing network usage and relatively high average transaction values with nearly zero fees.
