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The world’s first decentralized digital currency has crossed $15000. Worth only about $800 at the beginning of the year, Bitcoin has made the fastest ascent in the digital currency sphere the world has ever seen. As the price of Bitcoin surges, analysts are very uncertain about its future. Although the general trend of Bitcoin is up, its value is extremely volatile with it decreasing every time it reaches a new milestone.

The rise in the value of Bitcoin has also caused few adverse effects on energy consumption. Miners are having more and more powerful mining rigs to mine faster, it is causing a rise in energy consumption. According to a report by Ars Technica, the Bitcoin network consumes as much power annually as the whole population of Denmark.

With the cryptocurrency system joining the financial system, analysts are still struggling on determine the future of Bitcoin, whether it will keep on growing and stop or grow then burst. Mike Novogratz has recently stated through an interview that Bitcoin might hit $40000 by the end of 2018.

While many institutions still do not recognise Bitcoin as being a legal currency, it has made the WInklevoss twins the world’s first Bitcoin billionaires. Will the Bitcoin bubble burst? Let us know about your opinions in the comment section.

 

Via: | The Verge |

Source: | CEX |

Image Credits: | Bitcoin |

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Bhavish Doobaree

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