Bitcoin’s valuation is currently frothier than your morning hot cup of coffee. It ain’t like any other bubble in the past, claims the global economists. In definitive terms, in a fraction of time it obliterated even the year 2000 dot-com bubble (biggest in recent history) by spiraling more than twice its value. That’s what market pundits have been saying vociferously and freaking out over looming danger of financial doomsday. But the young industry players continue to see only real coffee and no froth at all.
More than as an instrument to buy and sell goods and commodities, increasingly money is being invested in bitcoin to make even more money. This is much like investments in appreciating asset classes like gold or real estate or bonds on the other hand. For bitcoin’s value, where even sky doesn’t seem to be the limit, it has become the new investment class for generation Y.
DEMAND-SUPPLY GAP
To understand if it is even a bubble – let’s look at few of the fundamental benefits of bitcoin over traditional money (traded digitally or offline). First, it is a smarter form of money that doesn’t require cost and time in managing it by individuals or government and banks and be used to buy and sell things. Second, the time taken to buy or sell bitcoin or exchange it for local currency is just few seconds being a one-world-one-currency unlike money. That’s because you can do so from any of bitcoin exchanges globally. Third, enhanced security of personal information in making transactions than money since it is blockchain-based. This also renders control of any central authority like government or company quite ineffective. Fourth, low to no-fee for making payments unlike using cards for transactions. Hence, there is a hockey stick growth in bitcoin demand.
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