Bitcoin's volatility increases: the cryptocurrency traded over $19,000 and then fall to $15,500
In the past 40 hours, bitcoin has experienced a lot of changes. The volatility of the cryptocurrency was proven once again, as bitcoin increased more than 60% from around $11,700 to $19,000. After reaching this historic high, bitcoin's price decreased once again, this time to $16,500. Currently, the price of bitcoin is $15,550.
The volatility of this cryptocurrency has triggered a lot of lack of confidence on the market, and has also influenced the decision of Steam, the largest online gaming retailer in the world, to stop accepting bitcoin payments. And of course, exchanges struggled to keep up with the traffic generated by the changes in bitcoin's prices.
Is bitcoin a good way to store value?
Some experts consider bitcoin to be a good way to store value, similar to investing in gold or precious metals. Bitcoin has also drawn a lot of interest as a way to store value because there is no control from central banks.
However, other experts don't believe in the future of bitcoin, saying that the cryptocurrency is as a bubble that has increased because of speculation.
This means that it can also lose its value as fast as it increased. For instance, the CEO of JP Morgan previously said that bitcoin is a fraud. On the other hand, the CEO of deVere Group said that bitcoin is a major gamble. Some predictions said that bitcoin will most likely hit $20,000 in the near future.
Until now, a total of 16.7 million bitcoins have be mined. The maximum amount of bitcoins that can be mined is 21 million.