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After more than ten years in existence, Bitcoin has become the biggest attention-grabbing coin today. Around it, mixed reviews are stronger than ever.
Historical levels for 1 BTC surpassed $ 52,000 on Feb. 17. Bitcoin’s staggering growth rate – around 1,000% since the start of 2019 – has brought with it both excitement and suspicion.
Unsympathetic people speculate the moment of the coin’s demise. The other faction focuses on buy bitcoins with debit card.
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Michael Hartnett, a chief strategic investment officer of Bank of America, said that this is “the mother of all other bubbles” to compare this currency with the “bubble dot-com” in the past.
The “dot-com bubble” appeared in the late 1990s, when the stock value of companies in the Internet field increased rapidly.
At that time, many browsers appeared to help the Internet become more popular. The wave of new technology companies born and listed on the NASDAQ has brought a fever to the world economy.
Many companies receive a large amount of capital while not yet making a profit. Concerned about a slowdown, small groups of investors, even never participating in the market, also plunged into the fever, blowing financial bubbles more and more.
The stocks of technology companies rapidly increased, pushing the value of the whole market exponentially. The NASDAQ index rose from less than 1,000 to over 5,000 in the period 1995-2000.
The dot-com bubble burst when the financial magazine Barron exposed the companies underperforming capital use, most with losses and inability to make profits.
Confusion gradually spread among investors. They quickly shifted their capital to other channels, leading to a sell-off and a decline in stock prices.
In retrospect, economists rate Bitcoin as a predetermined bubble that will burst.
However, the current market has changed a lot since the beginning of the 21st century. Experts believe that Bitcoin will continue to exist despite the collapse of the crypto bubble.
The dot-com bubble bursts with economic damage, but it also “spawned” Amazon, Google, and Ebay. In September 2001, Amazon was trading for less than $ 6 holdings. Seventeen years later, Jeff Bezos’ company sagged on the stock market with a valuation of more than $ 1 trillion.
New investors value this coin for having many practical applications. It is also what makes experts believe in its future regardless of price fluctuations.
Bitcoin is the new gold. “Bitcoin will replace gold – about $ 8 trillion worth of assets today,” said Lou Kerner, an analyst at Crypto Oracle.
Kerner is not the only one to be optimistic. Veteran Wall Street investors, including JP Morgan CEO Jamie Dimon, said he regretted only three months after calling Bitcoin a scam.
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