DISTRICT OF COLUMBIA — Cryptocurrency Bitcoin swelled to $11,000 per coin on Wednesday, prompting intense speculation about the latest bubble and how and why it could soon pop.
According to Bloomberg, developers divided on how to upgrade the Bitcoin network have led to fragmentation of the original currency into different versions, too much of which could be a problem.
Bitcoin’s history of being used to buy illicit materials from the dark web means regulators are watching and could crackdown any time, especially if it grows big enough to impact a nation’s monetary policy.
As an intangible asset, Bitcoins have previously been targeted by hackers, and may again fall victim to digital theft.
Though the value bitcoin is volatile, at the moment, it’s at an all-time high. But because the supply is virtually limitless, there is a risk of collapse in value if demand should ever go down.
Experts have likened the bitcoin craze to the dotcom bubble, Tulip Mania, and other economic bubbles — all of which burst spectacularly.
If they’re to be believed, Bitcoin’s downward spiral is only a matter of time.
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