Bitcoin, the original cryptocurrency, has become an increasingly popular banking method for regular online gamblers and online casinos. The volatility of the cryptocurrency may, however, raise a few eyebrows and cause hesitancy in the future when using it as an online banking option. Bitcoins broke the $10,000 (AU$13,208) barrier late on Tuesday, before hitting $11,000 (AU$14,529) just a few hours later on Wednesday.
Despite these setbacks, Bitcoins are still trading at a mammoth 850% year-to-date rise. This is down from a previous astronomical high of 1100% from recent months. For the current month, Bitcoin is still trading at a price increase of 40%.
As is often the case, Bitcoin’s sudden fall impacted heavily on some of its other rivals. Ethereum, Bitcoin’s largest rival, fell as much as 19% in the wake of Bitcoin’s fall.
While the recent upsurge in the Bitcoins trading value has caused excitement among investors, most traditional financial experts are cautious about the speed of growth and say this likely signals a bubble.
“This is going to be the biggest bubble of our lifetimes,” hedge fund manager Mike Novogratz was quoted as saying during a cryptocurrency event held recently in New York.
Others have been less dramatic in the critiques; however, they still caution that the current increase is unsustainable.
Whatever the future lies for cryptocurrencies, it can be said that this is one entertaining ride. And if you happen to have picked up a few cheap Bitcoin’s in the past you may find yourself a millionaire shortly.