Bitcoin’s price volatility is a wonder to behold. Owners who got in on the world’s first cryptocurrency craze as recently as a year ago have enjoyed wonderful success and are currently up about 577%, though late comers who bought in at the turn of the New Year are down almost 40%. Of course, in the interim, depending on the exact time and day you bought, you might be wildly up or down on your investment.
Opinions about the future of bitcoin vary almost as much as the price! Serial entrepreneur Mark Cuban has opined that bitcoin has value but the price (when it was around $3,000) might be in a bubble. Fellow billionaire entrepreneur Richard Branson is a strong believer in bitcoin and believes blockchain technology could bring about an economic revolution. Meanwhile, none other than illustrious investor Warren Buffett has warned investors to stay away, recently saying the cryptocurrency was “probably rat poison squared.”
While I am not nearly qualified enough to make predictions about the future of bitcoin, I do see some red flags that suggest bitcoin’s decline may not be over. In fact, I believe bitcoin prices could still drop by 50% or more over the next 12 months. Here are eight reasons why…
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