Around this time last year, the cryptocurrency markets starting making some pretty big moves. With prices (particularly Bitcoin) starting to shoot up in value, loads of people jumped aboard the Bitcoin mining bandwagon in the hopes of getting rich quick. Of course, the significantly vast majority of people barely made more than the costs to run their PC to mine. You see, the only people who really made significant amounts of money in Bitcoin were those who’d been involved in it for several years.
Despite that though, a bandwagons a bandwagon, and the mass of people jumping on it caused more than a few problems. Most notably, a huge spike in graphics card prices. Since then though, the markets have had a pretty rough time. With Bitcoin dropping around 60%-70% in value since December, it’s fairly safe to say that the craze is now over.
In a report via GamesIndustry, however, while some are predicting that currencies will improve, a major research company firmly believes a major crash is on the way! Well, as they call it, an ‘Implosion’.
Yes, seems a harsh term. That is exactly, however, the word used by Juniper Research. The company has said: “In short, given our concerns around both the innate valuation of Bitcoin. And of the operating practices of many exchanges. We feel that the industry is on the brink of an implosion.”
They expanded on this further by saying: “While the value of cryptocurrencies will remain high for as long as there are individuals who are willing to pay inflated prices for them, it appears that the base of such individuals is in decline.”
Now, I’ve never been much of a fan of cryptocurrencies, to date, however, I have rarely been proven wrong about them. With this in mind, I can’t help but feel that ‘implosion’ is quite a strong term. Perhaps the research film simply used it to add a little ‘razzmatazz’ to their findings.
I don’t think we’re looking at a crash. For the last 6 months, the Bitcoin price has been surprisingly stable. A good sign overall for the long-term security! I do, however, firmly believe that the bubble has burst and it’s not coming back at all, or at the very least, any time soon!
What do you think? – Let us know in the comments!
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