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Bitcoin’s future ‘looking positive’ as value reaches all-time high

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Kraken Managing Director Australia Jonathon Miller says Bitcoin’s popularity and value will continue as it has been “recognised as an asset” by governments and hedge funds.

Bitcoin has quadrupled in value in 2020 with a 47 per cent increase since the start of December, something that Mr Miller said is because it is scarce.

“Bitcoin is a scarce asset, it’s recognised as an asset by governments worldwide including by the Australian Taxation Office,” he told Sky News.

Bitcoin is also attaching itself to renewable energy as a means to power the software and attracting an older demographic of investors such as hedge fund who hold “a longer-term view as to what they’re using this asset for”.

“It’s looking positive for the future of Bitcoin with renewables.”

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6 Comments

  1. People claim bitcoin’s value comes from scarcity and network effect, however what makes it truely special, is that it’s one of the few assets in the world that is completely decentralised. In a world where money and power are becoming increasingly Centralised, we should be making outselves and our money Decentralised. 👌🏻

  2. can anyone explain……
    when the miners who do the transactions/ledger are no longer viable and they start shutting down how do they plan to do transactions/ledger?
    it has a lot of specialized equipment and uses vast amounts of power, internet and space.

  3. Bitcoin is bad for the environment. The higher the bitcoin price, the worse it is for the environment as there will be more bitcoin miners. Mining bitcoin consumes electricity equivalent of a 200 million population at the current price of bitcoin $28000. China is the primary source of Bitcoin mining, and the main source of electricity production is coal, which is also very bad for the environment. Please stop buying bitcoin and stop promoting it as this will eventually kill our Earth. Bitcoin is a negative-sum game, so some people win, and others lose. Cryptocurrency exchanges and bitcoin miners make money, and most of the people lose money. Please research the topic and see https://fas.org/sgp/crs/misc/R45863.pdf and https://earth.org/are-cryptocurrencies-harming-the-environment/

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