Every Bitcoin speculator knows how volatile the value of the cryptocurrency can be. And the dramatic political changes of 2016 have done little to create a stable environment for Bitcoin to flourish in.
But whilst investing in Bitcoin can still be a bit of a roulette, it seems that the global economic uncertainty has had the adverse reaction of making the cryptocurrency an increasingly safe investment option.
Last week’s shock announcement by the Indian Prime Minister to withdraw circulation of high-value notes of the rupee currency sent shockwaves through the Indian economy in a way that could benefit users of Bitcoin.
Whilst many businesses and households ran to the bank to try and cash in their imminently worthless banknotes, the demand for Bitcoin skyrocketed as the public sought a way to carry out transactions away from an increasingly mistrusted government.
But despite instances like this showing how dependable Bitcoin has become as a decentralised financial system, it has still to attract a widespread use amongst consumers and businesses.
There still remains a widespread belief that the cryptocurrency’s value is too volatile and it is prone to criminal activity. As a result many of the world’s biggest retailers remain