The journey of bitcoin so far, has been anything but boring.
The digital currency has undergone extreme price volatility, regulatory scrutiny, cases of theft and the implosion of exchanges.
Today, after more than seven years since the bitcoin network came into being, bitcoin isn’t just surviving but thriving. It has fervent critics and fans, though many remain ignorant about the idea of a digital currency.
Concerns about global economic growth and aggressive stimulative monetary policies by central banks — and their eventual effects on their respective countries’ currencies — have spurred some investors to look at alternative investment options, such as bitcoin and gold.
Bitcoin is emerging as an asset class and a great way to diversify a portfolio.
“Bitcoin is the leading currency of the Internet and is very deflationary because of its limited supply of 21 million coins,” said Geir Solem, chairman of Cryptor Trust, a think tank and investment group that focuses on bitcoins and related technology.
“Bitcoin has the potential to disrupt markets like e-commerce, gold, remittance, etc. If Bitcoin takes over one-third of the world’s remittance market, the price of the bitcoin would conservatively go to more than $20,000,” Solem said.
A bitcoin investment made about a year ago would have risen about