Contrary to what many hoped for, Bitcoin plummeted once more, this time from $7700 to $7400 as of the time of posting. 99Bitcoins even went so far as announce the cryptocurrency’s demise for the 300th time when it went down as far as $7,312.
This is not a shocker, as Forbes magazine published an article concerning the cryptocurrency on May 30. In the article, it said that Bitcoin’s “Achilles Heel” is the ridiculous amount of electricity needed for its mining. Also taken into consideration is the issue of power theft and the overwhelming cost of mining. Forbes explained:
“Predictably, Bitcoin miners downplay both their energy usage and the threat it poses to ordinary people, ordinary businesses and the planet that they occupy.”
The crypto community is only approaching the first half of 2018, but 99Bitcoins has already emphasized that this is already the 62nd time that Bitcoin has ‘died’ this year alone. A good host of critics and analysts offered explanations as to the cause of the phenomena. Popular finance expert Warren Buffet said that Bitcoin could probably be “rat poison squared,” while Bank of England’s Governor Mark Carney went as far as to claim that the cryptocurrency has ‘failed’ as a currency.
On the other hand, a good number of prominent tech leaders and innovators have rallied support behind Bitcoin. Twitter CEO Jack Dorsey maintained that the cryptocurrency will become the single currency of the world by popular choice. This opinion was backed by Apple’s co-founder Steve Wozniak, lauding the cryptocurrency as the ‘pure digital gold’.