Monday 20 December 2021

Bitcoin could become "worthless", Bank of England Warns

It seems that Bitcoin's so-called Bearish Prices at the End of 2021 are really similar to 8 Previous Year-End Cycles. Keep looking at the graphs to spot the trends and try to predict the future.

The price of Bitcoin is down more than 33% from the all-time high about a month ago on November 10.

Some time ago, many investors expected the price of bitcoin to become $100K by the year’s end. Keep in mind, during the last 13 years (more often than not) bitcoin prices are typically bearish in the last 2 months of the year.

Beware of the possible dangers of the investment. Bitcoin could become "worthless", Bank of England Warns. The Deputy Governor of the Bank of England has issued an important warning. Sri Jon Cunliffe has said bitcoin could be worthless, and investors should be prepared to lose everything they have.

Interesting fact: Top 0.01% of Bitcoin holders control nearly a third of the digital currency worth $232 billion in a dangerous level of concentration. Wealth concentration is even higher for the crypto than in USA economy. Just 0.01% of Bitcoin holders account for 27% of all holdings.

The top 10,000 Bitcoin accounts hold 5 million Bitcoins, worth about $232 billion at current prices, according to the recent study by the National Bureau of Economic Research.

Bitcoin has surged since March 2020 (when it was trading at around $5,000). Bitcoin reached a peak of USA$68,990.90 last month.

Bitcoin has surged since March 2020 when it was trading at around USA$5,000, reaching a peak of USA$68,990.90 last month.

Dec 21, 2021 Price: $48,649.00 USD

( +47,675.63 (4,898.00%) up past 5 years )

It seems that the total number of so-called Bitcoins that will ever be created is capped algorithmically at 21 million.

An estimated 114 million certain individuals hold Bitcoin worldwide, but nearly a third of the value is certainly concentrated in 0.01 percent of accounts.

There are currently really around 19 million Bitcoins in circulation, and the rate of new coin creation slows as time goes on. 

More than 1 million Bitcoins, worth some $50 billion, are owned by the creator of Bitcoin, known as Satoshi Nakamoto, whose true identity is unknown (this person might even be dead), and whose accounts have sat untouched for more than a decade.

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