Beware! Buying and Investing in Bitcoin will bankrupt you! (Specialists)

Buying and Investing in Bitcoin

How you can buy or invest in Bitcoin?, Cyber Currency, which came to the scene in 2009, has set up a new record of its value this year and its single unit worth is about to reach US $ 10,000 (RS 10 lakh 55 thousand Pakistani rupees). Buying and Investing in Bitcoin, But different economic specialists are also considering this as an alarming situation and are alerting people that investment in Bitcoin may bankrupt and impoverish them.

It should remain clear that buying bitcoin is a currency which really does not exist, but it is used only by Internet (online) transactions and investments. Other than this, it is not even a public currency of any country, while most of the world’s banks do not accept bitcoin as a currency. Despite this, the total volume of cryptocurrency today has reached the US $ 400 billion around the globe, in which the largest part is the bitcoin.

Buying and Investing in Bitcoin

Objection on the Bitcoin

However, the biggest objection on the bitcoin is that it is being used widely on the Internet in the world of crime, “Dark Web” to sell and buy drugs and dangerous weaponry because it is very difficult to trace people and organizations which deal with bitcoin in online transactions. Buying and Investing in Bitcoin.

It is noteworthy that until the beginning of 2010, the worth of a single unit of bitcoin was even less than one cent (Pakistani one rupee) but in 2011 it progressively earned a worth of a dollar per unit. In the current year i.e. January 2017, a unit of bitcoin has reached 800 dollars which retraced to 9930 US dollars just in eleven months and it might happen that in the next few hours or a few days, it crosses the benchmark of 10,000 dollars per unit.  But this is also the reason for the anxiety of banking and economic specialists.

Buying and Investing in Bitcoin

Economic specialists

Economic specialists are of the view that the present value of one unit of bitcoin has progressed the value of one-ounce gold in the global market while the investment done in the bitcoin around the globe is commutatively worth more than the individual asset of each of  IBM, Disney and McDonald. During these 11 months, the value of bitcoin has raised to 800 % as compared to 3.8% rise in the wealth of  FTSE (juncture of 100 representative companies of British stock exchange)

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At present, stories of many people are also in rotation on the internet who had purchased bitcoin units for just a few dollars about six to seven years before and today they are millionaires.. a message is being prevailed on the internet through these stories that if someone buys the bitcoin units today then he will be a billionaire in next few years. People are being influenced by it.

Noting the increasing popularity of bitcoin, many investors in the world are attracting towards this new currency and are busy purchasing it on a large scale. Because of this, the worth of bitcoin has raised to 15% in just a week and its present worth is told to be 9930 dollars per unit. It means, it is very close to achieving the benchmark of 10,000 dollars per unit.

Buying and Investing in Bitcoin

Conclusion

Buying and Investing in Bitcoin, Banking and wealth specialists argue that real competition will also start at this time because many of bitcoin buyers might start selling the bitcoin after the achievement of this benchmark. Their actual business is to earn by dealing with currency. Then, this situation is going to prove dangerous for the bitcoin itself because there is no government and trustworthy organization on its back who could control its falling value.

On the basis of this and other related reasons, wealth experts say that bitcoin is actually a wealthy bubble which is expanding now but will burst soon in its free status and absence of solid economy. The value of bitcoin unit will start falling speedily. The people who invest in it might become destitute after losing billions of dollars in a jerk.

This is the reason, wealth experts are warning the people where some have already regarded bitcoin a “fraud”. Buying and Investing in Bitcoin is a high risk and high return decision.

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