More than US$50,000 - that’s the current price for one bitcoin. Once again, the world’s most popular coin broke an all-time record. Since the beginning of 2021 alone, the cryptocurrency has risen in value by 69 percent. Kazakh experts say that the rapid growth of bitcoin is caused to a greater extent by the buoyant demand rather than supply.
“First of all, I guess it grows as much as buyers believe in it. There may even be signs of a financial pyramid, I think, even speculative growth. Nevertheless, three years ago, when bitcoin was worth nearly US$10,000, I wrote an article. I then predicted it to soar to US$50,000 in 2021. The second point is that bitcoin benefited from the fact that it was included in the list of official investment assets, as bitcoin futures,” said an economist Arman Baiganov.
The latest wave of growth in the value of bitcoin began after a major car manufacturer announced that it has bought US$1.5 billion worth of bitcoin. Experts recommend not to rush buying them.
“Here are my recommendations as to whether to invest in bitcoin and is it worth it. I am initially sceptical about this financial instrument. It is hard to make any predictions on it. It’s not secured by anything. Then, it’s not widely distributed in the form of a payment system to be so expensive. Given all this, it can as well rapidly drop in value at any time,” Baiganov added.
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