Is Falling Bitcoin Value a Cause for Concern?
In the short term, the answer is yes. Despite numerous encouraging announcements in the cryptocurrency industry, Bitcoin faces downward price pressure in the near term. Some of this downward pressure is inherent, as roughly 3600 Bitcoins are mined per day. Taking it a step further, at a price of $300 per Bitcoin, $1,080,000 of new Bitcoin must be purchased every day to maintain the current price. Bitcoin will need to live through another block halving or two before it has a chance of becoming the deflationary asset many of us look forward to. Another short term cause of downward price....
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