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| Bitcoin: there are concerns about its environmental impact |
Things are moving fast in the cryptocurrency world.
One week ago, the price of bitcoin hit an all-time high of $7,459. It has been a volatile ride, with plenty of dips along the way, but the 12-month performance has been extraordinary. In mid-November 2016, you could have bought a single bitcoin for $742.
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Plenty of financial commentators have cried speculative bubble, none louder than Jamie Dimon, chief executive of JPMorgan, who told the Delivering Alpha conference in September: “If you’re in Venezuela or Ecuador or North Korea, you’re probably better off using bitcoin than their currency. But that can’t possibly happen in the United States, unless you’re speculating. That’s not a reason to say something has value: that other people are going to speculate.”
Dimon confirms: “That’s tulips.”
In mid-November, it looked like investors might finally be taking notice of him. The world’s leading cryptocurrency fell sharply, hitting $5,618 on Sunday, 25% off its high just days earlier, before then lurching back up again to $6,495 on Tuesday.
Various explanations have been offered as to the reasons behind the latest falls.
