If we rewind the year 2017 for economic news, every day, there was news regarding the highs and lows of Bitcoin and several other virtual currencies. While the first two quarters of the year remained relatively unsurprising for the Bitcoin, the last quarter of the year pushed the prices of these virtual currencies beyond any analyst’s thinking capabilities. No one expected the prices to touch the $20000 mark which was made possible just 10 days back but soon after hitting the upper lock, the downfall of Bitcoin along with several other currencies started leading to an approximate 25% depreciation in the value of Bitcoin.
While eminent economists and Walls Street’s financial agents have regarded the virtual currencies as merely bogus and fraudulent, there were strong proponents of the currency like Tai Lopez who considered Bitcoins and other currencies as the future of global economy and money markets. The polarization is justified because of the unpredictable price hikes and definitely rumors that the European Union is soon going to bring the virtual currencies under an umbrella regulation set by all the pertinent countries.
This is entirely subjective and may not turn out to be true in the future, but with the introduction of new regulations and control methods by governments, it is highly likely that virtual currencies might become much more stable and much less lucrative. Once the havoc and its smog have settled, there is likely to be a permanent treatment for the virtual currencies because they are commodities of public interest and people must be safeguarded against any potential exploiting source.
Jack Ma states that the technology that circulates the entire blockchain system is very powerful and can become the future of e-commerce industry but to label virtual currencies as the future of money markets, it is too early to make any such predictions.