The price of crypto currency Bitcoin is still skyrocketing and it is the highest demand in all the crypts. But very soon its price will not remain even a dollar. The world's renowned economist cautioned the investors while cautioning this.
All earnings will be drowned
Economist Peter Schiff warned about the global recession in 2008, which proved to be true later. Shif says that those who bought Bitcoin in the beginning, they are merchants today and those who bought it at a low cost are also making a lot of money. But who will be selling those who are investing at the prevailing price in the hope of rising prices, who will buy them at such a high price. They say that such investor will lose everything because nobody will buy Bitcoin. At present, only one thousand people have 40 percent Bitcoin and can make turmoil in the market whenever they want.
Why do not buy buyers
The price of Bitcoin is currently running above Rs 10 lakh (about $ 17,000). While some days ago it reached level of 20 thousand dollars. Shif says that there is a flood of crypto currency and at present there are around 1,300 crypto currency and Bitcoin has only three-four categories. They say that Bitcoin can not buy anything by using it like a currency and can not take anything for it instead. Shif says that if Bitcoin's bubble broke and everyone started selling it then its buyers would not be available. Explaining the problem through tweets, an investor said that the process of selling it is terrible and it is a currency that you can neither use nor convert it to another currency.
Commission to sell more than price
The cost of buying Bitcoin is more than doubling every three months. The process of buying and selling takes a lot of time. The extent is that the price is also fixed on the basis of time. That is what Bitcoin will sell first, which is the highest amount. According to the report, the fee per transaction is Rs 1667 ($ 26). Market experts say that if Bitcoin is booming fast, then the fee for selling it can go up more than its price and you can become poor overnight.
Investors in South Korea shock
South Africa's Exchange Market Ubit has been hacked in the past. It used to buy and sell Bitcoin. After this, the company has said to initiate the process of declaring itself as a bankrupt. Bitcoin's price decreased by a few thousand dollars in a few hours. Experts say that the investor's capital will sink directly on the exchange's bankruptcy or the company's sinking.