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Are we witnessing an impending demise of Bitcoin? A few research groups are saying that the parabolic curves of bitcoin are too precarious for short term sellers as of Aug 9. A descending trend seems to be in the offing in the next few months after falling into the $6358 from $8450 in July, when at around the same time last year it was trading at 3400 before surging to a 20,000 high by the year’s end in 2017.
Many do believe that bitcoin is a bubble- and say it will fail because it just won’t work as money. Well let’s face it, It’s not suppose to be like money and relying on central authorities of governments to issue it, and banks to process it’s transactions.