[2017-05-22] ET: Why has Bitcoin gained 350% of its value in just 12 months

Why has Bitcoin gained 350% of its value in just 12 months

http://blogs.economictimes.indiatimes.com/et-commentary/why-has-bitcoin-gained-350-of-its-value-in-just-12-months/

It isn’t a currency most of us are familiar with. But it exists, and continues to thrive as the world economy wobbles and hackers threaten to steal or cripple valuable data. Bitcoin, the world’s most popular cryptocurrency, is having its hottest rally this year, surpassing $1,900 for the first time since it came into existence in 2009. According to reports, in the past 12 months bitcoin has gained 350 per cent in value.

There are several reasons for its recent spurt in growth — from politics in the US and Brazil to the WannaCry ransomware attacks. Whatever be the reasons for this newfound love for the cryptocurrency, people dealing with bitcoins are aware that the bitcoin is as safe as the ozone layer is to chlorofluorocarbons emissions — in other words, it is a risky, unregulated and uninsured cryptocurrency.