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WATCH: What lies ahead for Bitcoin?
Bitcoin narrowly missed the $8,000 mark for just one unit of the cryptocurrency last week. But there is concern over whether the energy costs associated with Bitcoin mining could prove to be its undoing. CitiGroup analyst Christopher Chapman told Bloomberg that the price required for mining to be profitable could reach as much as $300,000-$1.5m by 2022 based on current growth and electricity use.
Business Day’s Hanna Ziady and her panel — Lorien Gamaroff, founder and CEO of Bankymoon, and JustOneLap’s Simon Brown — take a look at the surge in Bitcoin’s value and discuss the investment case for cryptocurrencies.
In part 2 of the discussion, Leishen Pillay, head of technology and media at Hogan Lovells SA, joins the panel and goes into more detail about blockchain, the technology behind cryptocurrency.
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