The brutal truth about Bitcoin, Opinion News & Top Stories

NYTIMES – Bitcoin, the original cryptocurrency, has been on a wild ride since its creation in 2009. Earlier this year, the price of one bitcoin surged to over US$60,000, an eightfold increase in 12 months. Then it fell to half that value in just a few weeks. Values of other cryptocurrencies such as Dogecoin have risen and fallen even more sharply, often based just on Tesla chief executive Elon Musk’s tweets.

Even after the recent fall in their prices, the total market value of all cryptocurrencies now exceeds US$1.5 trillion (S$1.99 trillion), a staggering amount for virtual objects that are nothing more than computer code.

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