Cryptocurrency Bitcoin SLUMP continues amid growing scrutiny
Bitcoin has little changed, since a single unit valued at $13,637.39, according to Coindesk.com, on January 12, at 8.54am London time.
Bloomberg’s Camila Russo said: “There was big news that Chinese officials are instructing bitcoin miners to orderly leave the country and this is already having its first casualties.
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Morgan Stanley is reporting electricity consumption for bitcoin this year could be as great as, or even exceed, that used by global electric vehicles in 2025 and the entire country of Argentina.
Analysts at Morgan Stanley said: “Bitcoin power demand in 2018 (c.120-140TWh equating to 0.6 percent of world consumption, or consumption of Argentina) will, in our view, be bigger than our projected global EV demand in 2025 (c.125TWh), but is still small on an absolute basis and will not likely have a material impact on utility stocks any time soon.”
Man willing to sell multi-million dollar Malibu house for Bitcoin
The South Korean Government’s intention is to ban anonymous cryptocurrency trading, rather than trading in general, to ensure traders comply with its rules.
Geoffrey Smith, a finance professor at the W. P. Carey School of Business at Arizona State University said the concerns may have been overblown.